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Importance of ethical decision making in business
How the success of an organisation depends greatly on its culture
Importance of ethical decision making in business
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10 Lessons in Marketing Brilliance The first article I chose from the provided list was 10 Lessons in Marketing Brilliance by Jennifer Wang. As the article’s title clearly states, the article is about ten examples of successful marketing. First is the advertising campaign for the Contagion movie where scientists carefully used bacteria, mold, and penicillin to spell out the movie’s title. The take away from this example is to use creativity and innovation in marketing by implementing guerilla strategies. Next is the Slurpee Unity Tour by 7-Eleven in which the company used a Slurpee joke from President Obama as inspiration and endorsement. This example shows the importance of paying attention to current events and timing. Third, Lululemon used …show more content…
While this article did not discuss white collar crime in the business itself, this article was written during a recession, which is a peak time for fraud. The systems Aflac has in place help prevent fraud while being good to employees. Since employees are paid by performance, they get what out what they put into their work. This is rewarding to those who work hard and are dedicated to the company. On the other hand, the transparency of Aflac holds each employee accountable to good morals. Overall, the company has successfully remained ethically sound during a difficult …show more content…
First, Coca Cola Company is in the maturity stage of the product life style. Due to profitability complications the company is currently trying to reinvent itself to continue to meet stakeholder demands and compete with competitors. It must be successful in this venture to avoid becoming a takeover target. The four Ps of marketing are also evident in this article as the company works to increase sales and revenue. The company is investing into new products such as Monster Beverage Corporation items, non-soda drinks, and more health friendly sodas. The company is increasing the distribution of these products to meet customer wants. In order to improve revenue, the company is increasing the price of its products, while using savings to support promotion efforts. Finally, this article is a fantastic example of outside factors that affect sales. The current health trend in society is causing fewer sales of sugary beverages. On the other hand, troublesome foreign markets in China and Brazil are causing losses as will. These are factors Coca Cola Company cannot control, but most certainly address to
Throughout history there have been many white collar crimes. These crimes are defined as non-violent and financial-based crimes that are full ranges of fraud committed by business and government professionals. These crimes are not victimless nor unnoticed. A single scandal can destroy a company and can lose investors millions of dollars. Today, fraud schemes are more sophisticated than ever, and through studying: Enron, LIBOR, Albert Wiggan and Chase National Bank, Lehman Brothers and Madoff, we find how the culprits started there deception, the aftermath of the scandal and what our country has done to prevent future scandals.
Today, worldwide, there are several thousands of crimes being committed. Some don’t necessarily require a lethal weapon but are associated with various types of sophisticated fraud, this also known as a white-collar crime. These crimes involve a few different methods that take place within a business setting. While ethical business practices add money to the bottom line, unethical practices are ultimately leading to business failure and impacting the U.S. financially.
“Understand that you cannot be partially ethical because that means you are partially unethical.” As a true ethical leader, Amos stand up for what he believes in and makes sure himself as well as other top leaders in Aflac demonstrate the company’s morals. If the top executives of the company aren’t portraying ethics and integrity, they can’t expect the rest of the employees to display these morals. By Amos demonstrating ethical conduct in every aspect of his duties as CEO, he has contributed to the increasing success of Aflac.
When it comes to business, ethical conduct and transparency, “an environment of openness in which all participants in a conversation or organization activity receive access to the information needed” (Baak, 2012), are the standards at the helm of what determines and drives the success and sustainability of a company. Chairman and CEO of Aflac Insurance Dan Amos, has learned the necessities of exercising ethical principles and has gained national recognition for his ethical business practices amongst his employees and the millions of customers that are a part of the successful company. Aflacs employee satisfaction business principles have contributed to Aflac being named as Forbes 100 Best Companies to Work for in America (Grillo, 2010).
One of the most recent stories involving white-collar crimes in the United States involves the Wells Fargo. Wells Fargo is banking and a financial institution that offers financial services to very many people in the United States as well as around the world. As reported by the Washington Post, Wells Fargo as banking and a financial institution was involved defrauding its customers millions of dollars through their employees. It was reported that the employees were involved in the opening of close to 2 million bank accounts with Wells Fargo and proceeded to offer credit cards towards the same as a way of attracting the huge bonuses that were being offered (Merle, 2017). The white-collar crime perpetuated by Wells Fargo falls under the Corporate
Weaknesses – Coca-Cola is a very successful company with an impeccable social media following. Word of mouth is probably a strength, but only when feedback from consumers is positive, but there are people who are against Coca-Cola and their products. Even though Coca-Cola produces over 200 brand products, Coca-Cola lacks the social media popularity of other brands that they produce (Moth, 2013). Many drinks that they produce are extremely popular such as Coke or Sprite, but there are a lot of Coca-Cola products that are unknown, unseen, and unavailable for
C. (2007). The goals and promise of the Sarbanes–Oxley Act. The Journal of Economic Perspectives, 21(1), 91-116. Cohen, M. A. (2016). The Costs of White-Collar Crime.
Coca –Cola (KO) is one of the world’s largest beverage companies. Company was incorporated in September 1919 under the State of Delaware law and headquarters is located in Atlanta Georgia. But from 1886, company established its brand in US (Coca-Cola, 2012, p. 1). Currently company is providing for more than 500 varieties of non-alcoholic sparkles to the customers around the world. Apart from this, company also serve for still beverages that includes enhanced water, water, ready-to-drink, juices, energy drink, sport drinks and so on.
Considering individuals are becoming more health conscious it would be beneficial for Coca Cola to continue producing even more healthy products. Producing healthier drinks could potentially get their products back in schools. Researching into cheaper materials as well as environmentally friendly alternatives to plastic would be another recommendation. The main concern for Coca Cola is water supply. Without water Coca Cola would not be able to stay in business. It is recommended for Coca Cola to reduce the amount of water it uses. They have already begun a goal to improve water use. “Our 2020 goal is aggressive and builds on the 21.4% water efficiency improvement we’ve made since 2004. We expect to increasingly assess not just the quantity of the water used to grow our product ingredients, but the impact of that use as well” (Improving,
Learning from experience Coca-Cola has had some fierce competition over the years but nothing in the form of an entire health market shift like now. As well as mounting political persecution of its products like they are facing today. They must rely on past experiences to get through but likely will need to start studying the new trends to stay relevant.
A company's code of ethics is very important to establishing the expectations and quality of its brand. The code of ethics are concrete expectations for employee behavior, accountability and communicates the ethical policy of a company to its partners and clients. A good business practice is to have sound ethics. Having good ethical practice is knowing the difference between right and wrong and choosing what the right thing is. Though good ethical behavior is something that should be done automatically, a company needs to have a set of rules in place that holds everyone accountable. Over the last twenty years, the country has been bombarded with company scandals and unethical behavior; though morally wrong, the punishment does not fit the crime. The punishments have been overkill. A murderer, rapist, or child molester commits violent crimes and potentially is out of jail in 10 - 20 years. The CEO’s that commit white collar crime receive 25 years to life; this paper will discuss how this punishment for committing nonviolent crimes, such as breaching a company’s code of ethics, are disproportionate to violent crimes that plague the country today.
Coca - Cola : Claims, Values and Polices Coca-Cola is a well-known and cherished brand name. When people think of this name, memories tend to overflow in their heads. Why do you need to be a member? Because, not only does Coke taste great and refresh your own personal memories, it also fills you with memories of the Coca-Cola like "Always Coca-Cola", the antics of the Coke polar bears, and all of the different ads that have represented Coke over the years. Just about every ad you see, as a consumer, has tons of hidden meanings.
The past scandals that failed the ethics test were characterized by lack proper disclosures on financial records. This paper will reveal the dubious accounting practices that contributed to the failure of some of the companies. According to (Anderson and Orsagh, 2004) not all failures were attributed to corporate ethical issues however most of the scandals involved conflict of interest among directors, excessive compensation though stock options, greed and lack of enforcement of the laws put in place to protect shareholders. As stated by (Paul S. Adler), the legal community appears to not protect shareholders as “white- color” crime is treated far more leniently than “street” crime even though its economic and social costs are greater. This perception has made public perception of white-color crime to be one that is casual
As the world 's largest manufacturer and distributor of non-alcoholic beverages, Coca-Cola is certainly no stranger to global marketing. Established in the US, Coca-Cola initiated its global expansion in 1919 and now markets to more than 200 countries worldwide. It is one of the most recognizable brands on the planet and also owns a large portfolio of other soft drink brands including Schweppes, Oasis, 5 alive, Kea Oar, Fanta, Lilt, Dr Pepper, Sprite and PowerAde. Despite this, Coca-Cola often struggles to maintain its market share over its main rival PepsiCo in some overseas markets, particularly Asian countries.
It has been a long time, the name Coca Cola can almost be regarded as a symbol of consumers’ culture of Americans and people around the world with its interesting history. With a history of over 100 years of existence, Coca Cola was first founded by pharmacist John Stithy Pemberton who served in the Confederate Army during the American Civil War. He created Coca Cola to be like a painkiller, healing to treat his war injury. S.Pemberton says “Coke also can cure headache, nervousness, depression and addictions.” As understood by the American people at that time, People believed that Coke is an oral drug. Meanwhile, Coke had a new face when the recipe of Coca Cola was completed by accident. A bar employee, Jacobs, confused the Coca Cola syrup and mixed it with soda water instead of ordinary recipe of John Stithy Pemberton and as the result, Jacobs corrected Pemberton's formula. Nowadays, Coca Cola brand is a top selling soft drink and everyone in the world loves it, but everything has two sides to it. Although Coke is the current popular beverage it still has harmful health risks if we consume too much.