what are corporate influences
factors that will have an impact on business decisions
corporate timescales
refers to expectation within a business of when a return on investment will be achieved
what is corporate social responsibility
a management approach where companies integrate social and environmental concerns into their business operations to benefit society and the environment. It involves a company’s pledge to act ethically and sustainably.
what is evidence based decision making
decisions relating to businesses based on evidence and data which is valid and trusted information.
advantages of evidence based decision making
useful guidance, less liable to error, options can be stimulated
disadvantages of evidence based decision making
biast, no ethical considerations, time consuming, lacks creativity.
what is corporate culture
the norms and values of the business
strong corporate culture
good communication, core values focus, reqruitment and training to find correct individuals who fit the culture the best, based around history of the firm, founders and tradition.
wear corporate culture
business failure, inconsistent customer service, demotivated workforce, poorly managed, lacks flexibility.
what is power culture
strong owner, manager, main owner makes decisions, autocratic leadership style link
what is role culture
clear rules and procedures, individuals are aware of position in the hierarchy
what is handy’s role culture
Handy’s role culture is one where work is based on a person’s specific job title, role, and strict rules. Power is determined by your position in the hierarchy, and employees are expected to follow established procedures and be accountable for their designated area
what is task culture
paternalistic, teams that work in large organisation, matrix structure
person culture
freedom, individual, lassie faire
how is corporate culture formed
- based around ethos of the firm
- what the firm does
- degree to which products sold have changed overtime
- recruitment process
- attitude to customer services
- working hours
difficulties in changing culture
strong cultures are hard to change because a culture consists of interlocking each other,l
- goals
- roles
- processes
- attitudes
what are ethics
moral principles that govern behaviour of a business
what are morals
standouts of behaviour, principles of right and wrong
what are trade offs
arises where having more of one thing potentiality results in heavily less than other
what are ethical decisions
businesses appear to be doing the correct thing sometimes firms just wish to make a profit
limitations to ethical sourcing
expensive, some consumers don’t care about it, increases costs so firms may have to raise prices causing reduced MS
what is corporate social responsibility (CSR)
business approach to sustanible development, by delivering social economic and environmental benefit to stakeholders
advantages of CSR approach
happy consumers, happy staff, staff motivation increased, enter new markets, happy suppliers,
negatives of CSR approach
expensive, some target market don’t care
