Case Study Yorkshire Radio Station Example | Topics and Well Written Essays - 1000 words

Yorkshire Radio Station - Case Study Example Strategy has two key dimensions - the resource allocation decision and the development of sustainable competitive advantage. We will confine our dissertation on development of sustainable competitive advantage leaving the resource allocation decisions. 1. Fit to market environment - the primary requirement is the perceived notion of customer for the need of the product or services. The customer looks for competitive advantage, superior value from a product. 3. Efficiency versus effectiveness: Efficiency is internal to the organization whereas effectiveness identifies opportunities to create market. As Peter Drucker says 'Efficiency is doing things right, Effectiveness is doing right things'. Primary focus of the organization should be on effectiveness rather efficiency.... Diversification strategies - Diversification are of four types 1) Forward integration, Backward Integration, concentric diversification and conglometric diversification. Criteria for Strategic success: The following five factors determine the success of a strategy: 1. Fit to market environment - the primary requirement is the perceived notion of customer for the need of the product or services. The customer looks for competitive advantage, superior value from a product. 2. Timing: nothing fails like success - A product or service, which is in vogue today, becomes obsolete tomorrow, hence timing is very important for success of a strategy. 3. Efficiency versus effectiveness: Efficiency is internal to the organization whereas effectiveness identifies opportunities to create market. As Peter Drucker says 'Efficiency is doing things right, Effectiveness is doing right things'. Primary focus of the organization should be on effectiveness rather efficiency. 4. Speed versus decisiveness: Speed is important, companies that are fast to innovate, manufacture and distribute and quick to respond to customer requirements are more successful. But with speed the decisive commitment of resources also is very important. 5. Organizational effectiveness: The organizational effectiveness in its manpower, their commitment to deploy their skills effectively contributes to the organizational effectiveness. Let us analyze the Current situation: Presently Yorkshire Radios station's activities are as follows: 1. Broadcasting Yorkshire sports like Football Rugby, Racing, Cricket 2. Broadcasting music. 3. Main focus is on coverage of Leeds United with exclusive access to the manager, Players and chairman plus full match

The Legal and Ethical Environment of Business Research Paper

The Legal and Ethical Environment of Business - Research Paper Example 2. Compare the American legal system to the international legal environment of business.   We live in a global economy where goods are manufactured in one country and are packed in other country. In search of cheap labor, raw material and talent, businesses have expanded themselves and have crossed the physical boundaries. The legal of system of every country is different from other. Different countries possess different legal systems however some countries share same legal system for instance countries like Australia, United States and India uses common law systems. In a civil law system, legal system and laws are based upon different and unique circumstances. Some countries legal systems and ideologies are based upon religion for instance Saudi Arabia, Middle East, Pakistan and Iran etc. These nations follow the systems of Koran and Sunnah. Some countries have civil legal system where judges do not have much flexibility and authority to apply law such as Germany, Russia and Franc e. It is highly essential to interpret the legal system and law while doing business international and its affect on commercial activities (Hiray, 2007). 3. Recognize the principal legal and ethical issues facing managers Managers have to face number of issues in their day-to-day dealings. Most of them are related to ethical and legalities. Some principle ethical and legal issues faced by managers are: Ethical Issues Identifying and resolving the dilemmas of ethical situations Maintaining high standards of ethics while conducting business transactions Providing uniform treatment to all the workers in the work environment Keeping the rights, obligations and concern for environment, stakeholders, employees and company Taking decisions after considering the ethical consequences Legal Issues Safeguarding the private and confidential information of the company in accordance with the law Complying with the domestic and international laws while doing business dealings Accepting accountabil ity for the actions and judgments of individual Apart from above mentioned principles, some other ethical and legal issues are related to fraud, marketing tactics and discrimination. 4. Argue the importance of ethics and social responsibility in the business world.   The importance of ethical and social responsibility in any business is that ignoring these important aspects can cause loss of huge time and money to any business. The unquestionable and unethical social practices can be devastating for any size of business. Nowadays, the impact of business decisions on environment has become more important than ever before. Consumers and watchdogs do not leave a single chance to suspect and call out a business, which is mistreating the natural resources and causing devastating effects on environment. Good social and ethical practices are keys to any company’s success. Therefore, nowadays, along with the objective of making profits, the companies are also trying to make an obje ctive of being environmental friendly. The idea that philanthropic efforts are unfavorable to the success and profitability of any business has become obsolete option. 5. Apply ethical frameworks to business situations.   In case of any ethical dilemma, the best way to resolve the issues is to apply ethical framework to that situations. The most widely known ethical framework is mentioned below. Recognizing the Ethical Dilemma Gathering Facts and