Philosophy of Business Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Christine Philosophy of Business. Answer: Introduction The following assignment is about writing a business case essay that has two questions at the end of it and the aim is to provide prompt answers to those questions by looking at the scenario and comparing with the current socio-economic prospects and linking them with the financial aspects. The essay talks about the business owner Zach Jordan who has a spring manufacturing company in his native place at USA. The situations took turn against his favor and he faced such circumstances where he would have to face the darkest truths of business after he has undergone a big amount of loss in his business for the past few years. It has been seen that Zach has fumbled in his way to keep up with the market competition in this time and it has proved to be extremely fatal for him. A Brief Overview of the situation A thorough study of the case essay gives an insight into the situation that has been created in the essay. The business owner of a steel manufacturing company, Zach Jordan has been a well-reputed businessman. He had been running his business swiftly until he began to face a big amount of losses in his business that amounted outside his range of control. He began to face challenges when the world economy began to fall down and the entire scenario was changed. As a businessman, Zach had been very helpful to his employees, very loyal to his customers, very timely about the delivery of the goods. He was very good to his employees so his employees loved him greatly (Zelnik et al. 2012). He used to cut down his own monthly income but did not let the impact fall on his employees. The world economy began to suffer in the last decade of the last century, and he began to succumb to the ill effects of it. He wanted to discuss the whole matter as only two options were left before him. He had to sell his company or he could opt for signing the two-year deal for the lease of his building worth of $750000. He was very fond of his employees so he could not let them go. He thought of their well-being and he was scared about the fact what they would go once the company was sold. Another option that was open was to give the office building for lease for two years at a big amount. In this case, the question was to the company has to grow with time and sustain that growth by competing with the Asian markets that would provide better products at a lower price to the customers (Bravo-Biosca, Criscuolo and Menon 2016). Zach had to stop that shifting of the customer base. Sustaining the Business and Growth Zach wanted opinions from his dearest friends and both opined keeping rational things in mind seeing the continuous losses that the company was facing. He thought to save his employees from loss of jobs. So if this is his decision, he must employ some strategies that would help him to save his business and also the lives of his employees. Finding Top Talents If Zach wants to save his business from drowning, he must seek for help of his employees to keep the business alive in every aspect. He has a good idea of the skills of the employees so he should find the top talents of the company and motivate them to work harder and invent new ideas so that they can find some ways to tackle with the modern day business competition and growing recession in the market (Scott 2012). Reviewing the performance Themanagement of the company must look out for the best employees and reward them to serve them motivation. Each of the employees has to be reviewed according to their performances on a monthly or a quarterly basis (Shields et al. 2015). All the employees tasks should be divided between them so that find the urge to work harder in different situations. The salaries of the employees should be distributed on time by themanagement and the communication between all the departments of the company should be swift and smooth. Powerful Branding Zach has noticed that he has been unable to fight with the competition that the Asian market has kept in front of the, especially in India. Indias new invention of spring that has held the growth of Zachs company, NCS, must be very categorically implemented to meet the customer requirements. Zach has to invent some means by which he can build a brand equity of his company so that his customer base stays loyal to them (Stine 2013). Understanding Consumer behavior Consumer behavior is a very crucial thing in the field of marketing (Solomon 2014). The marketers have to understand the behavior of the customers or what the customers desire to get. It does not mean that the customers have to be loyal to the products of the organizations in case the organization always stays loyal. The desires, needs and likes of the customers are always on the change according to the human behavior. Zach has to study the international market and understand that the customers want their products at a lower price but they are not ready to compromise with its quality. Though it is a tough decision for the customers, they must do it if they want to survive. They have to produce quality things in cost-effective ways (Hollensen 2015). They can get more customers if they can provide good things at lower prices. Zach may try these strategies if he does not want to cut-and-run his business. In case he decides to close his business and finally withdraw from it, it would be a shocking situation for all his employees. He has looked upon his employees as the ones whom he has trusted more than anything (Marique et al. 2013). His employees also have worked there for a long time under his direction. They have never complained about their treatment of Zach towards them as Zach always has been like a father figure to them. The irony of life is such that these philosophical thoughts do not work in the real life and it is the rational thinking process that affects the business (Stanovich, West and Toplak 2013). In order to save himself from a shocking fate for himself and his family, if the business did not sustain, Zach might just sell the company and walk out. He actually reduced his own income and it was lesser than some of his employees as well. The condition was such, whoever bought his company will not pay a handsome amount at all to secure his investments in the company. On the other hand, his long-trusted friends and colleagues would be trapped in a grave distress. If this situation occurs, Zach must save the rights of the employees beforehand and a safeguarding policy should be taken by Zach so that his employees do not have to suffer under the new owner in case of the probable service provision change (Hewitt 2012). Conclusion In the concluding part, it can be said that the situation Zach is facing is a very grave one and he is in a big dilemma at the moment. The two options that he has are both very tricky and involve big risks. Zach has to choose any one of them so he would able to get rid off the problems. His age has crossed sixty and he is unable to take so much tension on his head. He must consult with his advisors like accountants and lawyers about what to do, keeping the probable consequences in mind. References Bravo-Biosca, A., Criscuolo, C. and Menon, C., 2016. What drives the dynamics of business growth?.Economic Policy,31(88), pp.703-742. Hewitt, A., 2012. 2012 Trends in global employee engagement.Aon Corporation. Retrieved August,11, p.2013. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Marique, G., Stinglhamber, F., Desmette, D., Caesens, G. and De Zanet, F., 2013. The relationship between perceived organizational support and affective commitment: A social identity perspective.Group Organization Management,38(1), pp.68-100. Scott, D., 2012. Rentention of key talent and the role of rewards.WorldatWork Journal. Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., Johns, R., Robinson, J., O'Leary, P. and Plimmer, G., 2015.Managing Employee Performance Reward: Concepts, Practices, Strategies. Cambridge University Press. Solomon, M.R., 2014.Consumer behavior: Buying, having, and being(Vol. 10). Engelwood Cliffs, NJ: Prentice Hall. Stanovich, K.E., West, R.F. and Toplak, M.E., 2013. Myside bias, rational thinking, and intelligence.Current Directions in Psychological Science,22(4), pp.259-264. Stine, G., 2013. The nine principles of branding.Polaris, Inc., www. polaris-inc. com. Zelnik, M., Maleti?, M., Maleti?, D. and Gomi?ek, B., 2012. Quality management systems as a link between management and employees.Total Quality Management Business Excellence,23(1), pp.45-62