1. We agree with your answer, but would like to add the following statement. Culture is the values and practices shared by the members of a group. Company culture therefore, is the shared values and practices of the company’s employees. Company culture is important because it can make or break a company.
With any company they must figure out what their culture is, decide what it should be, and move everyone toward the desired culture. Concepts such as the six types of human values; theoretical, economic, aesthetic, social, political, and religious should be used. 2. We agree with most of your statement, but would like to point out some other important issues. Although McCoy has been able to survive for over 70 years in a competitive market with their strong belief of not working on a Sunday, how much longer will they be able to compete? Other gigantic retailers, such as Home Depot are open on a Sunday and this allows consumers an additional day to purchase merchandise, which increase their sales. Sunday is another day consumers can go to the store to purchase items forgotten on a Saturday.
One consumer stated to the Shreveport Times, “I go to church in the mornings and usually head from there to Home Depot, it’s just a convenient day for shopping.” Continuous improvements in customer satisfaction should be the ultimate goal. Only those organizations that deliver what customers want will prosper in today’s highly competitive environments (p. 23).
Utility of Service Property and casualty insurance, more specifically auto insurance, is an intangible product and is a service purchased by consumers that they hope they never have to use. This is contrary to most any other good or service. You would not buy a car to never use or go to a doctor and pay for treatment you do not expect to receive. The consumer pays for a promise that they hope to ...
Home Depot has been able to stay ahead of the competition with fiscal 2004 sales of $73. 1 billion and Sunday sales come in second only to Saturday. A business has to have strategies to acquire and continue ahead of the competition in order to maintain success.
3. We agree with most of your answer, but we would like to add a bit more. You state social responsibility is important for the long run reputation of the company. This also would help on the short term for new employees that like to work for a good company. Nobody wants to work for a company that make good money and does nothing for the society. Society would also embrace the help they receive and somewhere down the line the company might get rewarded.
For example, if the company wanted to expand and had to apply for a variance, the city or subdivision would help you faster than other companies. This all could help manage a company by having fewer distractions of complications that can arise due to the image of a bad company. The ethical standards would help the inside of the company. Good ethical standards in a company help ease the monitoring of employees. Still monitoring is required, but not as much. 4.
We agree with your answer but we would like to add the following. A family-owned business tends to be more loyal than in a company ran by outside professionals. The McCoy’s company is influenced greatly by being a family-owned business. Promotions in the McCoy Company come from within and managers are rarely recruited from the outside. By recruiting within, the McCoy’s show great loyalty to their employees. The great respect the employees are given by the McCoy’s will be greatly appreciated and given in return.
Additionally, companies managed by outside professionals due tend to be driven by profits, but there are some advantages. Outside professionals could lend objectivity to a family owned company and may be the component to move a family owned company forward. An outside professional would less likely become involved in family differences, which could possibly affect the success of a family owned business. A company managed by a professional is more structured. This can help the company expand more easily and solve the problem faster. Also, a family-owned business tend to try to do everything by themselves instead of having outside help.
Estate Planning For Family Owned Businesses Family business can be considered a vital force in the United States economy. According to the recent statistic data, approximately ninety percent of all American businesses are family controlled or family owned. According to the estimates, family owned and controlled businesses generate approximately 50% of the United States GDP and about 50% of the ...
This could complicate a problem even worse and cause a bottleneck in the company. Schermerhorn, John, et al. Organizational Behavior. New York: John Wiley & Sons, Inc.
2003. The Shreveport Times. web 2005 Home Depot, Inc. web 2004.