ENG 210 QUIZ 1

Ethics

Ethics

a branch of philosophy that studies and creates theories about the basic nature of right and wrong, duty, obligation, and virtue.

Principles to Guide Ethical Behavior

Honesty • Integrity • Promise-keeping • Fidelity • Fairness • Caring for others • Respect for others • Responsible citizenship • Pursuit of excellence • Accountability

company credo

A statement that defines the values underlying the entire company and its ethical responsibilities to its stakeholders.

code of ethics

A written statement of the standards of behavior and ethical principles a company expects from its employees.

Being Socially Responsible

Encourage recycling. • Support local fundraisers. • Join in community service. • Reduce energy usage. • Create a grant program. • Support local causes. • Partner with local school.

Social responsibility

how an organization responds to the needs of the many elements in society

Business ethics

the fundamental moral values and behavioral standards that form the foundation for the people of an organization as they make decisions and interact with stakeholders.

Triple bottom line (3BL)

measuring business performance using profitability, commitment to ethics and social responsibility, and its impact on the environment (“profit, people, and planet”).

Establishing and Maintaining Ethical Standards

The utilitarian principle • Kant’s categorical imperative • The professional ethic • The Golden Rule • The television test • The family test

Causes of Ethical Lapses

An unethical employee • An unethical organizational culture • Moral blindness • Competitive pressures • Opportunity pressures • Globalization of business

employee assistance program (EAP)

A company-provided benefit designed to help reduce workplace problems such as alcoholism, drug addiction, a gambling habit, and other conflicts and to deal with them when they arise.

Sexual harassment

any unwelcome sexual advance, request for sexual favors, and other verbal or physical sexual conduct made explicitly or implicitly as a condition of employment.

Creativity

the ability to develop new ideas and to discover new ways of looking at problems and opportunities; thinking new things.

Innovation

the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives; doing new things.

Entrepreneurship

the result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace.

Rapid Prototyping

Transforming an idea into an actual model that will point out flaws and lead to design improvements.

Patent

A grant from the Patent and Trademark Office to the inventor of product, giving the exclusive right to make, use, or sell the invention for 20 years from the date of filing the patent application.

Trademark

any distinctive word, symbol, design, name, logo, slogan, or trade dress a company uses to identify the origin of a product or to distinguish it from other goods on the market.

Copyright

an exclusive right that protects the creators of original works of authorship such as literary, dramatic, musical, and artistic works.

The Six Steps to a Patent

Establish the invention’s novelty, Document the device, Search existing patents, Study search results, Complete the patent application, File the patent application

Techniques for Improving the Creative Process

Brainstorming • Mind-mapping • Force-field analysis • TRIZ • Rapid prototypin

Force-Field Analysis

A useful technique for evaluating the forces that support and oppose a proposed change. Three columns: • Center: Problem to be addressed • Left: Driving forces • Right: Restraining forces • Score each force (-1 to +4) and add them.

The Mind-Mapping Process

Start by writing down or sketching a picture symbolizing the problem or area of focus in the center of a blank page.

Mind -mapping

A graphical technique that encourages thinking on both sides of the brain, visually displays relationships among ideas, and improves the ability to see a problem from many sides.

Brainstorming

The goal is to create a large quantity of novel and imaginative ideas.

Verification

Validate the idea as accurate and useful.

Convergent

the ability to see the similarities and the connections among various and often diverse data and events.

Divergent

the ability to see the differences among various data and events.

Barriers to Creativity

Searching for the one “right” answer • Focusing on “being logical” • Blindly following the rules • Constantly being practical • Viewing play as frivolous

Enhancing Organizational Creativity

Include creativity as a core company value. • Hire for creativity. • Create an organizational structure that nourishes creativity. • Embrace diversity. • Expect creativity. • Expect and tolerate failure.

Enhancing Individual Creativity

Allow yourself to be creative. • Forget the “rules.” • Give your mind fresh input every day. • Take up a hobby. • Travel and observe. • Observe the products and services of other companies, especially those in completely different markets.

The Creative Process

Preparation, Investigation, Transformation, Incubation, Illumination, Verification, Implementation

Incubation

Allow your subconscious to reflect on the information collected.

Illumination

Spontinous breakthrough cases “the light bulb to go on” • Comes without warning, not something we think about tp happen rather line a gift to show as the way

stakeholders

the various groups and individuals who affect and are affected by a business.

Entrepreneur

One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

Benefits of Entrepreneurship

Create your own destiny. • Make a difference. • Reach your full potential. • Reap impressive profits. • Contribute to society and to be recognized for your efforts. • Do what you enjoy and to have fun at it.

Drawbacks of Entrepreneurship

• Uncertainty of income • Risk of losing your entire investment • Long hours and hard work • Lower quality of life until the business gets established • High levels of stress

Idea Assessment

The process of examining a particular need in the market, developing a solution for that need, and determining the entrepreneur’s ability to successfully turn the idea into a business.

Porter’s Five Forces Model

Rivalry among companies in the industry • Bargaining power of suppliers • Bargaining power of buyers • Threat of new entrants • Threat of substitute products or services

Industry and Market Feasibility Analysis

Assess industry attractiveness using six macro forces: • Sociocultural • Technological • Demographic • Economic • Political and legal • Global

Five Forces Matrix

Assign a value to rate the importance of each of the five forces to the industry on a 1 (not important) to 5 (very important) scale. Then assign a value to reflect the threat that each force poses to the industry. Multiply the importance rating in column 2 by the threat rating in column 3 to produce a weighted score. Add the weighted scores in column 3 to get a total weighted score. This score measures the industry’s attractiveness. The matrix is a useful tool for comparing the attractiveness of different industries

Product or Service Feasibility Analysis

Determines the degree to which a product or service idea appeals to potential customers and identifies the resources necessary to produce it.

Primary Research

Collect data firsthand and analyze it

Secondary Research

Gather data that already has been compiled and analyze it.

Pivots

the process of making changes and adjustments in the business model on the basis of the feedback a company receives from customers.

competitive advantage

the aggregation of factors that sets a company apart from its competitors and gives it a unique position in the market that is superior to its competition.

Strategic Management Process

Step 1: Develop a vision and translate it into a mission statement Step 2: Assess strengths and weaknesses Step 3: Scan environment for opportunities and threats Step 4: Identify key success factors Step 5: Analyze competition Step 6: Create goals & objectives Step 7: Formulate strategies Step 8: Translate plans into actions Step 9: Establish accurate contro

Vision

the result of an entrepreneur’s dream of something that does not exist yet and the ability to paint a compelling picture of that dream for everyone to see.

Mission statement

addresses the question: “what business are we in?”

Assess Company Strengths and Weaknesses

Use a balance sheet to identify: • Strengths – Positive internal factors a company can draw on to accomplish its mission, goals, and objectives. • Weaknesses – Negative internal factors that inhibit a company’s ability to accomplish its mission, goals, and objectives.

Scan for Opportunities and Threats

Identify and manage: • Opportunities – Positive external factors the company can exploit to accomplish its mission, goals, and objectives. • Threats • Negative external factors that inhibit the firm's ability to accomplish its mission, goals, and objectives.

Key Success Factors (KSFs)

factors that determine the relative success of market participants.

Direct Competitors

Offer the same products and services • Customers often compare prices, features and deals among these competitors when they shop

Significant Competitors

Offer some of the same or similar products or services • Product or service lines overlap but not completely

Indirect Competitors

Offer same or similar products in only a small number of areas

Strategy

a road map of the actions an entrepreneur draws up to achieve a company’s mission, goals, and objectives.

Goals

Broad, long-range attributes to be accomplished.