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SB1 Socratic Skill Builder Assignment

SB1 Socratic Skill Builder Assignment

Question 1

A business refers to an enterprise or organization engaging in commercial, professional, or industrial activities for profit (James, 2021). Businesses exist for many reasons. The main purpose why a business exists is to provide goods and services for profit to the target customers. Thus, most businesses exist to earn a return for selling goods and services to the customers; businesses exist to attract customers and maintain customer loyalty. Besides, businesses exist to give back to society through corporate social responsibility projects. In addition, a business exists to establish and sustain employment opportunities. People participate in business activities to allow businesses to drive innovation, R&D and make profits from the sale of goods and services to the people (customers).

Question 2

  1. Issue #1: Government regulations, i.e., licensing, permits, taxes, privacy, and health and safety requirement(Ketchen & Short, 2013) To prevent government interference, businesses ensure compliance with government regulations.
  2. Issue #2: Technological advancements – The modern-day business environment is characterized by rapid technological advancements. To cope, American businesses should invest in tech innovations and integrate technology into their internal operations(James, 2021).
  3. Issue #3: Communication barriers. Many U.S.-based organizations have embraced diversity, posing communication setbacks. To overcome the communication barrier, embracing collaboration and building communication plans to develop employee relationships is recommended.
  4. Issue #4: Supply chain issues, e.g., demand forecasting, material scarcity, quality standards, freight costs, unpredictable demand, etc. Building strong supplier-vendor relationships, leveraging logistics systems, and creating a risk management plan will help lessen supply chain disruptions.(Taouab & Issor, 2019)
  5. Issue #5: Dynamism in emerging markets – Today, there are social-economic issues like market volatility, changes in consumer tastes, inflation, and economic recessions that affect businesses. Also, every business faces stiff competition from direct rivals. To resolve this issue, the proper understanding of prevailing social-economic issues is key(James, 2021). Besides, supporting aggressive innovation helps maintain competitiveness and sustainability.

….Middle [Questions 3, 4, 5 & 6]….

Question 7

In Gupta, Nagpal, & Malik’s (2018) article, “Starbucks: global brand in emerging markets,” Howard Schultz hands over Starbucks’ reins to Kevin Johnson. The article presents the key success factors in Starbucks’ industry; these include strategic focus (market expansion, communication, and customer needs), brand image, and hiring and training (Gupta, Nagpal, & Malik, 2018). Starbucks values emotional intelligence, compassion, core values, and principles. The CEO has to exhibit EI and live by the company’s values, and this was portrayed by Howard Schultz for 35 years. Also, Starbucks evaluates the market situation, customer needs, and values communication. To Starbucks, the element of people matters, i.e., employees, customers, suppliers, and all key stakeholders. The company innovates products based on consumer needs. Employees are valuable assets and are required to live by the company’s values, principles, and EI. Recruitment and training of employees fall under this factor. Last, Starbucks endeavors to improve its brand image both locally and globally. As a technology company, Starbucks invests in innovation, and R&D. Starbucks seeks to expand its brand into more countries.

References

Gupta, P., Nagpal, A., & Malik, D. (2018). Starbucks: global brand in emerging markets. Emerald Emerging Markets Case Studies, 8(4), 1-22. doi:10.1108/EEMCS-03-2018-0044

James, M. (2021, September 17). What Is a Business? Retrieved from Investopedia: https://www.investopedia.com/terms/b/business.asp#:~:text=A%20business%20is%20defined%20as,proprietorships%2C%20corporations%2C%20and%20partnerships.

Ketchen, D., & Short, J. (2013). Mastering strategic management. Simon Fraser University.

Lafley, A. G., & Martin, R. (2013, February 5). Playing to Win: 1. Strategy Is Choice. Retrieved from Harvard Business Publishing Education: https://hbsp.harvard.edu/product/7106BC-PDF-ENG

Lafley, A. G., & Martin, R. (2013). Playing to Win: How Strategy Really Works. Harvard Business Review Press.

Lawrimore, B. (2015, April 2). The 5 Key Success Factors Of Business – No. 3: Operations. Retrieved from LinkedIn: https://www.linkedin.com/pulse/5-key-success-factors-business-3-operations-buck-lawrimore/

Miller, K. (2020, December 8). THE TRIPLE BOTTOM LINE: WHAT IT IS & WHY IT’S IMPORTANT. Retrieved from Harvard Business School Online: https://online.hbs.edu/blog/post/what-is-the-triple-bottom-line#:~:text=The%20triple%20bottom%20line%20is,%3A%20profit%2C%20people%2C%20and%20the

Taouab, O., & Issor, Z. (2019). Firm performance: Definition and measurement models. European Scientific Journal, 15(1), 93-106.