BUS FP3007 Capella University Developing a Business Perspective Essay

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Business Finance

BUS FP3007

Capella University

BUS

Description

Develop a 3–5 page white paper on the importance of mission and vision statements and a code of ethics when starting a new business. Explain the purpose of each, identify the key elements for each, and explain how they can affect the success of a business.

An organization's structure as identified through its mission and vision statements and code of ethics establishes a foundation for sustaining business practices as well as managing change during times of transition. Such components are organizing principles that serve to align personnel and functional areas to a business' overall ideals. In combination, such statements and codes inform both internal stakeholders (such as employees) and external stakeholders (such as business partners and customers) about the organization's priorities, values, and standards, explaining to them the ways in which the business will be responsive to their needs. It is important that mission and vision statements and codes of ethics are interrelated and consistent and that they accurately reflect current environmental dynamics and practices.

SHOW LESS

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 1: Explain the underlying principles of successful businesses.
    • Explain the purpose of mission and vision statements.
    • Identify key elements within mission and vision statements.
    • Explain the role of a company's leadership in promoting and supporting the vision, mission, and ethical principles of the company.
  • Competency 2: Examine ethical principles associated with the field of business.
    • Explain the purpose of a company's code of ethics.
    • Identify key elements within a code of ethics.
    • Explain the relationship between a company's code of ethics and its mission and vision statements.
  • Competency 5: Communicate in a manner that is scholarly, professional, and consistent with expectations for the field of business.
    • Organize content so ideas flow logically with smooth transitions.

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Explanation & Answer

Attached.

Running head: Developing a business perspective

Developing a business perspective

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The fundamental rules and values that describe what is needed and what is right for business
are what is termed as business principles. The basic principles are more fundamental and are
meant to govern the employees, clients, and business partners or stakeholders. The principles
vary from one business to another. The following are some of the key ones (Viardot,
2017):


Knowing the market that one plans to venture into as well as one’s competitors. This will
help a business owner in setting the prices and in knowing one’s target market. Every
business owner needs to understand the market and the particular players involved. The
question of how well one’s products stand out from the rest in the market should be
answered in the long run.



Leadership and great staff. The most important asset of a business is the employees. They
determine the success and downfall of the business. It is important to take time in hiring
the best team. This way, one can find and put them through the required training in
various fields. In turn, this will reflect on what the business delivers to its clients, which
should not be short of the best products and treating them with utmost respect and
understanding (Child, 2015).



Customer care. As the famous saying goes, the customers are always right. Respect is key
in this case. Also, giving them the best to foster loyalty to help one obtain more
customers in the long run.



Understanding the business structure. The initial structure of the various departments and
how employees operate should be well understood to help run the business efficiently and
effectively.

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Marketing and promoting one’s services. Every business owner should be conversant
with both the traditional and digital fundamentals of media marketing because this is a
great determinant in making one’s business grow.



Quality products. The business should provide quality services and goods. This way, they
will have an easy time gaining a good reputation in the target market.

Apart from the business prin...


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