For the last several months, while performing a challenging management assignment in my hometown of Lima, Peru, I have been looking for a new means to channel my professional and personal ambitions. Executing my decision to pursue an MBA degree, I had the privilege to learn about Hult International Business School. In the process, I became acquainted with an academic leader; a university with strong roots; a powerful global group, keen to face future challenges. The attached application documents detail my distinctive candidacy for the MBA program in Hult’s London Campus, which I perceive as a unique opportunity.
How do businesses grow? Unfortunately, there is no simple answer to this question, mainly since it is evidently clear that offering the best service, the best price or the best promotion is no guarantee for success. Therefore, sound business administration implies that a wide array of internal and external factors must be taken into consideration when we try to open, expand or manage a business entity.
One of the possible ways to examine this issue is to use tools and theories from the science of microeconomics, whose main concern is “the economic behavior of part(s) of an economic system” (Rutherford, 2002, p. 382). The microeconomic approach does not give us the complete picture of business performance, but it is surely handy in order to develop a logical and systematic decision-making at the single entity’s level. By that this science differs from other studies of economic behavior, such as macroeconomics, which deals with the economic conduct of groups, societies and markets.
As reported by the Central Intelligence Agency (2009), in 2008 Japanese GDP per capita was estimated around $34,200. As the same figures in the US are more than 33% higher ($47,000), it seems safe to assume that productivity of the American workers is significantly higher compared to their Japanese peers. Is such conclusion really justified?
An American reader, being accustomed to the $ sign, may assume that $34,200 represent a sum in US dollar. Nevertheless, one should keep in mind that the $ sign is also used to denote 26 other currencies, which are named “dollar,” as well as eight circulating types of peso. In the United States, $34,200 can be enough to buy a sedan, while in Zimbabwe it is not enough to buy even bread.
The interest in the ethical behavior of the workforce has gone far beyond the theoretical discussion of moral standards and social responsibility. In the light of the reason for many recent failures of enterprises, it is clear today that organizations that develop and maintain superior ethical standards reduce their own risk thus increase shareholders’ wealth.
1.1 The Growing Interest in Ethical Conduct of Sales Personnel
Among the main reasons behind this assumption, which has brought about a significant concern to business ethics, are influential factors such as greater legislation, enforcement and control (in particular among OECD member states); increased awareness of the media and the public; the unambiguous link between poor corporate governance and management risk; and the greater concern for customer relationship management (CRM), especially among business-to-business markets. Therefore, in the seek for better ethical behavior, the business community is keen to develop clear and reliable measurements of ethical behavior, as well as to establish predicting mechanisms, which may indicate managements and boards about possible failures in this field.
Strategy formulation is a sequence tasks, all intended to prepare the grounds towards implementation and evolution of corporate strategies. David (2007) divides those tasks into five categories, each one represents bulks of steps:
- Develop vision and mission statement
- Perform internal audit
- Perform external audit
- Establish long-term objectives
- Generate, evaluate and select strategies
Several years ago, I had a summer job at a small bakery owned and run by my uncle. The bakery sold freshly made bread and pastry and had a small café that served tea, coffee and soft drinks alongside baked products. The total number of employees was eleven, and the corporate culture was very relaxed and family-like. Although there was some formal structure (my uncle was the President and the CEO and his friend and co-founder was Vice-President), decision-making was always informal. All the important decisions were arrived at by consensus. Employees were encouraged to share their ideas as to new products or ways to improve efficiency with each other and the management outside of the framework of any formal procedures. Conflicts were very rare, and the general atmosphere was non-competitive. Such atmosphere can be explained by the fact that the motivation of most employees for working at the bakery was not career growth but pleasant working environment.