Values in business

Published: 2020-04-28 06:10:35
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The forms of values that determine the well-being of a firm and the health of the firm, in the long run, are known as the business values (Henriques, Gary, and Vall A 79). The business value expands these concepts beyond the economic value. They are economic value added, economic profit and shareholders value. This includes societal values, managerial values, suppliers values, employees value and channel partner value (Henriques, Gary, and Vall A 79).

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In this modern world, the term core values are very common. Other terms such as mission and cultural statements have been integrated into the business world. Core Values are the things that support, reflect and shape company values (Henriques, Gary, and Vall A 80). They are the real meaning of companys existence. Most of the companies do focus on technical matters and often forget that core values are the underlining factor that makes the companies run smoothly. The core values establishment is very important for both the internal and external business advantages.

Advantages of core values

The core values in business help in decision making. For example if the core value is to stand behind quality products; this will mean that any product that is not of that quality will automatically be eliminated. Core values also help in educating clients, and potential customers about all the company are about and in clarifying the identity of the company. This is very useful especially when two companies are competing. The company that has core values to speak about will have a better stand in the competition.

Another advantage of the core values is that they are used as the key tool for retention and recruiting tools. With the ease of research using the new technologies, job seekers can look through the companies websites and doing their homework well depending on the companies identity, they can tell if the company holds the values that they consider important.

Core values in a business

The first core values and one of the most important in business are accountability(Tocquigny, Rick, and Andy Butcher 15). This is the art of acknowledging and assuming responsibilities for the actions taken, decisions, policies and products. Accountability can be to the employees or the company as a whole.

Another core value in a business is taking a balance (Tocquigny, Rick, and Andy Butcher 15) . Taking a proactive stand to create and maintain healthy work life for the workers in a firm or a company. Workers are a key asset to the business (Hsieh 43). Commitment is another key core values to all the participants in a business environment. Commitment helps to instill trust in the customers, suppliers, debtors and anyone in the company. If a company is committed to great services products and other initiatives that could impact lives to the outside world will be likely to have more customers as compared to ones without much emphasis.Another core value that may be adopted by a company is workers empowerment (Tocquigny, Rick, and Andy Butcher 16). In a company that has this as their core value they normally encourage the workers to take initiate and give their best. Some other businesses do take innovation and technology as their core value. Through this they allow and support innovations in their company. Through innovations, the company will secure great ideas and help change the world.

Another core value in business is integrity and ownership, the company with this core value acts with honesty and honor without compromising anything. Integrity as a core value ensures that trust is built to the suppliers, customers, and shareholders.

Safety is another core value that should be adopted by the company. Through this, the company ensures that the health standards of the employees and going beyond and the company does this by going through the legal background to provide an accident-free workplace. The final core value ownership, ownership involves taking care of the customers and the company as their own. When the customers feel that they own part of the company they normally develop a sense of ownership and passion for the companies products. The above values can be summarized to the following Components; shareholders value, customers value, societal values channel partner values, managerial and suppliers values.

Why I am a follower

I am a follower of McDonald; I usually pass by and buy a cup of coffee. The reason I prefer coffee from McDonald is because they have uniformity in their products, the coffee that I took yesterday is similar in terms of quality and taste to the one I took two weeks ago. Also, the customers services in this food company are great, the employees are concerned with you and they serve you within the shortest time possible. Another factor that contributes to my following to McDonald is its convenience in location, the fact that this hotel is close to my hometown makes it my quick option to settle for. The company also has a variety of the coffee that one may be interested in; one is not restricted to one taste of coffee. Their home delivery services also attract me to be their daily customers. I also love the way they brand their products and do their advertisement. Also, they have after sale services such as entertainment for their customers especially during the evening times. As a follower of the above values they easily connect me with the business and without them maybe I would not be satisfied with their services.

Macdonald

McDonald is worlds major series of fast food restaurant. The company has over 68milion customers worldwide. These customers are distributed over 119 countries and over 35000 outlets. The companies name is after Maurice and Richard McDonald. The company sells soft drinks, milkshakes, chicken fries, hamburgers, desserts and hamburgers. The company has recently expanded its customers many listed to include: smoothies, wraps, fish seasonal and fruits.

The companys mission is to be the customers favorite place to eat and drink. They have a worldwide strategic plan to win their customers and give them an exceptional customer experience.

McDonald values

McDonald believes in giving back to the community(Competing Values Leadership 6). The company believes with the responsibilities that come with better leadership. They always try to build a better society for their customers. The company is committed to sustainable business practices and ensuring that they do not compromise the future generations.

The second value that McDonald believes in is to grow their business profitably(Competing Values Leadership 6). The stalk holders of this company work to ensure that their company operates properly and that they make sustainable profits. This ensures that all the participants in the company are satisfied.

The third core value of McDonald is that they always strive to improve (Competing Values Leadership 6). The company takes into consideration of the customers views and gives them these views are taken into consideration. This is to ensure that the changing customer, employees, and suppliers preferences are taken into considerations.

The companys other value is operating their business ethically (Competing Values Leadership, 7). McDonald tries their best to conduct their business with the highest standards. These standards range from honesty, integrity and fairness. The company is individually and collectively responsible. The company also believes in placing their customers at the frontline of all they do. As the customers are the reason that any business exists to maintain the customers the company ensures that they provide them with superior customer services and quality foods.

Another core value in McDonald that I admire most is their commitment to their people. The companys management ensures that they create opportunities, develop leaders and nature talents. The company believes that if they work together they are going to be able to provide the best customer service and leadership.

McDonalds ambitions

The company believes that their purpose is beyond what they offer to their customers. They believe that they have a mission to their customer, their world and their communities. The companies ambitions are as follows: good food- the company provides good ingredients, great taste for their customers and transparency in all these.

The second ambition of McDonald is ensuring that they have good people (Whiteley, Alma, and Jervis 25). McDonald creates opportunities for people, encourages diversity, rewards achievements and facilitates teamwork these in turn ensures that the company provides the best services to their customers.

The final ambition in McDonald is to promote Good neighbours (Whiteley, Alma, and Jervis 25)The company champions the health of kids. This is done through the companies health facilities. The company is also committed to reduce the footprints and to minimize energy consumption. The company also encourages recycling to reduce environmental pollution

Ray Kroc the founder of McDonald and core values he introduced

A business man by the name Ray Kroc joined the team of two brothers who had owned the company as a franchise agent in 1955 (Henriques 121). He later purchased the whole chain from the two brothers, and he oversaw the growth of the company. Now the company collects revenue from fees and loyalties, sales from affiliated restaurants, and now McDonald is the second world largest restaurant employer.

For Ray Kroc to succeed in this he employed various reforms and values to the business. He forced discipline in the manufacture of hamburgers, milkshakes and French fries. He did this by developing one of the complicated delivery and operating system (Henriques 121). He also believed in uniformity in the companies' products; he ensured that the French fries that were bought in Topeka were exact with the ones purchased in New York.

He later added some value to the product by studying the market and brought the foods closer to the customers. He did this by opening more and more outlets of the McDonalds(Henriques 121). He did not have enough capital and to support his fast food hotel he involved himself in real estate business. Another value that led to the growth and prosperity of the company is his introduction of national advertising programs. This is to keep the customers informed of the products existence in the market.

Kroc had a great ambition for the company, and he later developed a program for a global presence of the McDonald. And he maintained his insubstantial balancing act, and he imposed dynamic systems nationwide. He did while encouraging the entrepreneur spirit as he welcomed ideas from anyone and he would give them a thought. Many of the learned ideas were applied and had lead to the companys success.

He was able to make a fortune of $500, and he transformed the American fast food culture and made an industry that is the world greatest export company(Henriques, Gary, and Vall A 79). This success offers a benchmark for other companies today to refer to. For the todays managers seeking for better performances, t] should use these values employed by Kroc as a start for them. In this the company must define the basics of the product they offer, have the consumer knowledge of the products existence, have uniformity in their products, find subsidies for their capital and enhance their management. The company also needs to maintain the high quality of their products and cherish their customers and ensure that they are satisfied.

McDonalds major competitor and their core values

Starbucks Corporation

Starbucks Corporation is the largest coffeehouse in the world. It operates as Starbucks coffee; it is an American coffee house that is located in Washington, Seattle. It has a chain of stores with over 22,551 stores in 65 countries. This includes C...

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