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External Stakeholders

External Stakeholders

Student’s Name

Institution

External Stakeholders

External stakeholders are those parties outside the organization who are affected by the activities of a business or affect the operations of a business. External stakeholder management is, therefore, an important role in a business organization. For a wealth management firm like Knightsbridge Wealth Management firm, the interests of its external stakeholders have to be taken into consideration. Its external stakeholders include its customers, its competitors, creditors, the local community it operates within, and the government. It is, therefore, important to manage the interests of external stakeholders to gain from their positive influence on the operations of the firm.

Knightsbridge customers are the reason for its existence. Without the demand for financial management services, then the company’s existence does not make sense. For this reason, their tastes and preferences dictate the kind of services offered by the firm. The firm also operates in a competitive environment. The firm, therefore, has to have a competitive edge through differentiating its products and offering customer-oriented services. The firm, however, has a responsibility to compete fairly, within legal limits. Like any other business, Knightsbridge also has creditors. A good relationship has to be maintained with lending banks and other service providers linked with the firm’s operations like utilities to have credit extended to it when it needs it.

The Australian government has a huge influence on the activities of the wealth management firm. Knightsbridge managers have to comply with regulations set for the management of financial institutions. Apart from the government, the institution is also a part of the communities it exists within. It has a responsibility towards the people of Central Sydney and the City of Adelaide, where its branches are located. Since the company exists within a society, it has a social responsibility towards the people. For instance, it has to employ from the locals or ensure its operations are not damaging the environment.

All institutions need their external stakeholders as much as they need their employees and shareholders. While a company fulfills the interests of customers, competitors, creditors, local communities, the government, and other external stakeholders, it also caters to its objectives, creating a co-dependent relationship. Knightsbridge can maintain this relationship through effective external stakeholder management.

Does psychology make a significant difference in our lives

Does psychology make a significant difference in our lives ?

Research question

Does psychology make a significant difference in our lives?

Introduction

All the activities that a person performs in a day to day life, the brain has to play an active part. In that aspect the question that arises is does psychology really make a significant difference in our lives? . Many research works has been put forward to show the importance of psychology, the professional life of each individual, the way a person thinks, and behaves plays a major role in making life better. This paper will look at the importance of psychology and its contribution to the lives of all human beings. According to Philip G. Zimbardo, the importance of psychology has been felt for quite some time, he gives the example of how during the world war II pilots where he had to train pilots how to overcome fear and go back to war. He goes ahead and refers to the work of one of his mentors by the name of Seymour Sarason who did some research on the anxiety in children (Zimbardo, 2003).

Methodology

To help to show the importance of psychology in the day to day lives in the human beings, I had to look at some of the research work carried out by Zimbardo. I had to look at some of his various work and analyze them so that I could come up with proof that indeed psychology was very essential to the lives of a human being.

Psychological Testing and Assessment

Psychology has been used to develop, asses, human beings talents, their abilities, strengths and even weakness. Systematic assessment has proven to be very useful than the subjective mode that has been used for normed tests. Normed test is usually carried out on people in authority such as teachers, clinicians, and even employers. Psychology has also been very useful in assessing the intelligence of human beings, personality, and achievement. STA and GRE are well known standardized tests, but over the time as a result of critiques much have done to improve the tests (Zimbardo, 2003).

Positive Reinforcement

For a very long time young children have been punished for errors committed or for behaving inappropriately, but over the time the system of punishing children is being replaced by positive reinforcement. Under this system a child is encouraged to do more of the positive things that they do and on the other hand discouraged from doing negative things.” Punishing the undesirable person has been replaced by punishing the undesirable behavioral acts” (Zimbardo, 2003).

Results

Psychology is very essential in every day to day life of any person; it has proved to be very useful in enhancing positive behavior in children. It has also been used to enhance the personality of human beings, it has also been very crucial in carrying out tests on people who are considered to be in authority. The use of systematic assessment has proved to produce very reliable results that the subjective mode. There are other areas of life where psychology has proven useful to the human beings, thus it can be concluded that psychology has very significant difference in our lives (Zimbardo, 2003).

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Discussion and conclusion

Every activity that a human being takes place in has that special connection with psychology, when a person shows signs of mental stress the first thing that comes into mind is psychology. When a person shows and continues with undesirable behavior, psychology is what can be used to determine why the person is behaving the way they are. In that aspect psychology can indeed make very significant difference in our lives.

Reference

Zimbardo, P. G., Weber, A. L., & Johnson, R. L. (2003). Psychology: core concepts (4th Ed.). Boston: Allyn and Bacon

Personal reaction

The research has been very useful as it has been able to help me know how psychology can be used in almost every aspect of life. Initially I thought psychology was only helpful in dealing with mental cases but I was able to realize that it can be used to help children behave better.

Does McDonald’s have a Code of Business Ethics

Does McDonald’s have a Code of Business Ethics?

Name

Professor

Institution

Course

Date

The Standards of Business Conduct Information for Starbucks Coffee Company

As provided by CSRNYC (2007), Starbuck coffee company is a retailer and a premier roaster of coffee worldwide and has been the global brand. The reputations for Starbuck coffee company, its finest coffee, its highest integrity and legendary customer services have been the major result of collective efforts of the company. The standards of business conduct promote the Global Business Ethics Policy of the company, and this influences the overview of ethical and legal standards that the organization is expected to follow during every day practices.

CSRNYC (2007) explained that business ethics and standards for Starbuck Coffee Company provide ethical framework of the mission and vision of the company. Its mission is ‘to inspire and nurture the human spirit-one person, one cup, and one neighbourhood at one time’. The company standards outline the precise policies that regulate diversity and workplace environment, community involvement, business practices, and ethical sourcing. The commitment towards environmental and social responsibility is the major value of the company because the employees and its founding is held to a particular environmental mission statement.

McDonald’s Standards of Business Conduct

According to Smith (2012), MacDonald’s Company is the leading foodservice or restaurant globally with multiple local restaurants in various countries. Such foodservices or MacDonald’s restaurants are run and operated by affiliates and franchisees. The company has apparent code of ethics governing the business. The code of ethics is an assurance to abide by the standards or principles of business conduct. In relation to the company’s social responsibility, the McDonald’s Company has its corporate responsibility ‘Responsible Food for a Sustainable Future’.

Smith (2012) explained that the Standards of Business Conduct for the MacDonald’s Company provides legal and ethical responsibilities share by members or staff of the company. These responsibilities include the sustainable fish supply, workplace recognition, environmental responsibility, Rainforest protection policy, as well as the provision of environmental Scorecard for the suppliers of MacDonald’s Company to evaluate and lessen their energy, waste impact, air and energy.

Comparison of Company’s Statements between the Starbucks and Macdonald’s Companies

In comparison to the statements of the Starbucks and MacDonald’s Companies, the Starbuck Company is the leading beverage and food company since it demonstrates its values in different ways. It provides the health benefits for both part-time and full-time employees whereas in the MacDonald’s Company, the employers provide no health benefits to the part-time workers. As described in CSRNYC (2007), Starbuck Company also provides international relief efforts and literacy programs, and it assists in sustaining the coffee communities within the globe by the loan program provided by the company, for instance, the company loaned fourteen million US Dollars to a total of forty-five thousands farmers around the world. Besides, the Starbuck Corporation promotes the environmental health in various ways such as using recycled plastics and papers for wastewater reduction, and installing a filtration system for wastewater reduction.

The best statement of conduct is the customer wellness. The Starbuck Company presents customers wellness through improved quality products with less calories and are d-free from superfluous ingredients including dyes, artificial flavours and trans-fats, as well as high fructose corn syrup.

Why Having a Code of Business Ethics is insufficient for Ensuring Ethical Behavior in an Organization

Johnson (2006) provided that business ethics involve evaluation of business actions in the concept of human value. They are found to be necessary but insufficient for god ethical actions. Business ethics are designed for only employee protection and not the society protection. As such, other important means have to be executed to assist ethical behaviours in an organization. According to Johnson (2006), interactional justice is one way of promoting ethical behaviour. This practice promotes the formulation and execution of code of ethics, which enhance respectfulness, sincerity and consistency of all people in the society. Creation of unitary corporate culture also promotes ethical behaviour because the management of business bodies promotes organizational and societal culture.

References

CSRNYC. (2007). Starbucks store. Retrieved from

http://www.csrnyc.com/home/currentnews.htmlJohnson, C. (2006). Ethics in the workplace: Tools and tactics for organizational

transformation. Thousand Oaks, CA: SAGE.

Smith, J. (2012). The world’s most ethical companies. Retrieved from

http://www.forbes.com/fdc/welcome_mjx.shtml