Why Business Ethics Are Important?

Before we seek to find out some of the business ethics that business people should embrace, it is needful to first understand what the word 'ethics' refers to.

Ethics are a set of moral principles which are recognized in respect to a particular class of human actions or a particular group, for instance the medical ethics, legal ethics, teaching ethics that brings together people of the same profession.

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These principles deal with values relating to human conduct with respect to concepts such as being good or bad, noble or ignoble, right or wrong etc. These values guide members of a group to act in a manner that is consistent with the values and standards as established. Business ethics are those virtues that business people apply when making business decisions. They are the standards expected within the business world, even if they are not written down and which business people ought to adopt. For instance business people are expected to afflict least suffering to their customers, being fair in their dealings and nurturing an enduring virtuous corporate character in totality.

Why Business Ethics Are Important?

Business ethics are important because they keep business people to operate within a moral and legal pedestal which not only leaves them satisfied internally but also increases sales because most people like dealing or doing business with honest businessmen. Also if the public or your potential customers perceive you to be engaging in improper business deals, they will shun you.

Good business ethics should be embraced by all businessmen because engaging in unethical practices, which may include breaking the law, may lead to heavy fines or lack of trust by members of the public. Some of the business ethics include the following:

1. Being trustful by recognizing that customer is the king. Customers want to do business with companies they trust and which they perceive to be showing them respect. When a business entity is trusted, it creates a loyal clientele.

2. Business people should be ready to meet the obligations of their customers and business partners regardless of anything else. Business people should offer their end of the bargain at all cost because this is the only way to cement customer and business partner's loyalty.

3. Engaging in fair trading practices like guaranteeing a safe workplace for your employees, fair pricing for your products, that will at least cover the cost of production and treating you customers well among others will guarantee a high business turnover.

4. Every businessman wakes up every day with the intent to make profit. When a business operates within ethical realms, there will always be clear indications for growth. Equally, a business needs to make profit so as to meet its ethical obligations to the company, its employees, the authorities and customers.

5. In essence, being ethical as a business person builds the image of reliability and establishes reputation with your customers, the two things that are very important to a business.

Most business people do not take a keen interest in implementing business ethics. Most of them think that making profit is the most important thing but as they realize later, no matter how hard they try, they do not achieve their objectives.

Why Business Ethics Are Important?

Ryan Fyfe is the CEO of http://www.shiftplanning.com/ - An intuitive and free online employee scheduling tool for businesses of all sizes in all industries.

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Differences Between Products And Services

What are some of the main differences between products and services? And when are these relevant?

Tangibility versus Intangibility

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Products are tangible. You can buy pork as a tangible product. You buy it, you ship it and sell it. In the same way as you buy stamps, cigarettes and cars.

Differences Between Products And Services

Financial service companies however, make it possible to exchange pork bellies Futures, on the Chicago Mercantile Exchange (CME). A future is (not the most simple example of) a service with which you can hedge your risk. In this last case, most of the people trading on the CME will never see or smell the pork bellies.

The ownership between products and services is different. A stock could be called a financial product that you own. You can place a stock order which might result in a transaction later on. Your bank services a depot fee for saving you a lot of work. You cannot own a service.

Where the product is much more standardized, the service is tailor-made. Companies differentiate in offering products and services, but the variations between similar products of different producers are less prominent than the variations between services.

You can count products in the same way as you can count your money (or have your bank service you this information). A service is not countable, but is "leveled;" better than the best service is not possible. There is a limit in what a service can offer.

A product is produced by a manufacturing process. A service is offered by the utility element of companies; you subscribe to a service in the same way as you subscribe to your gas and electricity supplier.

And this brings us to the essential of these differences; changing from one (product approach) to the other (service offering) is very complex, because of the last mentioned differences. Not only the process is different but the style change you need to support this change... Good Luck.

© 2006 Hans Bool

Differences Between Products And Services

Hans Bool is the founder of Astor White a traditional management consulting company that offers online management advice. Astor Online solves issues in hours what normally would take days. You can apply for a free demo account

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How are Currency Values Determined?

And who determines currency values?

The answer to the second part is easy. Currency value is determine by the purchasers of the currency. These are primarily travelers, governments and Forex traders. FOREX stands for Foreign Exchange. There are many factors that currency traders, governments and businesses take into consideration in determining the Fair Market Value of a currency.

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Fair Market Value is the price at which a willing buyer and a willing seller come together. The buyer must factor in many elements and considerations to try to accurately assess a currency's value at any given time. There are approximately 180 different currencies in the world now. Let's consider some of the factors that are used to determine a currency's value.

How are Currency Values Determined?

Factors Affecting Currency Value:

1. Political Conditions in the Country - This includes the stability of the government, the amount of corruption, bribery and the degree of law and order. Also includes a country's relationships with other countries and especially their relationship to US, UK, China and Russia. The form of government in the country is also a factor used to assess the value of a currency. Consider the widely varying forms of government in Saudi Arabia, China, UK, Venezuela and Thailand, just to name a few.

2. Economic Situation - This includes factors such as jobs, unemployment, work ethic, infrastructure, inflation and direction of the economy. Is it older or newer in orientation; computers and high tech, or more farming and manufacturing.

3. Perception from Outside - The perceptions and attitudes of other countries toward a country are as important as the reality of the country's actual situation. News, media, movies, newspapers, rumors and spin can create perceptions. How much is known about a country? The less that is known, generally, the lower the value of a currency.

4. Demographics - A young population may mean better prospects for the future, people who are more open to change and development and a growing size of the workforce. The overall population of a country is a factor. How much weight does this country have on the world scene.

5. National Leaders - The openness, trustworthiness and likeability of visible leaders is a factor. This includes political leaders, sports figures, business owners and celebrities. Here are some national figures who affect their countries, either for better or for worse. Kim Jung Il, David Beckham, Nicole Kidman, Madonna, Osama bin Laden, Barack Obama and Vladimir Putin. These help form the world's perception of a country.

6. Isolation versus Openness - Continuum China is becoming more open, more transparent. This helps. Cuba is very closed and isolated. Venezuela is becoming more isolated by some of its recent actions. China's markets are becoming more open. Cuba, Kyrgyzstan, Russia and Japan, all have differing levels of openness with the outside world, which affects the value of their currency.

7. Natural Resources - The kind of and amount of exploitation of a country's natural resources certainly helps create a perception of value, or lack thereof, of a country's currency. Mining of minerals, forests, oil, fish and other resources are considered. Also the level of technology to development these resources.

8. Weather Factors such as drought, tsunamis, earthquake and floods are taken into consideration. How frequent are they and how is the country's response to them. These also affect desirability, safety and perception of a country. Is it a tourist destination?

9. War and Conflicts - With which other country is a country at war, and who is it's allies? Their military strength and technology, their willingness to go to war and for what, are important factors in assessing a country's strength, stability and the value of its currency.

10 . Education - This includes languages spoken, level of computer know-how, Internet connectedness, culture and religion. Scientists, entrepreneurs, authors and inventors are all affected by the type and quality of education in a country.

In conclusion, currency values are determined by many factors. Not just one issue, but a composite of many must be considered. In trading currencies, such as in FOREX, trades are usually made in pairs. Values must be relative to something. So how is a country doing relative to another country is also significant. Common Forex pairs are US dollar and Japanese yen, Euro and US dollar, for example. These and other factors determine the value of a currency. Some are tangible, some intangible. Some are fixed and some are manageable. Sometimes it is the news of the moment and sometimes the long-term situation. That is why currency values are often changing and there is no one place or person who determines currency values. And why currency exchange, based on fluctuating currency values, can be an exciting, lucrative, volatile, fun or disastrous form of business or investment.

How are Currency Values Determined?

Michael Russell

Your Independent guide to Currency Exchange [http://currency-exchange-guided.com/]

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Trend Forex 2.0 Review - Is John Chen's Trend Forex 2.0 System a Scam?

Is John Chen's Trend Forex 2.0 system a scam? Even before the release of this newly created currency trading course, John had already started giving out free reports to his website visitors to offer them a glimpse of what can be expected from this system. The most critical and profitable pieces of information have been kept secret and will only be released when the package starts to go on sale on the 9th of June 2009.

1. What Will Members of Trend Forex 2.0 Get Access to In the Membership Area?

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This currency trading system is a unique take on identifying profitable trends to make money from. It is a much improved version from his previous trading system and is really unique compared to most other Forex systems. Most details about the mechanics and workings of this system will not be revealed until it is finally launched. Nevertheless, some traders like me have managed to get a preview of how it works and we are very pleased with the results we are seeing so far.

Trend Forex 2.0 Review - Is John Chen's Trend Forex 2.0 System a Scam?

John Chen has always been well known for creating high quality Forex training courses and programs that offer on-going customer support. John also provides some one-to-one mentoring to help some of his students understand his techniques better. Trend Forex 2.0 is not much different this time around, with members getting access to highly profitable trade indicators and media training materials like videos and PDF guides.

2. Free Report Downloads Prior to the Launch of Trend Forex 2.0

If you have not downloaded his free reports titled The Real Profit Generator, The Last Trading Secret and The Profit Boosting Twins, I would urge you to download and read them. I believe the money management strategies inside will increase your profits as I have been able to do so myself.

Trend Forex 2.0 Review - Is John Chen's Trend Forex 2.0 System a Scam?

Is Trend Forex 2.0 a scam? Visit http://trendforex2review.blogspot.com to read a FREE report about this new Forex Trading System by John Chen to find out the truth and find out about a FREE Forex Products Package Download!

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"Trading As" - Company and Business Names

For a variety of different reasons companies often choose to adopt a "trading" name when running their business. A trading name is quite simply a business name adopted by a company. It may be used for a number of different reasons. Perhaps a company owner has decided that the registered company name is not as suitable as first thought or another name sounds better. Quite often multiple trading names may be adopted where a company is running a number of different businesses under the same umbrella. Whatever the case, there are a number of considerations to bear in mind when using a trading name.

For reasons of clarity, the law has imposed a number of requirements on those companies using trading names. These can be found in the Business Names Act 1985 and include regulations preventing a company from using a trading name which is the same as another business or from using one which might be deemed as confusing. Along similar lines when using trading names, a company must adhere to the rules on sensitive words. Sensitive words are those that are prohibited or prescribed from use to prevent companies from misleading the public. This prevents a business from passing itself off as a government organisation or authoritative body. Companies are also not allowed to use "limited" in their trading name as this would require registration of a company under that name.

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Where a company is using a trading name, it is legally required to make this fact clear. A notice on the business premises and on all communications must clearly state that the business is owned by the limited company. For example, ABC Limited trading as XYZ.

"Trading As" - Company and Business Names

Due to the nature of the trading name, it is important to remember that it will not be registered and as such, will not have the same protection as the original limited company name. It is recommended that a when choosing a suitable trading name, a company carries out the same searches that it would have done during the company formation process. Search the Companies House database, scour your local business listings, and check the internet. It's important not to use a name which is already in use by another business. It is also worth considering that a trading name might well be registered by another company as a limited company name at some point in the future. You may therefore wish to consider registering the trading name as a non-trading company in order to protect it.

Many companies operate successfully using trading names and it's a perfectly common practice.

"Trading As" - Company and Business Names

Get started building your empire and using a trading name by carrying out a Company Formation to create a limited company. Then use business trading names to expand your business.

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