As a scholar-practitioner business consultant for your current workplace
As a scholar-practitioner business consultant for your current workplace or a recent workplace organization, describe specific actions that should be taken to establish and emphasize ethical practices in the organization. Analyze the context in terms of the Virtuous Business Model and then develop alternative solutions to the problem of crafting an ethical culture. Formulate the best solution based on the criteria you have identified and your research, and then develop a plan for how this solution should be implemented.
Sample Solution
One of the first actions that a scholar-practitioner business consultant should take in order to establish and emphasize ethical practices within an organization is to create a shared set of core values. These values should be based on the Virtuous Business Model which states that organizations must strive to achieve balance between financial objectives, social responsibility, and environmental sustainability (Gillespie-Lynch et al., 2019). Establishing these foundations will help guide decision making processes and ensure that everyone involved remains accountable for their actions.
The next step would involve forming committees or task forces whose purpose is to promote ethical conduct throughout all levels of the workplace. This could include creating employee round tables where individuals can discuss ethical issues in confidence or setting up mentorship programs that focus on helping people develop moral reasoning skills (Armstrong & Hagel III , 2015). Additionally, it may also be beneficial to incorporate ethics training into existing on-boarding modules so new employees have opportunities to learn about the code from day one.
Organizations may also consider implementing policies such as whistleblower protections or anonymous tip lines for reporting unethical behavior. Having these measures in place not only helps protect those who speak out but also sends a signal throughout the company that certain behaviors are unacceptable (Jones et al., 2016). Furthermore, having internal mechanisms like these encourages open dialogue while encouraging transparency which can decrease overall instances of misconduct.
Finally, all efforts taken by consultants should be reinforced through consistent communication. This could involve conducting regular meetings with managers and executives in order to gauge how well ethical practices are being adopted as well as issuing surveys or feedback forms from time-to-time asking employees about their experiences working within the organization (Karp & Clear 2017). Doing so allows individuals at different levels within an organization feel heard while promoting change from both sides.
he economic concept that is being displayed in this article is (Elasticity of Demand). Elasticity of demand is the responsiveness of demand to a change in the price of a good or service. To determine whether this is a inelastic or elastic demand we need to analyse the characteristics of each type of demand.
Elastic good or service will tend to have a large variety of substitutes meaning that when the price of increases the consumer has many substitutes to change to. Most of the time elastic goods or services are luxury good and a large proportion of the consumer’s income is spend on it. When measuring the elasticity of demand the equation that is utilised is: % change in quantity demanded divided by % change in price. Hence when the coefficient is greater than one then we can identify it is an elastic good.
On the AD/AS curve this could be graphed as a very flat demand curve becoming flatter the more elastic it gets up to the point where the demand curve is horizontal which indicates perfectly elastic demand. Another characteristic of elastic demand is that it is not a habit forming good or service which means that the consumer will not get addicted to it or be in need of it allowing them to respond comprehensively to a change in price.
A further concept of PED is price discrimination, which is the “microeconomic pricing strategy where the consumers are being charged different prices for the same god or service.” Businesses are able to discriminate inelastic goods and services as they know for sure that the consumers will be obligated to continue purchasing it. This discrimination often takes place on different days of the week (e.g petrol, airfares) or different times of the day (e.g Bus fares). Looking at petrol we can see that the prices are at their lowest on Tuesday and Saturday. As its regional fuel tax, different regions will have deferred tax rates which can also be considered price discrimination.
Graph 1:
This graph gives us a scenario in which relatively flat demand curve represents an elastic demand change. There is a relatively small increase in prices (20%), which resulted in a large decrease (30%) in quantity demanded. This would have occured due to a high number of substitutes to switch to. The proportionate change in quantity demanded is greater than the proportionate change in price, hence portraying how responsive elastic demand is.
Inelastic goods or services are tend to have a small to no number of substitutes in a monopolistic market and are necessities. Since it is a necessity consumers will have no ch