A boutique is a small retail store which focuses on selling unique items, or items targeted at a niche market. Boutiques are established to sell a wide range of things, although products like clothing, food, or jewelry are common offerings. Many people associate boutiques with elite, special products, and they may pay a premium for goods purchased in a boutique. Many resort towns and areas which cater to wealthy populations have a high concentration of boutiques in their shopping districts.
At one point, any small shop was considered a boutique, and most stores were in fact boutiques since merchants usually focused on a single product, like fabric, produce, fish, and so on. The word is French in origin, and derived from the Old French word botica, for apothecary. Around the 1950s, people starting referring to specialized, elite fashion shops as “boutiques. ” This meaning of the word quickly obscured previous usages, and spread to include any highly specialized or fashionable store. Many people think of a boutique as a standalone shop with a single owner.
However, some high-end shopping chains actually own multiple boutiques; these stores may be scattered in wealthy areas all over the world. Chain boutiques sell specialized products and target a very specific market, just like their standalone counterparts. These stores may have very well marketed and recognized brands; Tiffany's is a good example of a boutique with international branches, with its distinctive little blue boxes and their contents being prized and coveted objects for some people.
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Types of Boutiques and their Classification
A boutique store is a small retail shop that specializes in merchandise for a particular market segment. These department stores focus on fashionable products such as clothing, accessories, jewelry, and other miscellaneous items. Boutique stores are uniquely positioned to serve a well-defined category of consumers, and are equipped to cater to these niches and themes. As you can see below, there are many different niches that boutique stores can specialize in, and a diverse range of markets to choose from. Boutiques can be classified by their demographic target:
Maternity Boutiques Some very successful boutiques target expecting mothers and the unique set of challenges that pregnancy brings to women; one of these challenges is to have clothing that is both stylish and comfortable. Given the dynamic nature of expectancy, dress sizes and how they are managed are extremely important to future moms who want dresses that they can use through the lifecycle of their pregnancy. Boutiques for Children A common way to segment a market is through targeting those of a particular age.
If you love kids, then a boutique store for toddlers is calling for you. A boutique for children would carry children clothing, but may also contain toys and games. You can further define this category for just:
- Baby: An example is Baby Gap
- Toddler: Gap Kids for toddlers is in this category
- Pre-teens: Casual Teen Boutiques
Teenagers are a volatile bunch, and their casual boutiques are a reflection of this. These retail shops can cater to the “skater” crowd as PacSun does with grungier clothing and pointier jewelry.
In contrast, they may cater to the “sporty” teens like Foot Locker does with sweat pants, shorts, and jerseys. Casual College Boutiques Another strong market is the college crowd seeking casual wear. Examples of such stores are American Eagle, Hollister, and Old Navy. Jeans and t-shirts dominate the shelves of these boutiques, along with the occasional accessories rack. Business Casual Boutiques Retailers like Banana Republic, Gap, and Club Monaco fit this category. Business casual boutiques mainly consist of dress shirts, polo shirts, and dress pants.
Accessories that you might find in these stores are belts, cuff links, and ties. Boutiques for Women These might be the most common type of boutiques, and they specialize in the clothing and style needs of women; within this classification there are such specialities as Lingerine with the most known example being Victoria's Secret. Within this type of boutique you will also find boutiques for Mature Women that cater to their specific needs. Boutiques for Mature Men These boutique stores are the Tommy Bahamas that look great on the Pierce Brosnans and George Clooneys.
They specialize in casual wear like polo shirts, shorts and sweaters, but also sell sunglasses, watches, and fragrances. These shops are a blend between professional and completely casual, resulting in a fashion line that accommodates men who are near or in retirement. Boutiques by Lifestyle and Theme Boutique stores can also be target markets that go beyond age and function. Thematic boutiques exist that sell tourist souvenirs or religious items. Boutiques can also cater to pets or special occasions like parties or bar mitzvahs.
Examples of lifestyle and thematic boutiques
- Beach Lifestlyle: An example is PacSun, which also caters to the extreme sport crowd
- Sports Boutiques: Such as Soccer Baseball, Football, or Lacrosse
- Gothic: Gothic boutiques carry specialized items that target the gothic lifestyle, are usually found in partying sites of town.
- Music Lifestyle: Rap, Reggaeton and Reggae fans have special dressing needs that boutiques answer.
- Pet Boutiques: Who said pets didn’t deserve to be stylish? As people devote more time to their pets, they also feel the need for a little style on their pet’s life. Pet sweaters are very popular in parts of the country that are subjected to hard winters.
- Touristic place Boutiques: A touristic place without a boutique which sells typical items is not as touristic as it should be.
- Patriotic and festivity date: People like to dress for occasions, and boutiques that cater in a timely matter to these occasions usually become successful.
- Religious: Think of the religious items and religious dates that are popular with each religion
A boutique business is one that is always success and profitable as people need clothes to wear to work, parties at home and dress up. Starting a boutique is as professional as any other business whether you design your own line of clothes or stock some other designers’ clothes. If you are fond of designing clothes, have a creative mind and can design clothes that people love, it is a very profitable business to start. As a boutique owner you get to choose the products you will stock and set the prices and open your doors to eager customers who want to buy your latest creations and show them off.
To start your boutique business, you need to be aware of the fashion sense, have a creative streak that enables you to match colors and fabrics together to design heavenly creations and also a substantial sum of money to invest in a shop, clothes and advertising. Read out articles for more information on how to start your own boutique business for a rewarding and satisfying career. Steps to starting a boutique business How to make your boutique a success How to run a profitable boutique business Establishing your boutique business
Important factors for opening a boutique business
From sportswear to beachwear, t-shorts to lingerie, shoes and sandals to causal dresses and evening wear, there is a large variety that you can offer in your boutique. You can also offer matching accessories like bangles and earning to match with the dresses and attract more clients. From clothes for women to men and children to teenagers, there is a large market you can work on for a successful boutique business. Starting a boutique business is a solid venture with constant demand for new clothing and apparels also there.
Boutiques are very in these days and people value the personalized service and attention they receive, the cozy ambience and the unique products they get even if they are at slightly higher prices. You really don’t have to be a fashion designer to start your boutique business, you can sign up with some clothing line that provides you good quality readymade clothes to sell or you can design your own clothes and get them stitched by tailors to sell. You can also make clothes on order on customers’ demand.
You can pursue your dreams and become a boutique owner by designing clothes or getting them designed exclusively for your shop and sell them with your brand name. It is very easy to become a part of the lucrative growing fashion industry with your creative designed line of clothes that are trendy, comfortable and durable. While you will not become country’s biggest chain of clothes, yet you will be able to earn a decent living for with a fulfilling lifestyle with a successful boutique business. Steps to Starting a Boutique Business
Starting a boutique business is an exciting and fun experience and take planning, a good eye for fashion and ability to talk well. These days owning a boutique is probably one of the easiest businesses to start and makes you a part of the lucrative and even thriving and growing fashion industry. The demand and need of both online and offline boutiques is on the rise and makes it a very selling trade. You can start your own boutique and become a business owner by selling clothing such as evening gowns, formal and casual wear for men and women and even children.
People love buying clothes that fit them as if they were custom designed for them. From a small town to a big city, boutiques are a popular place to buy clothes from. Regardless of your education and experience, you can start a boutique business, offer exclusive services to customers and earn a rewarding and fulfilling lifestyle. Fashion boutiques are hip, cutting edge and fresh and can sell anything from children clothing to maternity wear and even men’s fashion. Here are some steps on starting a successful and thriving boutique business.
First of all, decide on what type of boutique you want to open. From accessories to vacation wear, sportswear to formal or casual clothing to consignment clothing there is a wide variety of things you can sell. You can also sell specialty clothing such as evening gowns or maternity wear. It is important to decide what kind of clothing items you want to sell as it will become your signature and you will be known by the type of clothing you sell.
When starting a business especially one such as a boutique, it is necessary to get a business licenses.
Check out with your local city or county department and ask them about any other requirements for opening a business. You will need to pick up a business name and complete all the necessary paperwork such as opening and account and getting a tax number before you can start.
You will need to find a nice place to open your boutique. You will need a storefront that has good street visibility and easy access so that customers can find and reach you easily or see the clothes in the window when passing by. A boutique doesn’t need to have very big space and it can have any arrangement or setting you want.
However, having a good location is very important for a good business. Find a space that is attractive, located in a clean and respectable area and caters to the type of people who are likely to buy from you.
Find suppliers who will supply you with the clothing you need for your boutique. Go to trade shows and join organizations to get a list of suppliers who will provide you with the kind of products you want to sell in your shop. You can also contact suppliers who can make clothes according to the designs or styles you give them.
While it might be an expensive and lengthy process, it will ensure that you sell clothes that are exclusively your designs and customers will be getting designed clothing. All these steps are very important and play a very crucial role in starting your boutique business. Running a boutique is fun and exciting if you enjoy your work, love fashion and advising others on what to buy that will suit them. With a good clothing line, excelling customer service and communication skills and good location, you can start a boutique business very successfully. How to Make Your Boutique a Success
People who are fashion conscious and want to be recognized for their special way of dressing prefer buying their clothes from boutiques that sell something superior and different both in design and quality. Boutiques sell clothes that have their own personality, style and flare and which becomes very popular and trendy. If you are a boutique owner, it is important to sell not only just fashionable clothing but clothing that is at the same tie trendy, comfortable and speaks of class and design. Only these traits can make your boutique business a successful and profitable one.
Starting a boutique business needs more than matching shoes with a dress or finding the right belt to go with the purse; it needs the perfect blend of colors and ideas that can make even two odd things look good and make them popular. To make your boutique a success, it is necessary to be well versed in fashion, choosing the best things to sell and an eye for details to help customers select the best thing to suit them. Here are some tips to managing and making a boutique a success.
Tips for a Successful Boutique Decide on the type of items that you will sell in your boutique
It is necessary to determine what will be the highlights of your store such as hats, flashy tops or sunglasses. This is something where your personal style as a boutique owner must shine to give a distinctive aura and individual touch to the business. It is important to serve clothes that are at the same time individuals, will look good on everyone and leave a lasting impression others. Customers will only buy your clothes if they are comfortable, look good on them and offer them a chance to look different from others. If you provide all these things, you will definitely have a successful boutique.
It is now necessary to have both online as well as offline stores to sell your clothes. While in the past, only a brick and mortar location served well, the rise in buying and selling products and services online has increased the need for an online store and more and more customers are now moving to buying clothes online. Get a website that is attractive, easy to navigate and offers the complete range of variety that you sell. A successful boutique has to remain in the good books of the government by paying all the taxes on time and maintaining a good reputation.
Get a tax id number as it will allow you to track expanses paid for employees and remain in compliance with federal government rules. It doesn’t leave a good impression if your boutique name is associated for evading taxes and not following government policies. You will have to carry on schemes and advertising campaigns that keep you in the limelight and attract customers to your boutique to make it a success. From having a great opening event and inviting celebrities to wear your creations, there are many ways to attract attention and make sure people visit your shop regularly.
You can also hold a fashion show, a charity function or a barbecue annually to make sure you draw crowds and bring attention to your boutique. This goes a long way in making a business successful and memorable. It is important to be customer oriented and serve customers the best way possible to make them come again. The main goal of having a boutique is to focus on the customers and keep them satisfied with your clothes. Be passionate about your clothes, serve them the best way, offer them great prices and you will see them coming back for more.
You can start your boutique business on a small scale if you don’t have much to invest. Start on a scale that is equal to availability of funds or apply for a small loan and expand the business once it gets established and start making customers. Hard work, customer satisfaction and selling good clothing will go a long way in making your boutique a success and profit. How to Run a Profitable Boutique Business How to Make Your Boutique a Success, tips for a successful boutique, offering the best clothing to customers, pay government taxes Running a boutique business is as professional as any other business.
From getting the best products to sell to effective marketing campaigns and from a good business plan to serving customers the best way, there is a lot needed to run a profitable boutique. Tips to Run a Profitable Business Here are a few tips to help you run a profitable boutique business: Sell Quality Clothing - The clothes and accessories that you sell should be cost effective. Even if they are expensive, the customers should feel that the clothes you sell are worth their money with the comfortable fitting, trendy designs and styles and their durability.
This is one thing that will make your boutique business profitable even if you are a bit expensive than your competitors.
- Sell at Good Price – While quality is something that surpasses even the cost of products, make sure the cost of your clothing is inline or has an edge over your competitors. Too expensive clothing will only be affordable by rich people and it is important to create your market in all circles so it is better to sell at a good price that gives you a nice profit and customers a chance to wear boutique wear.
- Excellent Customer Services - Offering excelling customer services is very important as it can make or break a client. A customer might come back next time just because you gave them your full attention and advised them on what would suit them best. Customers prefer going to friendly shops where they are served with a smile. It is necessary to select and train your staff in offering best customer service for customer satisfaction and a profitable business.
- Offer Seasonal Stock – Every season has its own market and people buy clothes according to the seasons and fashions. Identity them and stock your boutique accordingly for a profitable business. Vacations and festival seasons mean more sales such as summers, Christmas and winters. Make sure you are adequately equipped with proper clothing to for the seasons and fashions to satisfy customers.
- Avoid Over Stocking – While it is best to be prepared with the seasonal stock to make good sales, it is very important to avoid over stocking as excessive stock means imminent loss. Estimate your future sales from past records and buy your stock accordingly. Proper amount of stock is very essential for the smooth and profitable running of a boutique. Along with all these above mentioned tips to help you run a profitable business, effective and targeted marketing campaign is absolutely necessary for running a boutique business.
Plan your advertising to meet the requirements of your potential clients to attract them and offer them great deals they cannot resist. Professional account maintenance will help you to cover the financial aspects of making your business profitable and help you expand the business wisely. Proper account handling plays a very crucial role in avoiding financial pitfalls and ensures a profitable business. From buying stock to paying your employees and setting aside money for rent are not included in the profit.
Profit is they left over amount of money that you get after covering all expenditures and it can vary depending upon how you sell your clothes, how you serve the clients and what methods you use to make your boutique business a profitable and successful one. Establishing Your Boutique Business Establishing a boutique needs lots of planning and preparation from selection of a great line of clothing to be sold to finding a great storefront that will attract customers and profit margins to be earned. However, only selling trendy and stylish clothes or having the best location for your shop is something that will not work every time.
How to Establish Your Boutique Business the Right Way First of all, make your boutique as inviting and cozy as possible. Remember, it is a deviation from store or supermarket clothing so it has to look personal and give a very inviting look to the customers where the feel comfortable in choosing their clothing. Decorate your boutique and give it a distinct theme or feel that will set it apart from other shops. Make your boutique memorable by adding special little touches to personalize the store and merchandise and to give customers a unique shopping experience.
Windows play a very crucial role in advertising and promoting your shop and your line of clothing. It is necessary to put out and display your special items in the windows to entice customers as before entering the shop, every customer takes a look at the window and if they like what they see, they will definitely come inside. Try new variations on clothing to satisfy every customer. You don’t have to stock everything in large quantities but it is best to try everything out and see customers’ response. This way you will be able to judge what sells most and make more profits based on this calculation.
Purchase your merchandise from a variety of places such as fashion markets, local designers and even eBay or garage sales. You will find some wonderful items in the most unusual places that customers are going to love. In some cases, creating a specialty store makes it easier to target your marketing campaign such as men’s clothing or sportswear or maternity wear. This limits your clientele to a certain section of society and you can target them only. However, it doesn’t work all the time and in most of the cases, business owners prefer having a large variety to cater to different clients.
It is very important to listen to customers’ feedback and try to fulfill their needs. It will help you two ways. First of all, it will give them the feeling that you care and they will come to your boutique for more, secondly, it will increase your profits and your clientele once people come to know about the personalized services you offer. Marketing your boutique is the best way to make it known and popular among customers. Put ads in local newspapers, yellow pages and whatever you can afford. You can also offer special sales or discounts and you will see people flocking to get a look at what you are selling.
All these tips to establish your boutique are meant to guide you in making your business a success. However, don’t expect immediate profits as it will take some time to establish your business, earn customers trust and start making money. Explore your options and see what you can do to set your boutique business apart from others to make it a profitable and thriving venture.
Important Factors for Opening a Boutique Business
Breaking into and succeeding as a boutique owner, running a boutique and selling fashion clothing is a demanding but also a rewarding business.
You can pursue your dream of owning a boutique and sell beautiful clothes to women, men, children and even teenagers and become a part of lucrative fashion industry There are all sorts of fashion boutiques ranging from selling everyday items to haute couture evening gowns. It is for you to decide what you want to specialize in and make your mark in. However, whichever form of boutique you choose to start, you will have to work hard, pay attention to and plan meticulously to make your place in the market and beat your competition.
From expensive and designer label to low cost items with high turn around, you can start the kind of boutique business you can run successfully. There are numerous important factors that play a very crucial role in opening and running a boutique successfully and help to make it a big name. There are numerous things to do before you can even open your doors to the customers. This article discusses some of the most important factors that can help you open and run a boutique business. Money for Investment The most important factors that play a very vital role in opening a boutique is money for investment.
Renting a place, buying stock, decoration of the shop and advertising it, all need substantial amount of money. You will either need to come up with lots of money or need credit. Loans and grants are another way to arrange for money to open your boutique. Calculate how much money you will need for investing into the business before applying for it. Deciding on the Type of Boutique There are many types of boutique from men’s wear to women wear and children wear to specialty boutiques that sell sportswear, maternity wear or evening wear. You will have to decide which type of boutique you want to open.
You can also specialize in second hand clothing, wedding or formal wear, clothing accessories or something completely different. Find out your competition and choose a genre that is not very common so you can make your place in the market easily. Go for something that makes your stand apart from the crowd and get noticed. Finding the Right Manufactures and Suppliers Another important factor that can help to open and run a boutique is finding the right manufactures and suppliers who will supply clothing for your boutique. The best way to find them is to search online or attend trade shows and select the best ones.
It is necessary to talk to different suppliers and check their merchandise and decide on their cost before actually signing up with them. It is important to ensure that the clothes you are getting are of superior quality, durable and look good as your reputation as a boutique owner depends on them. Advertising and Marketing Advertising and marketing is something that starts even before the store is opened. Put up banners on the shop announcing what you are going to do, give ads in the newspapers, organize a small show or offer discounts on first few days of openings.
These are all effective and valuable advertising and marketing tips that help to promote a business and help it get noticed. Opening and running a boutique is as professional as any other business and need careful planning and preparation before you open your doors to the customers. It is important to give due consideration to all the factors that are necessary and play a crucial role in setting up and running a business to make sure your boutique venture becomes successful and gets good returns on investment. Managing A Boutique Business
Running your own Boutique Business can be undermined by the very simplest of problems: your ability to manage! Having the product, resource and cash to start a Boutique Business is important but without an ability to get the best from those around you, and of course yourself. then you may be looking at a failure; a costly failure. If you are a business owner and you accept your weaknesses then it is very simply to plan a simpler way for you to manage your Boutique Business. A business plan will help you set out exactly what you need from your customers our suppliers your financiers your staff, and most importantly, you! The first thing a great manager understands is that people are impossible to manage! To try and take a hands-on approach to every single aspect of managing a Boutique Business is impossible; the key to a great business is that it will run without hands-on management. Your systems should run your business; you should write your Boutique Business Plan to clearly set out how you want your business to run. The type of customers you are looking for and how you want to present your xyz business to them.
The suppliers you need to help you and how you want those relationships to work. The right level of long-term secure finance and how you will return their money and what they can expect by way of information from you. A clear set of instructions for your staff. A very clear set of instructions to yourself. Great businesses do not rely on people having to make decisions every minute of every day; they are built with a clear system so that everyone knows what is expected. Great Boutique Businesses have a great Boutique Business Plan.
The following are several common mistakes that decrease the effectiveness of your management: Depending on unqualified friends or family in key management positions. Assuming that previous success in other industries applies to your current industry. Presenting a "one-man-team" management philosophy. We all know that it is difficult to wear every hat and successfully run and grow a company. Attempting to attract top managers without sharing ownership. Failing to ensure every person that comes into contact with your Boutique company knows exactly what your business does!
- Imagine this scenario: You are a private investor searching for that next exciting investment opportunity. A business plan lands on your desk, right next to the sixteen others you have received recently and are in the process of reviewing. Half of the plans present solid business concepts. Some of the plans seem to offer exceptional long-term growth possibilities. But in your opinion, only two of the plans present management teams capable of turning ideas into reality. As you consider your investment options, you eventually eliminate all the business plans except for those with the strong management teams.
An example of a business plan for a hypothetical company
Its founders are former marketers of consulting services, personal computers, and market research, all in international markets. They are founding Progressive Consulting to formalize the consulting services they offer. 1. 2 Mission Progressive Consulting offers high-tech manufacturers a reliable, high quality alternative to in-house resources for business development, market development, and channel development on an international scale. A true alternative to in house resources offers a very high level of practical experience, know how, contacts, and confidentiality.
Clients must know that working with Progressive Consulting Is a more professional, less risky way to develop new areas even than working completely In house with their own lance, charging a high value for its services, and delivering an even higher value to its clients. Initial focus will be development in the European and Latin American markets, or for European clients in the United States market.
Keys to Success
Excellence in fulfilling the promise completely confidential, reliable, trustworthy expertise and information. *Developing visibility to generate new business leads. Leveraging from a single pool of expertise into multiple revenue generation opportunities: retainer consulting, project consulting, market research, and market research published reports.
Company Summary Progressive
Consulting is a new company providing high-level expertise in international high-tech business development, channel development, distribution strategies, and marketing of high tech products. It will focus initially on providing two kinds of international triangles: *Providing United States clients with development for European and Latin American markets. Providing European clients with development for the United States and Latin As it grows it will take on people and consulting work in related markets, such as the rest of Latin America, and the Far East, and similar markets. As ND representation positions to create percentage holdings in product results.
Progressive Consulting will be created as a California C corporation based in Los Angels County, owned by its principal investors and principal operators. As of this writing it has not been chartered yet and is still considering alternatives of legal formation.
Total start up expense (including legal costs, logo design, stationery and related expenses) come to $73,000. Start up assets required include $3,000 in short term assets (office furniture, etc. ) and $1,000,000 in initial cash to anode the first few months of consulting operations as sales and accounts receivable play through the cash flow. The details are included in the table.
Business Ethics Assignment
Today’s fast moving; ever changing world is dominated by businesses. Cut throat competition, constantly upgraded versions and continuous research into producing the ‘bigger-and-better’ are all defining characteristics of the modern business world (Ferrell, 2006).
But as big businesses look for more profit gaining measures, it raises the ever important question of corporate responsibility which is a current hot topic. With growing awareness, consumers now expect the businesses they deal with, to exercise this concept. But what exactly is it?
(Hopt, 2003). The dictionary defines corporate responsibility as: “…is a form of corporate self-regulation integrated into a business model... essentially, CSR is the deliberate inclusion of public interest into corporate decision-making, and the honoring of a triple bottom line: People, Planet, Profit. ” Put more simply, corporate social responsibility or often called just corporate responsibility (CR) is a concept which states that all businesses operate with a certain predetermined goal such as maximizing profits or shareholder wealth etc.
CR is the consideration businesses give to social, environmental impacts it creates when it operates to achieve a certain goal. CR takes sustainability into account. There are many reasons why the concept of CR has taken such increased importance in today’s world. The main reason is that businesses are now realizing that they do not have to win over only their shareholders and customers but also the general public (Vogel, 2006). Example your employees may be affected if you decide to close down certain operations. Effective human resource planning is therefore important.
The environment may be affected if companies dump untreated sewage into rivers (the Hema Chemicals Company and the subsequent pollution of the Gujarat river case 2001, India) which is why almost all companies in first world countries now treat their waste before dumping it. All these issues are actively being considered by businesses today as many of them take into consideration all their stakeholders such as employees, suppliers, the local community, the government and environment instead of solely working to satisfy their own shareholders(Parkinson , 1995).
There are many reasons why businesses should take CR into account. The principal reason is that today’s customer is more aware of his surroundings then the customers of bygone years (Ghillyer, 2006). Especially in the Western world, most of them prefer to be associated with businesses fulfilling their corporate social responsibility. An example over here is Anita Riddick’s Body Shop. The shop sells cosmetics with the promise that they are not tested on animals.
It has achieved tremendous success ever since it first opened in the 1980s because customers do not mind paying a higher price if the business supports similar ethics as their own. This way businesses get a two fold advantage: they create their own USP in the competitive business world and are able to woo even more potential customers. Another reason is for especially big businesses to practice Corporate Social Responsibility is that there can be damaging consequences of ignoring it.
Pressure groups, customers and even the government can request or even demand outright that a company change its practices. This point can be illustrated by the fact that consumers in the US began boycotting Shell petrol pumps in large numbers which ultimately led the petrol giant to reverse its stand on the disposal of an oil drilling platform. Also pressure was applied on Nestle Company when its practice of exploiting the market of processed milk in the developing countries of Africa came to light.
The modern marketing concept of selling what the customers wants (as opposed to the outdated concept of product development where companies marketed without taking customer needs into account) also goes hand in hand with the CR concept. In fact the market for organic food came into being when farmers realized that customers want to eat fruits and vegetables which were not grown using pesticides harmful to both their health and the environment. Yet another advantage of businesses taking the concept of CR seriously is that governments often give incentive to businesses that have a good corporate governance record.
Such businesses may not run into trouble with the law over regulations. Furthermore, with increasing awareness, job seekers often want to be associated with firms who have a good environmental and social record. A survey showed that new college graduates were often more keen to take jobs in companies which shared similar ethical values as their own. But like all issues, corporate responsibility also has its opponents. The major argument put forward by challengers of this concept is that it is the shareholder who invests money into the company and takes a risk (Leipziger, 2003).
By taking a risk, the shareholder demands certain returns in the form of profits by companies and practicing the CR concept reduces those returns. Milton Friedman supported this argument wholeheartedly. He believed that organizations had no responsibility beyond their legal ones and that social and environmental restrictions on corporations interfered with capitalism and free trade. He believed the tow to be incompatible. Another issue raised with organizations practicing this responsibility is the increased costs it creates.
It costs more to treat and dump waste instead of simply dumping it. Similarly, it costs more to use environment friendly equipment and technology then to keep using plain, old fossil fuels. Companies argue this especially in relation to third world countries. Over there, it is more important to help them economically then spend resources trying to take into consideration the social, ethical and environmental aspects of their decisions. Indeed this argument carries weight as people in the Third World are not really aware of the corporate responsibility concept.
Another argument against Corporate Responsibility is its questionable purposes. Opponents argue that it is not applied by businesses in it’s essence-instead it is only a marketing gimmick or a way to distract attention form their core operations (Wiggen, 2004). British Petroleum, McDonalds and tobacco companies have often been accused of such behavior. In fact McDonalds is famous worldwide for its good governance policies. But recently, a judge ruled that its food itself may lead to heart related diseases and other illnesses.
In conclusion, it is important to decide whether the corporate governance being practiced today by companies should continue or not. In my opinion, corporate governance is a very good practice adopted by the businesses of today. Businesses should not only be concerned with profiteering and gaining on others expense. But having said this, acceptance of corporate responsibility by businesses can only be effective when businesses embrace it in its essence and not as a PR or marketing exercise aimed at gaining more consumers.
Governments of the world should look into this matter and change the Corporate Responsibility code from a voluntary to mandatory one so all businesses are forced to adopt it. But businesses in third world countries should be given some space because it is true that if a mandatory code is made out of the concept of CR, such businesses may find it very hard to function at all. Such a code should be exercised more stringently with multi nationals so there is a lesser chance of them paying lower than the minimum wage, selling below standard items and polluting the environment.
As the current recession has shown, profiting by any means will always lead to chaos and a certain ethical aspect to all business dealings is not only required but desperately needed. References Book Ferrell, O. C. (2006). Ethical Decision Making and Cases. Hopt, K. (2003). Company Law. Vogel. (2006). The Market for Virtue. Parkinson, J. E. (1995). Corporate Power and Responsibility. Ghillyer, A. (2006). A Real World Approach. Leipziger, D. (2003). Corporate Responsibility Code Book. Wiggen, O. (2004). Effects Of Corporate Activity.
Business Management Personal Statement Sample
I have interest in studying business management. I appreciate the programme content and structure because of its flexibility that I can specialize in certain concentration areas such as Accountancy and Finance. Also, the policy of student-oriented teaching is a distinguishing characteristic which can provide students like me more opportunities to enhance their presentation and writing skills. Most importantly, I can gain a thorough grounding in the essential skills of business analysis and decision making.
First, I am a competent and industrious student. Academically, I attained a satisfactory grade point average which was 4. 0 in my college. Simultaneously, I acquired my first professional qualification of securities through self-study. As a result, my college recognized my outstanding academic results by giving me Scholarship. Also, I was on the director list in 2008. Besides, I strongly concern our community.
During the summer of 2008, I participated voluntary teaching and provided community service to a distant area called He Yuan in Guangdong province. I also joined a local charity to provide community service such as organizing a trip for the minority in Hong Kong. Such experience has strengthened my problem-solving and interpersonal skills to tackle the challenges. Also, I have greatly advanced in my analytical skills through joining mentorship programme. For example, I learnt basic research skills from my mentor from CASH Financial Group.
As mentioned above, I am now an all-rounded student who wants to advance knowledge not just to deal with business problems, but also to tackle other economic problems in society at large. For personal development, I always try my best to continue lifelong learning and contribute to society as a global citizen. I heartily believe that chances are always ready for well-prepared candidates. (284 Words) Remarks: Modified Version by kevinexfc@hotmail. com Copyrights reserved 2009
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Clothing and Boutique Business. (2018, Jan 18). Retrieved from https://phdessay.com/clothing-and-boutique-business/