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In your answer you will be assessed on how well you: - use your knowledge and the information provided - communicate using relevant business terminology and concepts - present a logical, well-structured answer to the question in the form of a business report Please turn over - HSC - SSCE Business Studies - Question 27 - 2002 - Paper 1
Question 27
In your answer you will be assessed on how well you: - use your knowledge and the information provided - communicate using relevant business terminology and concepts... show full transcript
Worked Solution & Example Answer:In your answer you will be assessed on how well you: - use your knowledge and the information provided - communicate using relevant business terminology and concepts - present a logical, well-structured answer to the question in the form of a business report Please turn over - HSC - SSCE Business Studies - Question 27 - 2002 - Paper 1
Step 1
Discuss the ethical and legal responsibilities of business.
Answer
In addressing the ethical and legal responsibilities of a business, it is essential to consider how these factors influence decision-making and stakeholder relations. Businesses must adhere to regulations that promote ethical practices, ensuring transparency and accountability. This includes complying with laws related to consumer protection, employee rights, and environmental standards. By implementing ethical guidelines, businesses not only protect themselves from legal repercussions but also enhance their reputation and foster trust among consumers.
Step 2
Identify recommendations to the stimulus material.
Answer
Recommendations should include:
- For more effective financial controls: Implement regular internal audits and budget reviews to identify discrepancies early.
- To change production methods: Consider integrating sustainable practices that reduce waste and improve efficiency, such as recycling materials.
- To improve the environmental impact of product claims: Ensure all claims are substantiated with clear evidence and transparent communication to consumers.
Step 3
Evaluate the organizational structure and how it relates to operational issues.
Answer
The current organizational structure may exhibit rigid hierarchies that impair quick decision-making and responsiveness to market changes. Streamlining this structure could facilitate better communication and collaboration across levels, leading to improved problem-solving capabilities. Additionally, exploring a flatter organizational model could empower employees, drive innovation, and ultimately enhance operational efficiency.