E-commerce :: Business and Management Studies

E-commerce Unless you have been living under a rock for the last two years, you have heard about e-commerce! And you have heard about it from several different angles. For example: You have heard about all of the companies that offer e-commerce because you have been bombarded by their TV and radio ads. You have read all of the news stories about the shift to e-commerce and the hype that has developed around e-commerce companies. You have seen the huge valuations that web companies get in the stock market, even when they don't make a profit. And you may have actually purchased something on the web, so you have direct personal experience with e-commerce. Still, you may feel like you don't understand e-commerce at all. What is all the hype about? Why the huge valuations? And most importantly, is there a way for you to participate? If you have an e-commerce idea, how might you get started implementing it? If you have had questions like these, then this edition of How Stuff Works will help out by exposing you to the entire e-commerce space. Let's have a look! Commerce Before we get into a complete discussion of e-commerce, it is helpful to have a good mental image of plain old commerce first. If you understand commerce, then e-commerce is an easy extension. Merriam-Webster's Collegiate Dictionary defines commerce as follows: com.merce n [MF, fr. L commercium, fr. com- + merc-, merx merchandise] (1537) 1: social intercourse: interchange of ideas, opinions, or sentiments 2: the exchange or buying and selling of commodities on a large scale involving transportation from place to place 3: sexual intercourse We tend to be interested in the second definition, but that third one is interesting and unexpected - maybe that's what all of the hype is about! So commerce is, quite simply, the exchange of goods and services, usually for money. We see commerce all around us in in millions of different forms. When you buy something at a grocery store or at Wal-mart you are participating in commerce. In the same way, if you cart half of your possessions onto your front lawn for a yard sale, you are participating in commerce from a different angle. If you go to work each day for a company that produces a product, that is yet another link in the chain of commerce. When you think about commerce in these different ways, you instinctively recognize several different roles: Buyers - these are people with money who want to purchase a good or service. Sellers - these are the people who offer goods and services to buyers. Sellers are generally recognized in two different forms: retailers who

Ikea SWOT analysis Essay

1. Customer knowledge: one of the key competitive advantages IKEA has the deep knowledge about the customer. The company understands the purchasing factors that influence customers to buy and implements the best practices to induce that decision. IKEA offers low prices and a huge range of products. Designers constantly introduce new design products that look stylish in the eyes of customers. All the products are designed so it would be easy to transport and assemble. Moreover, the company offers the widest product range and positive shopping experience. All of these factors are aligned with what customers want and need and which results in higher sales. 2. Constantly using innovations to drive costs down. Low prices are the core business of IKEA business idea and company always tries to do things as efficient and cost-effective as possible. To drive costs down all the time, the company must find new and innovative ways to do that and to incorporate them in its businesses model. The business’ innovations include new materials that help IKEA using the recycle material to become a friendly environment company or using the newest ways of packaging. 3. Supply chain integration. IKEA is committed to long lasting relationships with its suppliers. In this way, the company can order large volumes and benefit from lower prices and greater quality while suppliers are assured of guaranteed orders. IKEA sources its materials close to suppliers to reduce transporting costs. All the efforts of closely integrating supply chain results in lower costs and a competitive advantage. 4. Brand reputation and market presence. According to Inter brand, IKEA is the most valuable furniture retailer brand in the world, valued at nearly $US 12. 8 billion in 2012. The business operates 332 stores in 38 countries and is present in the major world markets. More than 600 million customers visit IKEA stores every year. Worldwide market presence and strong brand reputation ensures that customers will often choose IKEA over its competitors. 5. Diversified product portfolio. Unlike IKEA’s largest competitors, the company has fairly diversified businesses. In addition to its furniture products, the company operates restaurants, houses and flats. Although, firm’s main business is designing, manufacturing and selling furniture it is not so affected by the changing forces in this market as other furniture retailers. 6. IKEA uses cheap labor which keeps its costs down and gives them a competitive advantage. Starting from the days when it discovered that furniture manufactured in Poland was as much as50% cheaper than furniture made in Sweeden, IKEA has started looking for cheap labor. It top five supplying countries are China (21% of supplies), Poland (17%), Italy (8%), Sweden (6%)and Germany (6%). China, as everyone knows, provides really cheap labor so IKEA gets its largest chunk of furniture manufactured from there. Cheap labor keeps the costs down and allow them to charge customers low price and helps IKEA sustain its competitive advantage. (IKEA SWOT 2013 ) Weaknesses 1. Negative publicity. The company has been criticized many times for issues like poor treatment of employees, questionable advertising practices or lobbying government authorities. Negative publicity decreases brand reputation and customer loyalty. 2. Low quality of products and services. IKEA is unable to find compromise between continuous cost reductions while maintaining the same quality of products. According to UK Customer Insights report on IKEA by Verdict, IKEA’s customers are less satisfied with its product and services quality than the average customer in UK buying at other stores. Firm’s cost reductions lead to decreasing product quality, which was followed by higher number of products returned and damaged brand. Furthermore, the Ikea product lack of innovation like KEA designs the price tag first, then the product. IKEA’s product strategy council is so much Obsessed with low price that they spend almost no time on product innovation. IKEA has been enjoying sustainable competitive advantage due to their low cost strategy 3. Standard products. IKEA’s main competitive advantage derives from low costs, which in part are achieved due to standardized products. Standardized products attract fewer customer segments. Therefore, the business inability to offer better quality more customized products allows its competitors to fill that niche and fortify their position in it. 4. It lacks thorough market research on customers’ preference before entering into a new market. To provide a good quality product and also value the customers need and wants should be the organizational motto; this is because it’s a furniture company. IKEA did not do any sort of market research regarding customer’s needs and wants. So they should come up with a market research results that will give them more profit. > Furniture > Ikea Online > Strategic > Ikea Design Opportunities 1. Further expansion into developing economies. Retail markets grew by at least 5% on average in emerging markets in the last year, opening huge opportunities for IKEA’s revenue growth. The company currently operates in most of the developed economies but hasn’t firmly stepped into developing economies, except China. There are great opportunities for IKEA to expand into Brazil, Mexico, Indonesia and Malaysia to increase its presence in these markets to sustain future growth. 2. Growing online sales. Online retail sales account for 17% and 4% of total retail sales in UK and US respectively. Online sales grow constantly and with 870 million visitors to its website IKEA could exploit this opportunity and benefit from increased sales and lower costs. 3. Expansion to growing grocery market. The current trend of eating healthier food has resulted in higher demand for grocery products in many developed economies. IKEA has an opportunity to expand its grocery business by introducing more grocery stores in its current retail places. The company is already successfully managing its food outlets, so this expansion opportunity would be well aligned with the current operations. Threats 1. Intensifying competition. Many low cost retailers such as Walmart, ASDA or Tesco are entering homeware specialists market where IKEA operates. These large retailers have similar specifics as IKEA, including low costs, well managed supply chain and huge market presence and can easily gain some market share from IKEA. 2. Growth of average consumer income. Growth of average consumer income means that people buy less low price and low quality products, which is exactly what IKEA offers in its stores. With the rising income people will be less attracted to IKEA and will turn to retailers that offer higher quality home ware products. ( IKEA SWOT 2013 ) Porter†s Five forces Analysis 1. Rivalry within the industry In Sweden there is handful of companies involved in the furniture industry. Moreover there are a lot of retailers in the market. The condition is pretty much same in USA. There are Home Depot,Wal-Mart, Costco and many other small retailers. On top of this many retailers import from china and sell it in the market at low price. This indicates that the competition within the industry is very high. 2. Bargaining power of suppliers It can be say that the bargaining power of suppliers is low. IKEA has a well-established relation with suppliers all over the world. Till 2008 IKEA has 1380 suppliers in 54 countries 21% of which are in China. Moreover IKEA also own manufacturing company like Swedwood Manufacturer. So it is evident that IKEA can threats the suppliers to enter into their business. 3. Bargaining power of buyers There are a lot of retailers who are directly involved in price war against each other. There are importers who are importing from china also in direct competition in the market. So the consumers have many alternatives. They can chose which manufacturers they will buy from. So the bargaining power of buyers is high. 4. Threats of new entrants There are no entry barriers in the industry. But the intensity of competition may scare off potential entrants. The required initial investment is not too much. Anyone can open a retail shop with small investments. But if someone wants to become a major player in the industry; than the firm needs to invest a lot of money, need to establish relation with suppliers, select suitable locations for outlets. These will require a lot patience and capital. So it is safe to say that the threats of new entrants are high if competitors want to do business for a long term. 5. Threats of substitutes Since the born of civilization men are using furniture. The styles are changing so as the trends. The industry is moving wood to plywood, rot iron even plastics. As the market is becoming more environment concerned many firms are giving slogan to go green. But the basic functional demand has remained the same. So it is safe to say that there are no threats of substitutes Opportunities IKEA can expand its product line by producing high end products From the very beginning IKEA’s target market has been the middle class to lower middle class people. This strategy has been worked for a long time but IKEA never wondered about how farther they can reach. In USA the trend was changing; people were getting thirstier for elegant design. IKEA can develop products that are designed for the high class people who are sensible about the design and quality and do not care about the price. For example Toyota: Lexus. IKEA can expand its business into interior designing and crockery products IKEA can expand its core business of furniture to a next level. IKEA can place crockery item swith the kitchenware furniture. This way when a customer walks through the kitchenware department he/she will be attracted to these products and may end up buying some. IKEA can go for environment friendly technology Customers now a days are now more concerned about the environment than ever. So IKEA can make products that are environment friendly; products that consume less water so the carbon footprint will be at minimum. Product customization can boost up IKEA’s sales IKEA can call for idea from its customers. This will definitely bring in some unique idea to the tent. IKEA can initiate a service that will allow customers to order customized products for some extra charges. This will help IKEA to capture the particular segment of the market who loves customization Threats Changing social trend can hinder the growth of sales of IKEA IKEA’s objective is to provide products to its customers at cheaper rate than the competitors. This objective does not recognize the necessity of a constant development of design and quality. In the pursuit of becoming a cost leader in the market IKEA can lose a major portion of the market that want quality and well designed products. Accelerated market competition in USA The furniture market of USA is very fragmented. But there are some well-established retailers who are selling functional furniture at a very low cost for example: Wal-Mart, Office Depot. These retailers will be in direct competition with IKEA. On top of this there are also some high end retailers who sell high-quality, well designed furniture. These high-end retailers often provide additional services like interior designing, home delivery and free set-up. The risk of global financial crisis The global is under a constant threat of depression since 2007. The whole economy of the world is suffering from a recession since fiscal year 2006-07. This economic condition may affect IKEA. Since the purchasing power of buyers has gone down they would be reluctant to purchase products that are not vital to them. This can cause a free-fall of sale revenue of IKEA worldwide; especially in USA ( Dahman J 2011). Reference Dahman, J 2011, IKEA’s Strategic Management, Scribd, viewed 12 October 2013,< http://www. scribd. com/doc/59951004/Case-Analysis-IKEA>. SWOT analysis of IKEA, IKEA’s Strategic management, viewed 11 October 2013, < http://www. strategicmanagementinsight. com/swot-analyses/ikea-swot-analysis. html>

Chinese Cinderella Essay

The most persuasive and intriguing aspect of an author’s stylistic choices are within the schemes, tropes, diction and syntax. Adeline Yen Mah, author of Chinese Cinderella, paints an authentic picture of her childhood in twentieth-century China; Mah’s childhood, fraught with painful memories and bad luck, accentuates her strength and courage and ultimate triumph over despair. Mah’s stylistic choices and appeal to pathos aggrandizes the overall effectiveness of her book, Chinese Cinderella. A worldwide bestseller that has been translated into eighteen different languages, Chinese Cinderella has a wide, varied audience. The style and effectiveness are heavily dependent on the writer’s diction; Mah carefully chooses words that convey the quiet tragicness of her situation and the cultural aspect. One of the most predominant aspect of the Chinese culture is the names- Mah could write about her grandmother, grandmother and stepmother, but instead chose instead to write about her Ye Ye, Nai Nai and Niang. Choosing to write using the Chinese words creates a compelling, permeating story: â€Å"Besides Father and Niang, we lived without Grandfather Ye Ye, Grandmother Nai Nai and Aunt Baba in a big house in the French concession of Tianjin, a port city on the northeast coast of China† (Mah 5). Removing the names disturbs the authenticity of the piece and upsets the overall meaning; so much of the story is derived from the culture and time period. Culture is a significant element in the writing, but Adeline Yen Mah’s personal experience is the most essential aspect. Mah begins as a young Chinese girl growing up in Shanghai. Mah utilizes syntax to convey the juvenile tone; simply constructed sentences create a childish perspective while maintaining an intelligent insight: â€Å"Next day, there was a grand funeral. Nai Nai’s coffin was draped with white sheets and placed on a hearse pulled by four men. We all dressed in white robes with white headbands for the boys and white ribbons for the girls† (Mah 20). While describing scenes and occasions so simply may seem less interesting, the simple, clean sentences actually paint a clear image in one’s mind. The strong, clean sentences keep the story from seeming too pitiful- Mah does not need verbiage to write well. If excessively descriptive, long sentences are employed the effectiveness of the writing would decrease, â€Å"Later, I saw Big Sister and Niang walking toward the balcony and talking privately just before she and Samuel left for their honeymoon. Was she able to explain it all away? I hoped so. I only wished I could have helped her more† (Mah 89). Straightforward observations create an innocent perspective. Verbiage would hinder her child-like persona- if she writes to sound like the settled, distinguished writer and doctor she is, her novel, in which she is a young Chinese girl, would be considerably less qualified. Through the syntax and diction, Mah appeals to her most compelling appeal, emotion. Her story is tragic- an unloved daughter, Mah suffers cosmic misfortune after cosmic misfortune. Syntax provides the youthful insight, diction provides the cultural aspect, and Mah’s life provides the emotionally evocative story, â€Å"Though a fascinating variation on the classic Cinderella story, with a monstrously hateful villain and a smart, plucky heroine, the book is also rife with simplistic caricatures and shallow melodrama. Yet the daily contempt Yen Mah encountered as a child often touches the heart† (Cruz). Mah eloquently details the tragic events of her past, and as a result, appeals to pathos strongly throughout the entire book. Mah’s stylistic choices and appeal to pathos aggrandizes the overall effectiveness of her book, Chinese Cinderella. The appeal to pathos is the greatest weapon in Mah’s arsenal, and she uses diction and syntax as her bullets. Strong, simple sentences and poignant, culturally related diction â€Å"Verges on soap-opera theatrics, Yen Mah remains true to her sympathetic nature† (Cruz). The elegance and skill of Mah are evident in her writing.

class differences in WW2 lit essays

class differences in WW2 lit essays In nearly every culture, certain distinctions exist which elevate particular members of society above others. These distinctions may be based upon age, wisdom, ancestry, gender or profession, but more often than not, class lines seem to be drawn on the basis of wealth. While the existence of these status groups may be harmless, when prejudice prevents the movement of individuals or social groups between and within classes, valuable human resources are being put to waste. This issue was of concern during the First World War. While the class system in place in Western Europe did allow for a certain amount of social mobility, distinctions among classes were nonetheless evident and well defined. Both Erich Maria Remarques All Quiet on the Western Front and Evadne Prices Not So Quiet... call attention to the idea that social position should be of little or no significance in the face of wartimes human pain, suffering and death. In All Quiet, the main character, a young German named Paul Baumer, enlists in the army. Initially, in his company, two distinct classes of individuals exist. Paul and his four schoolmates are well educated and of a higher station in life. They are still teenagers, fresh from school, and have volunteered for the war. The other group consists of peasants and common laborers. In the beginning of the novel the reader is made keenly aware of the differences between the two groups as Paul introduces the characters. Paul mentions his fellow classmates first. This ordering lends the idea that Paul thinks more highly of his classmates than he does of the other less-educated soldiers. The differentiation is further heightened by the syntax used. The common soldiers are described in an entirely different paragraph from the educated boys. Standing in the mess line, Paul says that close behind us were our friends (Remarque 3). Not only are these men physically behind in the line, the...

Profile of World War II Colonel General Ludwig Beck

Profile of World War II Colonel General Ludwig Beck Early Career Born at Biebrich, Germany, Ludwig Beck received a traditional education before entering the German Army in 1898 as a cadet. Rising through the ranks, Beck was recognized as a gifted officer and was tapped for staff service. With the outbreak of World War I, he was assigned to the Western Front where he spent the conflict as a staff officer. With the German defeat in 1918, Beck was retained in the small postwar Reichswehr. Continuing to advance, he later received command of the 5th Artillery Regiment. Becks Rise to Prominence In 1930, while in this assignment, Beck came to the defense of three of his officers who were charged with distributing Nazi propaganda on post. As membership in political parties was forbidden by Reichswehr regulations, the three men faced a court-martial. Angered, Beck passionately spoke on behalf of his men arguing that the Nazis were a force for good in Germany and that officers should be able to join the party. In the course of the trials, Beck met and impressed Adolf Hitler. Over the next two years, he worked to write a new operations manual for the Reichswehr entitled Truppenfà ¼hrung. The work earned Beck a great deal of respect and he was given command of the 1st Cavalry Division in 1932 along with a promotion to lieutenant general. Eager to see German prestige and power returned to prewar levels, Beck celebrated the Nazi ascent to power in 1933 stating, I have wished for years for the political revolution, and now my wishes have come true. It is the first ray of hope since 1918. With Hitler in power, Beck was elevated to lead the Truppenamt (Troop Office) on October 1, 1933. Beck as Chief of Staff As the Treaty of Versailles prohibited the Reichswehr from having a General Staff, this office served as a shadow organization that fulfilled a similar function. In this role, Beck worked to rebuild the German military and pushed to develop new armored forces. As German rearmament moved forward, he was officially titled Chief of the General Staff in 1935. Working an average of ten hours a day, Beck was known as an intelligent officer, but one that often became obsessed by administrative details. A political player, he worked to expand his posts power and sought the ability to directly advise the Reich leadership. Though he believed that Germany should fight a major war or series of war to restore its place as a power in Europe, he felt that these should not occur until the military was fully prepared. Despite this, he strongly backed Hitlers move to reoccupy the Rhineland in 1936. As the 1930s progressed, Beck became increasingly concerned that Hitler would force a conflict before the military was ready. As a result, he initially refused to write plans for the invasion of Austria in May 1937 as he felt it would provoke a war with Britain and France. Falling Out with Hitler When the Anschluss failed to cause international protest in March 1938, he quickly developed the needed plans which were dubbed Case Otto. Though Beck foresaw a conflict to eliminate Czechoslovakia and officially advocated for action in the fall of 1937, he retained worries that Germany was not prepared for a major European war. Not believing Germany could win such a contest prior to 1940, he openly began advocating against a war with Czechoslovakia in May 1938. As the armys senior general, he challenged Hitlers belief that France and Britain would allow Germany a free hand. The relationship between Beck and Hitler rapidly began to deteriorate aided by the latters preference for the Nazi SS over the Wehrmacht. While Beck lobbied against what he believed would be a premature war, Hitler chastised him stating that he was one of the officers still imprisoned in the idea of the hundred-thousand-man army imposed by the Treaty of Versailles. Through the summer Beck continued to work to prevent a conflict while also attempting to reorganize the command structure as he felt it was Hitlers advisors that were pushing for war. In an effort to increase pressure on the Nazi regime, Beck attempted to organize a mass resignation of senior Wehrmacht officers and issued instructions on July 29 that as well as preparing for foreign wars the army should be ready for for an internal conflict which need only take place in Berlin. In early August, Beck suggested that several Nazi officials should be removed from power. On the 10th, his arguments against war were relentlessly attacked by Hitler at a meeting of senior generals. Unwilling to continue, Beck, now a colonel general, resigned on August 17. Beck Bringing Down Hitler In exchange for resigning quietly, Hitler had promised Beck a field command but instead had him transferred to the retired list. Working with other anti-war and anti-Hitler officials, such as Carl Goerdeler, Beck and several others began planning to remove Hitler from power. Though they informed the British Foreign Office of their intentions, they were unable to prevent the signing of the Munich Agreement in late September. With the beginning of World War II in September 1939, Beck became a key player in various plots to remove the Nazi regime. From the fall of 1939 through 1941, Beck worked with other anti-Nazi officials such as Goerdeler, Dr. Hjalmar Schacht, and Ulrich von Hassell in planning a coup to remove Hitler and make peace with Britain and France. In these scenarios, Beck would be the leader of the new German government. As these plans evolved, Beck was involved in two aborted attempts to kill Hitler with bombs in 1943. The following year, he became a key player, along with Goerdeler and Colonel Claus von Stauffenberg, in what became known as the July 20 Plot. This plan called for Stauffenberg to kill Hitler with a bomb at the Wolfs Lair headquarters near Rastenburg. Once Hitler was dead, the conspirators would use the German reserve forces to take control of the country and would form a new provisional government with Beck at its head. On July 20, Stauffenberg detonated the bomb but failed to kill Hitler. With the plots failure, Beck was arrested by General Friedrich Fromm. Exposed and with no hope of escape, Beck elected to commit suicide later that day rather than face trial. Using a pistol, Beck fired but only managed to critically injure himself. As a result, a sergeant was forced to finish the job by shooting Beck in the back of the neck. Selected Sources World War II Database: Ludwig BeckJVL: Ludwig BeckGerman Resistance Memorial Center: Ludwig Beck

He implications of asymmetric information for the function of markets Essay

He implications of asymmetric information for the function of markets at both the microeconomic and macroeconomic levels - Essay Example The situation where the market produces more or less than the ideal or the optimal amount of a particular good, it is regarded as the market failure in terms of economics There are several factors that results in the market failure like externalities and monopoly power, and asymmetric information.Еhe implications of asymmetric information for the function of markets at both the microeconomic and macroeconomic levels.In an analysis of the competitive market structure it is always assumed that the buyers and the sellers have perfect knowledge about the market. But in reality this does not happens. When the available information about any product is more with someone than the others then the arisen situation is of market failure and the phenomenon is termed as â€Å"asymmetric information†. The information about the product is an important factor and if the quality of the goods could be judged about whether it being excellent or inferior then the price would have adjusted acc ording to the quality differences. Asymmetry and Market failure and the need of the government intervention A. Market failure and the used car market The situation of information asymmetry leading to market failure is best understood by the example of used cars. In a transaction of a used car, a seller would always know more than the buyer. Considering a case of a second hand Chevrolet Malibu which would cost $15,000 in an ‘average’ condition, if the condition of the car is ‘excellent’, that would cost $18,000 and if the condition of the car is ‘poor’, the car will be priced at $12,000.... without any excellent car will be ready to pay not more than $13500 that is the average price of the cars, which are either in average or poor condition. This in turn will prevent the average car owners from offering their car at such a low price. So at the end the market forces will adjust itself to equilibrium for the poor cars at the selling price of $12000. This is an example of market failure where the market for the excellent and average cars does not exist due to the asymmetry of information. This is a situation of quality uncertainties where the high quality goods are driven out by the low quality goods. (Chauhan, n. d, pp. 224-225) This is explained with the help of a diagram: PH SH P E P’ E’ DH DH’ DH† 0 Q’ Q Figure 1 (a) PL p’ e' SL p e DL’ DL 0 q q’ Figure 1(b) Source: Chauhan, n. d, pp. 224-225 In the diagram Figure 1 (a) DH represents the demand for high quality goods, SH, the supply for high quality goods. They int ersect at the point E where the quantity OQ must be demanded and it must be supplied at OP price. Due to the asymmetry of information, the same amount OQ is demanded at a lower price E†. As the buyers are uncertain about the quality of the product they treat the high quality good as the low quality good and hence the demand curve shifts downwards to DH’. At this lower price some of the seller refuses to sell the product which causes the supply to fall from OQ to OQ’. Hence the new equilibrium is at E’, where the DH’ intersects S H. The OQ amount of high quality goods is sold at a price OP’.As there exists quality uncertainty the demand curve is expected to further slide down to DH† which does not intersect with the supply curve SH at all. This shows how the market for high quality goods fails. In the figure 1(b),

Article summaries Essay Example | Topics and Well Written Essays - 500 words

Article summaries - Essay Example markably, some selfish businesspersons continue to push for capitalism and disregard the society with their sole objective of making profits from the society. However, activists against capitalism have pushed forth to ensure that businesses does not only take profits from the society, but also contribute towards the wellbeing and development of the society (Levitt, n.d.). According to the author, social responsibility evolution aspect in the business world is the main aspect that will enable socially responsible business to thrive while the profit-oriented entities and self-centered executives fall (p. 464). Remarkably, the author indicates that personal social responsibility values such as self-conscious and non-profit endeavors are the key aspects of a responsible manager that will enable the business thrive in the public and reduce resistance evoked by capitalism. The article articulates that social responsibility is not a threat to the success of a businessperson, but long-term benefits from the society compared to the short-term business environment offered by the society to the selfish and profit oriented executives. Social responsibility remains the main aspect towards the survival of a business and reduced conflicts among the executive and the governments despite the function of a business to yield high level of profits. Additionally, the author recognizes the failure of business to recognize social responsibility that has led to the rise of unions and welfare programs to safeguard the community against ill-motivated economists whose sole interest is to uphold capitalism and dep rive the resources of the society, labor, agriculture, and the government. vi. Management is always faced by numerous critics, which it can only avoid by involving the society in terms of ensuring that it maintains the civil rights and restricts the free operation of profit motive. The articles has evoked a sense of exploitation by the capitalists who think that they can just