The Philosophy Of Business Management - 991 Words

What brought me to have a passion for business was my leadership skill set. As a child I always knew what I wanted my profession to be, I get electrified whenever I learn something new or see businessmen in their suits. I have come to realization, this job has a lot of components and it is an everyday challenge, although I have a great fondness for competition as well as challenges. The philosophy of business management considers the fundamental principles that underlie the formation, operation, and the everyday challenges of a business enterprise. Furthermore, the basic start of a business begins with a business plan. â€Å"A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume†Ã¢â‚¬ ¦show more content†¦Ã¢â‚¬Å"As a branch of ethics the field of business ethics is interested in how judgments of right and wrong, good and bad, moral obligation and responsibility, rights and duties, and the like, are made and justified† (Gill, David). As a descriptive enterprise, business ethics is an analytical exercise in understanding and explaining how people and businesses make their ethical judgments and decisions. If your business does not carry the proper ethics it cannot thrive. It takes the necessary steps within the business management to enforce these ethics upon their business. The field of business ethics is interested in more than just social and environmental responsibilities but those are certainly critical component areas. Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives. You can use this knowledge to create marketing strategies that take advantage of your competitors weaknesses, and improve your own business performance. You can also assess any threats posed by both new entrants to your market and current competitors. This knowledge will help you to be realistic about how successful you can be. In order to maintain a successful business, you will need to attract and then work to retain a large base of