There are various components to a business like a cog in the wheel which makes the organisation thrive. From a basic thought to experiencing unique products to service delivery with memories created, is the customer lifecycle. However, for a business from behind the scenes – the same steps are more strategic in nature.
It all starts with the Business ethics – ‘ensuring acceptable standards of behaviour throughout all the operations of a business’, ‘complying with company, legal, professional and regulatory standards, and abiding by principles like fairness, honesty, respect and truth’ (icfaipress.org).Social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a profit’ (Wheelen, T and Hunger). The three different levels of social responsibility that have been identified are the economic growth, social values and priorities regarding the environment, employee and customer safety and employee relations and the third responsibility refers to the contribution to the community (Ghauri and Cateora).
The revenue is translated by marketing and is generated with a completed sale. The main purpose of marketing and advertising is to communicate with consumers and make them aware of the existence and characteristics of products. The human resources are the forefront of delivery especially in the service industry. A successful business have to invest in training and development programmes for their staff at every level and they also encourage personal growth and motivate for a higher level of performance, which in turn helps them to retain quality staff, thus contributing to economic growth.
Social responsibility and ethical issues are very important components of cross cultural and multi cultural marketing especially with regards to socially and economically disadvantaged ethnics groups within a country and diverse cultural group in developing countries of the world. For successful companies, one of the most important visions should be responsibility beyond its economic goals, taking the step further towards the well being of its stakeholders and local communities
Accrue is involved with it’s partners in an intensive development and planning process
– including market research while considering sustainability and all rationales that impacts the project. In business planning, ethical issues comprise a difficult but important task for many stakeholders. The impetus to ‘do what is right’ for the consumer elevates strategy, unleashes creativity and at the same time creates a sense of purpose and pride for practitioners (Costa, 2006). The principle of ‘the customer is always right’ can be questioned but with tact and deliberation. Nowadays, running a successful hotel takes more than delivering products and service at a good price.