Research Paper: Business Environment

Pages: 4 (1430 words)  ·  Bibliography Sources: 4  ·  Topic: Economics  ·  Buy This Paper

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[. . .] The combination of these policies has currently left the country with a massive debt and little improvement in the unemployment numbers, though the economic outlook has brightened somewhat (Isidore, 2012).

The Federal Reserve can use their monetary policies to impact the economy as well and the Fed has tried to do that by lowering its target interest rate, the rate that financial institutions use to set interest rates between themselves and consumers. The Fed has kept this rate between 0-0.25% to try to spark consumer lending. Like the fiscal policies, this policy has had mixed results. While the housing market has stabilized, unemployment is still much higher than expected and the economy is still showing signs of weakness (Federal Reserve Bank of New York).

4. Select a product or service with which you are familiar and outline a strategy for accessing global markets.

Wiffleball was invented in the United States and is still played there almost exclusively today. Though it bears a striking resemblance to baseball, it is rarely played competitively and has not proven popular overseas. The potential for global sales does exist however, since baseball itself has proven a popular export. First, the company should seek out potential partners in countries where baseball has been firmly established as a popular sport. These include many Asian and Latin American countries. The people of these countries will be far more willing to play a game that is similar in nature to one they have known for years.

Secondly, the company must be willing to build a production plant in another country. As a distinctly American sport, Wiffleball has only ever been manufactured in this country, but there are several advantages to moving some production overseas. The cost of labor in most of these countries is far less than it is in the United States, so the price of the product could come down, potentially increasing sales. Also, having a product that is produced locally should arouse the curiosity of the residents and employees can be the company's best salespeople. Finally, since all that is required is plastic injection molding equipment, there should be no decline in the quality of the product due to a move overseas. The company should invest in a solid advertising program to announce their intentions to go worldwide.

5. Select an organization with which you are familiar and discuss the impact of that organization's level of social responsibility on a stakeholder group of your choice.

Recently, Shell, Chevron, and Exxon among other large multi-national oil companies have purchased companies that are drilling in the Marcellus Shale region of Pennsylvania, using a technique commonly referred to as "fracking." Exxon, in particular, has many people who live in this region worried, since the company has been no stranger to environmental catastrophes in the past. Some studies have concluded that fracking, which shoots jets of water into hard shale rock to break it apart so the natural gas it contains can be extracted, also releases dangerous chemicals into the drinking water in the region and could cause severe health problems for local residents.

When the ship the Exxon Valdez spilled oil off the coast of Alaska, it left a major environmental mess behind it that took years to clean up. Many Pennsylvania residents believe that will happen again and it is incumbent upon Exxon to take steps to protect those people who might be affected by their drilling procedures. Ignoring the potential problems could cause incalculable damage to the residents of the area and may result in death for some. Exxon has failed to protect those affected by their work in the past and it is time that they show they are capable of acting responsibly this time, by doing whatever they can to mitigate the impact of fracking. They should also be willing to supply residents with safe water should the need arise.

References

Mankiw, N.G. (2012). Principles of Economics (6th ed.). Mason, OH: South-Western

Cengage Learning.

Kelly, M. & McGowen, J. (2011). BUSN3. Mason, OH: South-Western Cengage Learning.

Epstein, M.J. & McFarlan, F.W. (2011). Nonprofit vs. for-profit boards: Critical differences.

Strategic Finance, 28-35.

Federal Reserve Bank of New York. (2012). Federal Funds Data. Retrieved from:

http://www.newyorkfed.org/markets/omo/dmm/fedfundsdata.cfm.

Isidore, C. (2012). Economists: Extend Bush tax cuts. CNNMoney. Retrieved from:

http://money.cnn.com/2012/07/09/news/economy/bush-tax-cuts/index.htm. [END OF PREVIEW]

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