Business ethics encompasses all the policies and practices that all businesses are expected to follow to gain public approval. It is a subject that revolves around controversial topics such as taking bribes, corporate governance, corporate social responsibility, discriminatory practices, fiduciary responsibilities, etc. In most cases, it is the country's laws that guide business conduct and ethics. The government often implements ethical policies while considering controversial areas.
Market research involves conducting a direct survey on potential customers to determine if a new service or product is viable. It is a process that is critical because it allows organizations to find the target market of their product, get reviews and opinions from clients, and determine if the product or service interests the target market. Market research can be done in many ways. Some of the widely used market research tools include surveys, focus groups, and product testing.
Human Resource Management
Human resource is the branch of management tasked with finding the right employees for the company and managing employee benefit programs. The human resource department is in charge of processes such as employee screening, recruitment, and training. It is the arm of the organization that ensures that the business keeps up with the ever-changing business environment and the demand for quality and effective employees.
A Marketing mix is a strategic and reliable marketing tool. It is the tactic or a set of actions used by a company to promote its product or service in the market. The term marketing mix is often used to refer to Jerome McCarthy's 4Ps of marketing. These 4Ps, Product, Place, Price, and promotion are examined separately to formulate an effective marketing strategy. However, the 4Ps are dependent on each other.
Business laws are a set of regulations that guides business dealings with the government and individuals. They are a section of rules that upholds the rights and liberties of a business, solve arising disputes, set business standards, and maintaining order. Every country and state have their rules and laws that govern business organizations. Before venturing into any investment, the firm should know and understand the existing regulations that apply to them.