Ethical, Legal, and Regulatory issues with reference to corporate leadership
Introduction to Company ('Bug Extinguishers')
'Bug Extinguishers' is an international extermination company that produces an array of products that cater to killing pests, bugs and all kinds of insects The company has its headquarters in USA and its multi-story stores cum service centers all over the country as well as in Eastern Europe and some parts of Asia. The company has a market share of about 9% in this category and its revenues have been continually rising since its launch in 2009. In only a period of less than 3 years, the company has achieved a lot of recognition and positive appreciation from many stakeholder groups including customers, employees as well as competitors who believe that 'Bug Extinguishers' is likely to become bigger and better with time. The company has employees from all over the world and most of them are satisfied with their jobs and motivated to perform better. Many analysts believe that this employee determination is one of the prime reasons for its success and achievement.
'Bug Extinguishers' seeks to become a world class leader in its category and to become the undisputed choice of products in the minds of consumers in all parts of the world when they talk about pest/insect production. The company aspires to achieve its vision by providing the healthiest and least harmful solutions to customers and motivation to employees who are the staircase towards achieving our goals. We wish to keep all our stakeholders satisfied with our existence and work towards a better world in which we live by making environmentally friendly products and conserving energy, reducing waste and applying latest technology for efficient and lean production.
'Bug Extinguishers' provides a 'global' set of pest extermination products. By global we mean that these are items that can and will be used by everyone who is involved in house care Needless to say that our target market is aimed at the masses, we aim to make our products even more accessible to consumers all around the world. In the current state of tough competition that we face from other world class companies, what differentiates us from others is the efficiency of processes leading to consistency of quality and environmentally friendly production methods such as packaging that is ecologically acceptable. Recent global trends in technology have made it possible for 'Bug Extinguishers' to adopt production methods that save cost and ensure quality as well as gauge customer reaction to products and modifications that they would want in products. Anticipating customer needs is what 'Bug Extinguishers' follows and wants its customers to get products of their choice just the way they want. The current focus of 'Bug Extinguishers' is to grow….as much as possible. Growth is what will lead to global presence and our ultimate goal of being a global choice for customers. 'Bug Extinguishers' is proud to have the industry's most determined workforce that deserves much of the credit to our success and keep giving us more of it in times to come. 'Bug Extinguishers' is therefore all about you- the customer, the employees, the investors, the management and the environment. We want to ensure satisfaction of all stakeholders in order to attain the best out of everyone. The 'Bug Extinguishers' company wishes to welcome more customers, employees and investors as it grows.
Guiding Principles, Values, and Ethics
The Organization believes in an environment that is friendly for the employees who are working in offices. The company seeks to make it a place for them that they would like to visit every day. Employee satisfaction is one of the key motives and key strengths of the business.
The company believes in a flat hierarchy, two way communication amongst the management levels which ensures participation of employees at all levels. This provides them with enough job enrichment and empowerment to keep them motivated.
The company respects all its stakeholders and investors are treated as family who have the authority to run the business like they want to if they feel the need of any changes.
The company's competitive advantage is the internal strength and motivation of its employees who are dedicated towards achieving the company's goals with their greatest zeal. They take pride in being a part of this company and are loyal to their work and are treated like members of a family and given the maximum possible benefits and flexibility.
1) One of the major strengths of 'Bug Extinguishers' is its apt use of technology and information systems that help it gauge customer needs and produce accordingly. This helps them reduce warehouse and transport costs because production is done when required.
2) Another important strength of 'Bug Extinguishers' is its quality of products that are appreciated by most people because they are very effective in killing all kinds of pests and insects.
3) 'Bug Extinguishers' is also proud of its motivated and determined workforce that is hard working and has helped "Bug Extinguishers' become a globally renowned name. One of the most difficult tasks for a business is to satisfy people but "Bug Extinguishers' has done a great job in doing it.
1) One weakness of the company is that it has not been able to reduce prices of its products and critics believe that if it does not do that, the success story will end soon. Its prices are competitive with other competitive brands and risk averse consumers do not want to try new products because they are satisfied with previous ones.
1) 'Bug Extinguishers 'has the opportunity to venture into new geographical areas all over the world and widen its distribution channels. Moreover, it has been earning high profits which it can use for expansion.
2) 'Bug Extinguishers' also has the opportunity to introduce new product categories and diversify its business such as a products in different forms such as liquids, powders, solid tablets, sprays and other innovative ways to target bugs from home to the agricultural fields.
1) The most significant threat to 'Bug Extinguishers' is its competitors that have already entered into markets that 'Bug Extinguishers' is attempting to enter. Extermination services and products are provided by hundreds of companies and 'Bug Extinguishers' faces a lot of competition from all of them.
Individual Strategic Plan
Analysis for the firm
Legal and Regulatory
The nature of the company is such that it involves food items pest control on crops and thus the products use should be least harmful. Legal and regulatory factors play an important role to ensure that the production process has to be environmentally friendly and has to ensure that it does not produce dangerous waste in the environment from its factories for instance. It needs to follow policies and procedures to ensure it does not face any legal consequences.
Today's world is rapidly turning global and so is 'Bug Extinguishers'. However the company needs to work on reducing its costs even further by reducing input costs such as by hiring cheaper labor from countries that provide labor at low costs. The company has not ventured into such places yet but that is what it is looking forward to.
Economic factors are vital for any company that is operating in a consumer goods industry. It needs to have financial back up to keep it injected with cash for expansion which is the company's top priority at the moment. 'Bug Extinguishers' has been earning profits from most of its products which it will be investing for expansion.
The company is fortunately technologically apt with efficient information systems that help it gauge future trends and anticipate customer needs. Moreover, Research and Development is very important to see the nature of pests and insects as well as ways to combat them. This also helps them prevent stockpiling ultimately reducing costs. Moreover, it will help them in going more global.
The company has a challenge of coming up with innovative products in addition to the ones that already exist in the market in order to gain a competitive edge in comparison to its competitors. Many other similar companies are providing extermination solutions to the customers who are satisfied with them so now it has to come up with such new products that give them a competitive edge over others.
Social factors such as culture affect the company's image. A positive and friendly corporate culture improves their corporate brand image. It also involves building good relations with all stakeholders including investors, customers and suppliers along with media and other social network mediums.
The company needs to ensure that it is environmentally friendly because that is…