Question

2. Why is the finance department of a company important? (1-2 sentences. 2.0 points) 3. Why is the marketing department of a company important? (1-2 sentences. 2.0 points) 4. Why is the customer service department of a company important? (1-2 sentences. 2.0 points) 5. If you were forming a company, which department would you create first, and why? (2-4 sentences. 3.0 points) 6. Think of a company you know of that has been successful. Discuss the 3 factors of success that you think were the most important to this company, and explain why these factors were important. (Choose a different company from the one you wrote about in Assignment 1.) (3-6 sentences. 3.0 points) 7. Describe the 3 factors of failure that you think can hurt a company the most, and explain why these factors are so bad for a company. (3-6 sentences. 3.0 points) 8. Describe a real or made-up but possible example of a situation where an employee faces a conflict of interest. Explain at least two things the company could do to help make sure that employees aren't tempted into unethical behavior by conflicts of interest. (2-6 sentences. 3.0 points)

Answer 1

2. The finance department is important in one company because it covers a wide range of activities from basic bookkeeping to providing financial information essential to the company's survival. Its role is to balance profit with cost also.

3. The marketing department plays a vital role in a company in representing the company's image and brand. They are the ones reaching out to customers, prospects, and investors.

4. The customer service department's task is to keep the customers that the marketing department brought in satisfied. They handle problems, issues, queries that a customer may have, and the services they offer is extremely important for a company in a long-run.

5. In forming a new company, you will need to have workers and staffs in the marketing and finance department. Since a baby company will usually have a hard time entering a market, a skilled marketing staff is needed to market their products and services. To balance the cost of marketing and advertising also, you will need a proficient finance staff. With these two departments, you can slowly grow your company little by little.

6. Apple is an example of a very successful company in their chosen line of business. They offer great customer service and in-store experiences. They stay two years ahead of their competitors. They produce easy to use products which is, of course, a benefit to the customers. 

7. Top three reasons for the failure of a business: mismanagement - without proper planning or standards to follow a company would be in a chaos; poor accounting or financial decision making - money is what makes a business run, having inadequate knowledge in this area will seriously affect the business; location - is the location of the business convenient for customers? Your business can be great but the location also influences a company's success.

8. An example of an employee facing a conflict of interest is when he uses his position or involvement in that company for his own personal gain. To deal with this situation, a mediator or someone of higher rank can guide or supervise. Talking it out might help but to assure that such situation won't happen again, there must be sanctions or penalties imposed to the involved employee.