buisness values

Question 1

What is a fundamental business value that refers to a company’s ability to generate healthy profits?

Answer 1

Financial stability

Financial stability ensures long-term success by managing expenses and using assets effectively.

Question 2

Why is financial stability important for a company?

Answer 2

It assures clients that the company won’t go bankrupt and supports cash flow for paying suppliers

Financial stability is crucial for maintaining operations without interruption.

Question 3

What is a key aspect of customer service in successful businesses?

Answer 3

Commitment to customer

Placing customers first is essential for building loyalty and satisfaction.

Question 4

What commitments should businesses make to customers?

Answer 4

Open and transparent commitments about time, cost, and quality of work

Transparency helps manage customer expectations effectively.

Question 5

What are service level agreements designed to do?

Answer 5

Act in a timely way to meet customer expectations

Effective service level agreements enhance customer satisfaction.

Question 6

What is the significance of loyalty schemes in business values?

Answer 6

They help build long-term relationships with customers

Loyalty schemes incentivize repeat business and enhance customer retention.

Question 7

What does ethical and transparent business practices mean?

Answer 7

Dealing fairly and honestly with customers and stakeholders

Establishing trust is fundamental to business success.

Question 8

What does being transparent in business involve?

Answer 8

Being open and not using deception to withhold information

Transparency is crucial for maintaining customer trust.

Question 9

What should a responsible company have to guide employee behavior?

Answer 9

A code of conduct policy

This policy outlines acceptable standards of behavior both on site and outside of work.

Question 10

What are some components that a code of conduct may cover?

Answer 10

• Acceptable standards of behaviour
• Professional standards (e.g., RIBA)
• Code of business ethics
• Adherence to core values
• GDPR values
• Confidentiality
• Corruption and bribery
• Conflict of interest
• Meals and expenses policies

A comprehensive code of conduct ensures ethical operations within a company.

Question 11

True or False: Ethical business practices only matter when things go wrong.

Answer 11

False

Ethical practices are essential at all times, not just in crisis situations.

Question 12

Fill in the blank: Ethical means doing what’s right morally and avoiding _______.

Answer 12

doing harm

Ethical considerations are fundamental to business operations.