HFT 4224 Exam 3 PRACTICE QUESTIONS
WITH ANSWERS 2024/2025.
No business is good at everything.. - Develop a collaborative trusting relationship with
suppliers
-Allows them to be innovative and to improve quality
-Suppliers create 70%-80% of value today
Businesses now create less value relying more on suppliers than before
Bottom Line of Suppliers: - "having weak suppliers leads to a relatively weak business."
~ Conscious Capitalism.
Vertical Integration - Owing and operating the entire value chain.
Something that is uncommon in today's market place.
How to treat suppliers with respect - Incorporate them into your core values
-Partnering with suppliers
-Seek out Win solutions
-Don't seek short-term price cuts
-Think GM
-Don't getting into a power struggle
-Eliminate fears and give long-term deals the promote security, quality, and innovation
Adopting Conscious Supplier Practices - Find Opportunities to Create Value
-Container Store buying in slow periods
Paying on time
-Whole Foods-United Foods partnership
Treating suppliers fairly
-Not pinching pennies everywhere
Helping Suppliers Survive and Flourish
-POSCO, REI, Honest Tea - all looked at the individual situation and acted accordingly
Spreading Consciousness - When your suppliers are able to flourish, they are able to
engage their suppliers in a more conscious way
EX: paying it forward
, Golden Rule(s): - "That which you want for yourself, seek for mankind." ~ Conversations
with Mohammed
"You shall not take vengeance or bear a grudge against your kinsfolk. Love your
neighbor as yourself" ~ Leviticus 19:18
"One should never do that to another which one regards as injurious to one's own self."
~ Anusasana Parva, Section CXIII, Verse 8
"Hurt not others in ways that you yourself would find hurtful." ~ Udanavaraga 5:18
"Do to others what you would want them to do to you." ~ Luke 6:13
Danny Meyer VS. Isadore Sharp - Meyer -> Used the Union Square Hospitality Group
and his celebrity status to help put an end to hunger in New York City.
Sharp ->Used Four Seasons as a platform to raise money and awareness for cancer
patients.
Corporations as Giving Entities -
Philanthropy's Link to Stakeholder Value - -Think of the Tata Group's value to
customers
-Think of Rhum Barbancourt's value to both stockholders and employees
-Think of how Whole Foods has taken up global and national challenges
-Improving school lunch
-Feature suppliers who give
-The suppliers alliance
-Giving microloans to combat poverty
-What stakeholders benefit from these Whole Foods programs?
Non-profits - A false wall - between government and business non-profits (see
government as genuine and good whereas business is selfish and greedy)
-For profit and non-profits are based on:
- Noncoercive exchanges
- Have higher purposes
- Serve all stakeholders
- Have conscious leadership
- create value for stakeholders
Natural partners
- A way in which for profit businesses can serve their communities
- Provide mutually beneficial resources
Creating Value for Society - Coming back to that higher purpose
If a corporation only seeks profits .. What value would a business create for everyone
else?
WITH ANSWERS 2024/2025.
No business is good at everything.. - Develop a collaborative trusting relationship with
suppliers
-Allows them to be innovative and to improve quality
-Suppliers create 70%-80% of value today
Businesses now create less value relying more on suppliers than before
Bottom Line of Suppliers: - "having weak suppliers leads to a relatively weak business."
~ Conscious Capitalism.
Vertical Integration - Owing and operating the entire value chain.
Something that is uncommon in today's market place.
How to treat suppliers with respect - Incorporate them into your core values
-Partnering with suppliers
-Seek out Win solutions
-Don't seek short-term price cuts
-Think GM
-Don't getting into a power struggle
-Eliminate fears and give long-term deals the promote security, quality, and innovation
Adopting Conscious Supplier Practices - Find Opportunities to Create Value
-Container Store buying in slow periods
Paying on time
-Whole Foods-United Foods partnership
Treating suppliers fairly
-Not pinching pennies everywhere
Helping Suppliers Survive and Flourish
-POSCO, REI, Honest Tea - all looked at the individual situation and acted accordingly
Spreading Consciousness - When your suppliers are able to flourish, they are able to
engage their suppliers in a more conscious way
EX: paying it forward
, Golden Rule(s): - "That which you want for yourself, seek for mankind." ~ Conversations
with Mohammed
"You shall not take vengeance or bear a grudge against your kinsfolk. Love your
neighbor as yourself" ~ Leviticus 19:18
"One should never do that to another which one regards as injurious to one's own self."
~ Anusasana Parva, Section CXIII, Verse 8
"Hurt not others in ways that you yourself would find hurtful." ~ Udanavaraga 5:18
"Do to others what you would want them to do to you." ~ Luke 6:13
Danny Meyer VS. Isadore Sharp - Meyer -> Used the Union Square Hospitality Group
and his celebrity status to help put an end to hunger in New York City.
Sharp ->Used Four Seasons as a platform to raise money and awareness for cancer
patients.
Corporations as Giving Entities -
Philanthropy's Link to Stakeholder Value - -Think of the Tata Group's value to
customers
-Think of Rhum Barbancourt's value to both stockholders and employees
-Think of how Whole Foods has taken up global and national challenges
-Improving school lunch
-Feature suppliers who give
-The suppliers alliance
-Giving microloans to combat poverty
-What stakeholders benefit from these Whole Foods programs?
Non-profits - A false wall - between government and business non-profits (see
government as genuine and good whereas business is selfish and greedy)
-For profit and non-profits are based on:
- Noncoercive exchanges
- Have higher purposes
- Serve all stakeholders
- Have conscious leadership
- create value for stakeholders
Natural partners
- A way in which for profit businesses can serve their communities
- Provide mutually beneficial resources
Creating Value for Society - Coming back to that higher purpose
If a corporation only seeks profits .. What value would a business create for everyone
else?
