For This Assignment Students Are Required To Apply Key Modul

For This Assignment Students Are Required To Apply Key Module Concept

For this assignment, students are required to apply key module concepts to a Ted Talk video in a paper. The focus is on correct application of chapter major concepts. Students will evaluate the video and explain how each of the concepts applies to the video, choosing the video carefully. The concepts include: chapter 2 topics such as business cycles, capitalism, command economies, communism, demand, economics, free-market economies, monopolistic competition, monopoly, oligopoly, perfect competition, socialism; chapter 3 topics like absolute advantage, comparative advantage theory, exchange rate, free trade, multinational corporation; and chapter 4 topics such as corporate responsibility, corporate social responsibility, ethics, social audit. Students must complete the assignment directly on the provided template, in order to familiarize themselves with APA format used in the College of Business. All work must be original, in their own words, with correct spelling and grammar, and not copied from the video or other sources.

Paper For Above instruction

The Ted Talk by Hamdi Ulukaya offers a compelling narrative that intersects with various core concepts of business and economics, providing an excellent basis for applying theoretical frameworks discussed in the major chapters of this course. Ulukaya, the founder of Chobani, discusses his journey in establishing a successful business while emphasizing ethical practices, social responsibility, and the importance of community engagement. Analyzing this talk through the lens of Chapter 2 concepts reveals insights into the functioning of markets and the influence of economic systems on business operations.

Firstly, Ulukaya's story exemplifies aspects of capitalism and free-market economies. His entrepreneurial venture into yogurt manufacturing illustrates how individual initiative and competitive markets drive innovation and growth. The company's competitive strategy aligns with monopolistic competition, characterized by differentiated products and numerous competitors competing on quality, branding, and price. Chobani’s emphasis on natural, high-quality products allowed Ulukaya to carve a niche in the yogurt industry, competing with giants through product differentiation and marketing efforts. Furthermore, the concept of demand is central to his narrative, as consumer preferences for healthy, natural foods fueled the company's growth, illustrating how demand shapes supply and influences pricing strategies.

Ulukaya’s emphasis on community involvement and social responsibility also aligns with Chapter 4 concepts of corporate responsibility and ethics. He highlights his commitment to providing employment opportunities to refugees and marginalized groups, demonstrating corporate social responsibility (CSR). Ulukaya’s social initiatives exemplify how ethical considerations influence business practices beyond profit maximization, fostering goodwill and sustainable development. This approach echoes the principles of social audits, which evaluate a company's social performance and accountability.

Turning to Chapter 3 concepts, Ulukaya's expansion into international markets underscores the ideas of absolute and comparative advantage. By recognizing his company's ability to produce high-quality yogurt efficiently, Ulukaya leveraged comparative advantage, facilitating export growth and global market penetration. The exchange rate's role becomes evident in how currency fluctuations impact trade competitiveness and profitability when exporting products abroad. Multinational corporations are also exemplified here, as Chobani expanded beyond domestic borders, adapting to different economic environments and leveraging global trade opportunities.

In the broader context of economic systems, Ulukaya’s narrative touches on capitalism's strengths in fostering innovation and individual enterprise, yet also raises considerations about social equity and responsibilities aligned with Chapter 4 principles. His commitment to social causes aligns with social responsibility, highlighting the evolving role of businesses in addressing societal issues.

In conclusion, Hamdi Ulukaya’s Ted Talk exemplifies the interconnectedness of economic principles and ethical considerations within the real-world context of business. Applying Chapter 2 concepts such as market competition and demand, Chapter 3 ideas like comparative advantage and global trade, and Chapter 4 notions of corporate social responsibility and ethics provides a comprehensive understanding of how these theories manifest in entrepreneurial success. His story underscores the importance of integrating economic theory with social values to achieve sustainable and responsible business growth.

References

• Barney, J. B., & Hesterly, W. S. (2019). Strategic Management and Competitive Advantage: Concepts and Cases. Pearson.
• Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. The New York Times Magazine.
• Krugman, P., & Obstfeld, M. (2018). International Economics (10th ed.). Pearson.
• Mankiw, N. G. (2021). Principles of Economics (8th ed.). Cengage Learning.
• Sen, A. (1999). Development as Freedom. Oxford University Press.
• Ulukaya, H. (2016). How to Turn an Idea Into a Company. TEDx Talk. https://www.ted.com/talks/hamdi_ulukaya_how_to_turn_an_idea_into_a_company
• Vogel, D. (2010). The Market for Virtue: The Potential and Limits of Corporate Social Responsibility. Brookings Institution Press.
• Williamson, O. E. (1985). The Economic Institutions of Capitalism. Free Press.
• World Trade Organization. (2020). Understanding the Role of the WTO in Global Trade. WTO Publications.
• Yunus, M., & Moingeon, B. (2010). Building Social Business Models. Long Range Planning, 43(2-3), 294-304.