GrowthGrowth is a requirement for business. Growth is defined as an increased expansion in a business. The business reaches the point for expansion to generate more profit at this stage. Business growth also include expanding products and services and target markets.
In the articles below, Discovery is growing their business by stepping into the banking space. This is important because they are creating new openings for their employees and they are revealing the business to a wider audience. Potential customers can dramatically improve Discovery’s sales, resulting in increased profitability.EthicsBusiness ethics are moral principles that guide the way a business behaves.
Business ethics are built upon attitude, value, behaviour, and normal customs and expectations. It is about being responsible in all business dealings and not only towards society. Acting in an ethical way involves distinguishing between what is right and wrong and then making the right choice in order to make sure employees at Discovery act in an ethical manner, management must make sure that the organizational culture underpins ethical behaviour and Analysis Ethics can be defined as the moral principles that govern a person’s behaviour or the conducting of an activity.
Ethics can be seen as a focal point in today’s society with the constant rising issues of corruption and fraud.In text 3, Discovery claims that they feel that it is important to contribute towards a sustainable community that lives the values of honesty and integrity, as well as to create a community that lives these values involves being constantly alert and doing what is necessary to prevent bribery, corruption and fraud.However, with the recent uncovering of over R500 Million lost by Discovery due to fraud there has been questions raised on the ethics of those Discovery members. Fraud can harm Discovery’s reputation, particularly when it involves their business partners.Questions should also be asked of Discovery and how they did not detect these issues before the reported cost in Text 4 had amounted so high. Pressure should be put on Discovery to attempt to retain the money back as well as to prevent future occurrences like this from happening as well as to limit fraud affecting the business in the future. Ethical guidelines should be enforced by Discovery more strictly so that members who act against these are reported to the authorities for fraud and these members will have their memberships with Discovery terminated.
My opinion is that Discovery should make sure that they implement their inner code of ethics with other partnering pharmacies and doctors to ensure all partners are aware of the ethics they need to comply with when dealing with Discovery as well as members of Discovery. Regular constant checks should be carried out by Discovery to uncover any unethical practices which could be affecting them and their business image. Customer ServiceCustomer service is ensuring a product or service satisfies the customer. Often, customer service takes place while performing a transaction for the customer. Customer service can take the form of an in-person interaction, a phone call or self-service systems.In today’s highly competitive business environment where consumers are faced with many choices with who to do business with, it is important for Discovery to set themselves apart from the rest. Customer service within Discovery is important because it builds trust, which means their customers will stay loyal to them.
By providing good customer service people will start talking about Discovery which will also build brand awareness.Good customer service says a lot about what a company.It shows a strong set of morals and beliefs in the company’s mission. This can create opportunities for new partnerships and for Discovery to expand their business, especially when other businesses see how well you take care of your existing customersBy treating their customers well, overall problems associated with the business will reduce. Customers will feel more comfortable doing business with Discovery if they know that they can voice complaints and those issues will be handled properly.
AnalysisWith the introduction of Discovery Vitality as a new customer service for Discovery customers, members are encouraged to live a more fulfilling lifestyle. By using health apps or sport watches to track progress of goals. This gives members motivation to achieve certain gaols such as free coffee coupons, movie tickets or cash back on certain purchases or premiums depending on the amount of points that the member accumulated over a certain period through the health and fitness apps. These benefits are great however, some may seem almost unachievable due to unrealistic goals which Discovery may set. The introduction of these Vitality points also attracts new customers who may not have had the same benefits or may have not gotten much from their previous life insurers or medical aid programmes. As members achieve goals and improve their lifestyles this too acts as an advantage to Discovery as healthy members are less likely to be sick & require as much support from their medical aid(Discovery). Although Discovery may lose money through the rewards that they provide members they in turn will not have to cover higher medical bills thanks to the healthy lifestyle of their members.
This leads to long term profits for Discovery as members reaching health goals live longer healthier lives requiring less medical coverage but still paying the same amount for longer periods as they too live longer. The points brought up in Text 5 about obesity further prove that less healthy people or people with obesity have higher healthcare costs by almost R4400 per person clearly showing that it is in their best interests to keep members healthy through goals and possible benefits. The increasing number of people with obesity can also be combated through Discoveries customer service. The costs of obesity on South Africa are around R700 Billion per annum including food and healthcare. Worldwide over 11 Million deaths are caused by obesity.
These statistics, although they are negative for Discovery by helping their own business, they too encourage change in the society around them and in turn help people suffering of obesity as well as decreasing costs of obesity on countries around the world.Text 7 states, “The problem with unverified physical activity is that it rewards incorrect behaviour and ultimately, people end up cheating themselves.” The reason to this can be because most points collected can be achieved by cheating or faking it. For example: people swipe their gym cards to record the gym visit to hold the discounted gym membership fee and earn 150 points per visit, and then they leave without working out. People also lie about sports events to claim points without actually having participated in the event. However, Discovery has made changes to vitality to control factors like these.
In my opinion, the Vitality Programme succeeds because it lowers the cost to the company, and it allows long-term profit growth. Vitality attracts new customers which has a positive effect on both the business- because it contributes to the company’s success and image- as well as the customers- because it improves their health.