Knitmedia
Remember the days when a person would have to wait in line for two days just to purchase U2 tickets? Remember the days of tapes and videos? Hey, let's get with the program, it's now the 21st century, the information, technology age. All one has to do is flick on the computer, get on-line, type in www.knitmedia.com and one has opened the doors to the "Entertainment Company of the 21st century." In the convenience of a person's home, one is able to download music, purchase a compact disc, and even download a performance. Michael Dorf, founder and CEO of the Knitting Factory had this dream, and what almost seemed impossible has finally come too pass. This dream needed a group of managers to put it into action. According to Management Leading People and Organizations in the 21st Century by Gary Dessler, "21st century managing, is a management approach to the rapidly changing business world that emphasizes responsiveness and effective leadership", (pp. 24-25). The Entertain!ment Industry is Infamous for the dynamic nature in the way business is conducted. The way a company reacts to trends in the Music Industry affect whether a company sinks or swims. Through expansion both here in the United States and abroad, Michael Dorf
Examples of some of these trends include the use of the Internet, the packaging of music, and clubs, which allow a person to experience the music in person. Assume that it is possible that the Knitting Factory could have incurred a substantial loss without electric power for that weekend, and that ConEdison was aware of that. Do you believe that ConEd's decision to cut them off was an ethical one? Regardless of the decision to cut off the power, do you think the manner in which they did cut off the power was ethical? Michael's ethics reflect the stakeholder theory; "a social responsibility to serve all the 'corporate stakeholders' affected by its business decisions. A corporate stakeholder is any group which is vital to the survival and success of the corporation" (Dressler, 1998, p.91), such as employees, customers, suppliers, and community. For example, he pays his musicians fairly, hires the homeless, and does not compromise the integrity of the way he conducts business. ------------------------------------------------------------------------ Based on what you've learned from the text, what is your assessment of Michael Dorf's efforts to expand to other countries and become global? Using WEB resources, make a list of the competitor in New York City for the Knitting Factory. Gary Dessler (1998). Management: Leading people and organizations in the 21st Century. [CD-ROM], Chapters 1-3 Videos. Upper Saddle River, NJ: Prentice Hall. What "international management" challenges has Michael had to face to date in planning, organizing, leading, and controlling the company's expansion abroad, and what challenges do you anticipate as he opens new Knitting Factory clubs overseas? What competition do you see Michael and his company facing abroad in Europe as they expand abroad? How do you suggest they address that competition? Important factors involved in business regarding ethics include value judgments on working relationships within the corporation, with stockholders, as well as with clients and customers. The examples of poor ethical business and questionable business practices are displayed in the matter concerning the New York-based utility company, ConEdison, and their customer, the Knitting Factory, an alternative jazz club and bar. The actions taken by the utility company, although legal, could have resulted in severe financial penalties for their customer, while at the same time, having had little effect on the overall profit of ConEdison. These business practices should be viewed as unreasonable as well as unethical.
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Approximate Word count = 2542
Approximate Pages = 10 (250 words per page double spaced)
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