Qs.4. Could anything have been done differently at Lehman Brothers to prevent what happened? Explain.
Answer: As Lehman Brothers & their manger were responsible for what happened, there are many things that could have done to prevent it.
Things that could have done:
1.By ensuring social responsiveness & responsibilities: Managers social responsibilities go beyond making profits to include protecting and improving society’s welfare. On the other hand social responsiveness is when a company engages in social actions in response to some popular social needs. The practice of socially responsible marketing has many distinct advantages for businesses who choose to embrace it. In terms of financial advantages, the government has established a number of tax-cuts and other benefits for companies in many industries as incentives to be more socially responsible. For instance, companies that reduce their carbon emissions and pollution levels are often offered tax exemptions and other assets for their cooperation in the country's movement towards environmental awareness and responsibility. Similarly, social responsibility in marketing helps to ensure that a company is, in fact, following the rules and this not only instills faith among the customer base, but also helps to keep the company out of any kind of trouble in terms of legal problems and also in terms of public relations. Bu, as Lehman Brothers were not socialy responsible they ruined their company. They should have ensured social responsibility and responsiveness.
2.By understanding business skills: The key business skills to consider include: Strategic Management. Creating a business and strategic plan for your business and making sure you keep to it. Basic Accounting. Which records to keep, how to keep them and how to file them. Financial Management. Where to find financing and how to manage it once you’ve sourced it. People Management. Hiring your first employee and how to manage them....
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