Fundamentals for Success in Business - D072: Comprehensive Overview

Fundamentals for Success in Business - D072:

Comprehensive Overview 5.0 (1 review) Students also studied Terms in this set (298) Social SciencesBusinessBusiness management Save D072 Fundamentals for Success in B...134 terms Tbarnett20Preview WGU Fundamentals for Success in B...60 terms Adan_MPreview Fundamentals for Success in Busine...92 terms katrynaa94Preview

D072 F

70 terms Bro EthicsA system of moral principles.The principles of right and wrong that guide an individual in making decisions LegalPermitted by law.An act that is permissible or in conformity with the law of the land Legal and Ethical (legal-ethical)When the law and personal or organization are in concordance with each other Legal and Unethical (legal-unethical)Dilemma in which stablished laws are not in accordance or do not uphold the ethical choice Illegal and Ethical (illegal-ethical)Dilemma in which ethical choice would be in violation of stablished laws Scenarios: Legal and Unethical (legal-unethical) I: As the outsourcing movement has grown, so have accompanying reports of sweatshop abuses and health and safety issues. Ignoring dangerous work conditions is unethical in any sense, regardless of where the workers are located.II: A judge believes that the use of cannabis should never be allowed regardless of the situation due to personal principles of what is right and wrong. A law was recently passed, however, allowing individuals to use cannabis.Scenarios: Legal and Ethical (legal-ethical)An organization plans to close its local factory and shift manufacturing operations overseas. This brings opposition from employees.

Scenarios: Illegal and Ethical (illegal-ethical)Pentagon papers case: U.S government officials leaked top secret papers to inform the public about government actions during the Vietnam War.Personal EthicsCodes, principals, and values that shape people's interactions with others ValuesStable life goals that people have that reflect what is most important to them Moralsare sets of rules that individuals develop based on cultural norms and beliefs Scenarios: ValuesA job candidate asks questions during an interview to determine whether their personal life goals align with those of the organization.Organizational ethicsRules, principals, and standards for deciding what is morally right or wrong when doing business Scenarios: Organizational ethicsIf an organization can create an ethically oriented culture, it is more likely to hire people who behave the same.

• main Ethical Issues1. Societal issues
• Stakeholder issues
• Internal policy issues
• Personal Issues

Ethical Issues: Societal issuesConcerns issues relating to the world as a whole

Involvement happens because of the ethics the organization creates out of care and concern for individuals.Ethical Issues: Stakeholder issuesConcerns policies that affect its customers, employees, suppliers, and people within the community Ethical Issues: Internal policy issuesConcerns internal relationships between a company and its employees Examples include fairness in management, pay, and employee participation.Ethical Issues: Personal issuesConcerns how people treat others in their organization Examples include gossiping at work or taking credit for another's work.Stakeholder issuesA company insists on treating suppliers with respect and refuses to push them to the lowest pricing possible. Which level of organizational ethics is being used by this company Internal policy issuesA retail company frequently updates its principles, rules, and guidelines to reflect input by employees.Which level of organizational ethics is being illustrated by this company?How Personal Ethics Affect Organizational Ethics Ethics and integrity tend to start (or fail) at the top and trickle down.

Who is responsible for setting the ethical tone of a corporation?Managers Integrity and ethics starts at the top with organizations' leadership and trickles down to everyone else.A company is working hard to establish objectives that promote ethics and standards.What terms describe how these objectives are defined?Specific and measurable Specific outcomes define a desired outcome, and measurable outcomes define a method for determining whether an objective has been met. Promoting ethics and standards requires specifically defining which ethics and standards have been established and should be measurable based on outcomes.Corporate Social Responsibility (CSR)The notion in which a company voluntarily engages in action that benefits society, be it economically, socially, politically, or environmentally.Corporate Social Responsibility (CSR) Main Idea Their aim is to more directly benefit from corporate growth as well as surrounding entrepreneurial opportunities.A company has embraced the philosophy of CSR.Which practice reflects this commitment?

• Ensuring that local, state, and federal taxes are paid on

time

• Abiding by state environmental laws
• Holding a food drive to support local residents in

need

• Providing the workers with free coffee and tea during

their shifts

Correct Answer:

C - CSR refers to voluntary actions taken by a company that benefits the community at large. A food drive is both voluntary and works to benefit the local community.SteakholdersThose who have a stake in the performance and output of an organization, such as employees, unions, investors, suppliers, consumers, local and national government, and communities.World Trade Organization (WTO)a permanent global institution to promote international trade and to settle international trade disputes What is the strategic value of implementing CSR?

• To maintain global operating guidelines such as those

set by the WTO

• To help recruit, train, and maintain groups of local

employees

• To generate a profit and meet the letter of the law in

their business operations

• To increase profits and trust in the long-term while

promoting positive community relations

Correct Answer:

D - CSR is designed to increase long-term profits and shareholder trust while promoting positive community relations and maintaining high ethical standards.

A company develops a program to help guide employees in decision-making and defines expectations for accepting gift from clients.

• Whistleblower and protection
• Social responsibility
• Internal transparency
• Compliance and ethics

Correct Answer:

D - Many organizations implement compliance and ethics programs to help guide decision-making and employee behavior.CSR Key Concepts:CSR refers to a philosophy in which a company voluntarily engages in actions that benefit society economically, socially, politically, or environmentally.Organizations are increasingly launching CSR initiatives in which companies do more than produce a reliable product, charge a fair price with a fair profit margin, and pay a fair wage to employees. These organizations also care for the environment and act on other social concerns.CSR initiatives are based on the underlying utilitarian notion of mutual benefit— the idea that an organization should give back to the customers and communities in which it does business.Today many U.S. citizens expect organizations to conduct themselves in an ethical and socially responsible manner. However, CSR has many strategic benefits for the corporation as well and can lead to an improved bottom line.Institutions like the WTO function as international instruments to support ethical trade on a global scale.Code of Ethicsbegins by establishing the organization's key values and describes the company's obligation to its stakeholders GreenwashingWhen organizations carry about CSR missions in an inauthentic way, using them to increase publicity rather than to spur real change.Therefore, ethical commitments and statements run contrary to actual practices.Confined animal feeding operations CAFOsCAFOs have been condemned by animal rights activists as harmful to the well- being of the animals Internal transparencyDegree in which an organization operates with openness, communication, and accountability.Sarbanes-Oxley Act (SOX)Regulations passed by Congress to reduce unethical corporate behavior.whistleblowersinsiders who report illegal or unethical behavior