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Bus & Soc TECEP 1&2
Study cards taken from "Business in Society" textbook recommended for TECEP exam
| Question | Answer |
|---|---|
| The level of wealth, disposable income, and standard of living of the society. | Affluence |
| The collection of private, commercially oriented (profit-oriented) organizations. | Business |
| Focus on demographics, lifestyles, and social values of the society. | Social Environment |
| Focus on the nature and direction of the economy within which the business operates. | Economic Environment |
| Focus on the processes by which laws get passed and officials get elected and all other aspects of the interaction between the firm, political processes, and government. | Political Environment |
| The total set of technology-based advancements taking place in society. | Technological Environment |
| A diffusion of power among society's many groups and organizations. Wide decentralization & diversity. | Pluralism |
| Relationships between business and stakeholders are: | Community, Government, Owner, Employee, Consumer |
| A society that is characterized by tens of thousands of special-interest groups, each pursuing its own focused agenda. | Special-Interest Society |
| A belief or attitude that each succeeding generation ought to have a standard of living higher than that of its predecessor. | Revolution of rising expectations. |
| A gap between society's expectations of social conditions and the current social realities. | Social Problem |
| The belief that someone is owed something just because he or she is a member of society. | Entitlement mentality |
| The ability or capacity to produce an effect or to bring influence to bear on a situation or people. | Business power |
| Levels of Business Power | Macro (the corporate system), Intermediate (several firms), Micro (single firm), Individual (single executive) |
| Spheres of Power | Economic, Social/Cultural, Individual, Technological, Environmental, Political |
| Iron Law of Responsibility | "In the long run, those who do not use power in a manner which society considers responsible will tend to lose it." |
| A set of two-way understandings that characterize the relationship between major institutions - in this case, business and society. | Social Contract |
| Issues of right, wrong, fairness, and justice. | Ethics |
| Individuals or groups with which business interacts who have a "stake", or vested interest, in the firm. | Stakeholders |
| Corporate Social Responsibility emphasizes: | obligation, accountability |
| Corporate Social Responsiveness emphasizes: | action, activity |
| Corporate Social Performance emphasizes: | outcomes, results |
| Contributions to charity and other worthy causes. | Philanthropy |
| The social responsibility of business encompasses the economic, legal, ethical, and discretionary (philanthropic) expectations that society has of organizations at a given point in time. | Corporate Social Responsibility |
| Business must be an economic institution - produce goods & services, sell them at fair prices, and make an adequate profit. | Economic responsibilities of business. |
| Abide by the basic notions of fair practices as established by our lawmakers. | Legal responsibility of business. |
| The full scope of norms, standards, values, and expectations that reflect what consumers, employees, shareholders, and the community regard as fair, just and consistent. | Ethical responsibilities of business. |
| The expectation that a business will "give back." | Philanthropic responsibility of business. |
| Four components of corporate social responsibility: | Economic, Legal, Ethical, Philanthropic |
| Arguments against corporate social responsibility: | Classical economics, business not equipped, dilutes business purpose, too much power already, and global competitiveness. |
| Arguments for corporate social responsibility: | Enlightened self-interest, warding off government, resources available, proacting vs. reacting, and public support. |
| Benefits of corporate citizenship: | Improved employee relations, improved customer relationships, improved business performance, and enhanced company marketing efforts. |
| Stages of corporate citizenship: | Elementary, Engaged, Innovative, Integrated, Transforming |
| Dimensions of corporate citizenship: | Citizenship concept, strategic intent, leadership, structure, issues management, stakeholder relationships, transparency. |
| "Triple Bottom Line" concept (John Elkington) | Three key spheres of sustainability: economic, social, and environmental. |
Created by:
ChristyLangemann
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