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Management
Chapter 3
| Question | Answer |
|---|---|
| Internal Stakeholders | Consist of employees, owners, and the board of directors |
| Owners | Consist of all those who can claim the organization as their legal property |
| Board of Directors | Members elected by the stockholders to see that the company is being run according to their interest |
| Strategic Allies | The relationship of two organizations who join forces to achieve advantages neither can perform as well alone |
| Employee Organizations | Labor Unions and Professional associations |
| Local Communities | May institute clawbacks, may engage in crowdfunding |
| Clawbacks | rescinding tax breaks when firms don't deliver promised jobs |
| Crowdfunding | raising money for a project by obtaining many small amounts of money from many people |
| External Stakeholders | People or groups in the organizations external environment that are affected by it |
| Task Environment | Consist of 11 groups that present an organization with daily task to handle |
| General Environment | refers to the macro-environment such as economic, technological, and sociocultural |
| Conflicting Values (organizations may have two value systems that conflict) | 1. The value system stressing financial performance 2. The value system stressing cohesion and solidarity in employee relationships |
| 4 Approaches to Deciding Ethical Dilemmas | 1. The utilitarian approach 2. The individual approach 3. The moral-rights approach 4. The justice approach |
| Utilitarian approach | guided by what will result in the greatest good for the greatest number of people |
| Individual approach | guided by what will result in the individuals best long -term interest, which ultimately is in everyone's self-interest |
| Moral-rights approach | guided by respect for the fundamental rights of human beings: the right to life, liberty, privacy, health, safety, and due process |
| Justice approach | guided by respect for impartial standards of fairness and equity |
| Sarbanes-Oxley Act of 2002 | Established requirements for proper financial record keeping for public companies. Penalties of as much as 25 years in prison for noncompliance |
| Kohlberg's three levels of personal moral development | Level 1 - Preconventional Level 2 - Conventional Level 3 - Postconventional |
| Preconventional | Follows rules to avoid unpleasant consequences |
| Conventional | Follows expectations of others (most managers are at this level) |
| Postconventional | guided by internal values, they lead by example |
| Carroll's Global Corporate Social Responsibility | 1. Philanthropic Responsibility 2. Ethical Responsibility 3. Legal Responsibility 4. Economic Responsibility |
| Types of Social Responsibility | 1. Sustainability 2. Natural Capital |
| Sustainability | Economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs |
| Natural Capital | The value of natural resources, such as topsoil, air, water, and genetic diversity, which humans depend on |
Created by:
wtterry41
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