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MGMT 301: Chapter 3
MGMT 301: Chapter 3 Questions
| Question | Answer |
|---|---|
| What is the Triple Bottom Line? | It represents people, the planet, and profit (3 P's), as it measures an organizations' social, environmental, and financial performance. |
| What is Social Audit? | Systematic assessment of a company's performance in implementing socially responsible programs, often based on predefined goals. |
| What is Stakeholders? | People whose interests are affected by an organization's activities. (Broader term for Stockholders). |
| What are the two types of stakeholders? | Internal stakeholders and external stakeholders. |
| What are internal stakeholders? | Consist of employees, owners, and the board of directors. |
| What are owners? | Consist of those who can claim it as their legal property. |
| What are the five principal types of ownership? | Sole Proprietorship, Partnership, Private Investors, Employee Owners, and Stockholders. |
| What is a sole proprietorship? | Sole owner of the company |
| What is a partnership? | Two owners running the company. 50/50 ownership. |
| What is private investors? | Member of group people owning a company. If you are member of this type of ownership, you are a private investor or investor. |
| What are employee owners? | Company that is half owned by its own employees. If you are one of these employees, you are considered a joint owner. |
| What is a stockholder? | One of the thousands of owners who bought a few shares of a stock in a company. |
| What is a board of directors? | Members elected by the stockholders to see that the company is being run according to their interests. |
| What are external stakeholders? | People or groups in the organization's external environment that are affected by it. |
| What are the two types of environments consisting of external stakeholders? | Task Environment and General Environment |
| What is a Task Environment? | Consist of 10 groups that present you with daily tasks to handle: Customers, competitors, suppliers, distributors, strategic allies, employee organizations, local communities, financial institutions, government regulators, and special-interest groups. |
| What are Customers? | Those who pay to use an organization's goods or services. |
| What are Competitors? | People organizations that compete for customers or resources |
| What are Suppliers? | is a person or an organization that provides supplies-that is, raw materials, services, equipment, labor, or energy-to other organizations. (Vendor). |
| What are Distributors? | A person or an organization that helps another organization sell its good or services to customers. (Middle man). |
| What are Strategic Allies? | Describes the relationship of two organizations who join forces to achieve advantages neither can perform as well alone. |
| What are Clawbacks? | Rescinding the tax breaks when firms don't deliver promised jobs. |
| What is Venture Capital? | Money provided by investors to start-up firms and small businesses with high risk but perceived long-term growth potential, in return for an ownership stake. |
| What is Crowdfunding? | Raising money for a project or venture by obtaining many small amounts of money from many people ("the crowd"). |
| What are Government Regulators? | Regulatory agencies that establish ground rules under which organizations may operate |
| What are Special-Interest Groups? | Groups whose members try to influence specific issues. |
| What is a General Environment? | Known as a macroenvironment, in contrast to the Task Environment, it includes the following six forces: Economic, Technological, Sociocultural, Demographic, Political-Legal, and International. |
| What are Economic Forces? | Consist of the general economic conditions and trends such as: unemployment, inflation, interest rates, economic growth. |
| What are Technological Forces? | New developments in methods for transforming resources into goods or services. |
| What are Disruptions? | Disturbance or problems that interrupt an event, activity, or process. |
| What are Sociocultural Forces? | Influences and trends originating in a country's, a society's, or a culture's human relationship and values that may affect an organization or industry. |
| What are Demographic Forces? | Influences on an organization arising from changes in the characteristics of a population, such as age, gender, or ethnic origin. |
| What are Political-Legal Forces? | Changes in the way politics shape laws and laws shape the opportunities for and threats to an organization. |
| What are International Forces? | Changes in the economic, political, legal, and technological global system that may affect an organization. |
| Most ethical conflicts are about choosing between... | Economic performance and Social performance |
| What is an Ethical Dilemma? | Situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal. |
| What are Ethics? | Standards of right and wrong that influence behavior. |
| What is Ethical Behavior? | Behavior that is accepted as "right" as opposed to "wrong" according to those standards. |
| What are the five most common unethical behaviors? | Misusing company time, abusive behavior, employee theft, workplace cheating, and violating corporate Internet policies. |
| What is Abusive Supervision? | "Subordinates" perceptions of the extent to which supervisors engage in the sustained display of hostile verbal and nonverbal behaviors, excluding physical contact. |
| What is Workplace Cheating? | Defined as "unethical acts that are intended to create an unfair advantage or help attain benefits that an employee would not otherwise be entitled to receive" |
| What is a Value System? | Pattern of values within an organization. |
| What are Values? | Relatively permanent and deeply held underlying beliefs and attitudes that help determine a person's behavior. |
| What are the four approaches to resolving ethical dilemmas? | 1) The Utilitarian Approach 2) Individual Approach 3) Moral-Rights Approach 4) The Justice Approach |
| What is the Utilitarian Approach? | Guided by what will result in the greatest good for the greatest number of people. |
| What is the Individual Approach? | Guided by what will result in the individual's best long-term interest, which ultimately are in everyone's self-interests. |
| What is Moral-Rights Approach? | Guided by respect for the fundamental rights of human beings, such as those expressedin the U.S. Constitution's Bill of Rights. |
| What is the Justice Approach? | Guided by respect for imperial for impartial standards of fairness and equity. |
| What are Insider Trading? | Illegal trading of a company's stock by people using confidential company information. |
| What is the Sarbanes-Oxley Reform Act of 2002? | Often shortened to SarbOx or SOX, it is an established requirement for proper financial record keeping for public companies and penalties of as much as 25 years in prison for noncompliance. |
| Who is Laurence Kohlberg? | A psychologist who proposed the three levels of personal moral development, preconventional, conventional, and postconventional. |
| What are the three levels of personal moral development? | Level 1 - Preconventional, follows rules. Level 2 - Conventional, follows expectations of others Level 3 - Postconventional, guided by internal values. |
| What is the Code of Ethics? | Consist of formal written set of ethical standards guiding an organization's actions. |
| What are 4 ways an organization may promote high ethical standards? | 1) Creating a strong ethical climate 2) Screening prospective employees 3) Instituting ethic codes and training programs 4) Rewarding ethical behavior: protecting whistle-blowers |
| What is a Whistle-Blower? | Employee, or even outside consultant who reports organizational misconduct to the public such as health, and safety matters, waste, corruption, or overcharging of customers. |
| What is Social Responsibility? | Manager's duty to take actions that will benefit the interests of society as well as of the organization. |
| What is Corporate Social Responsibility? | The notion that corporations are expected to go above and beyond following the law and making a profit. |
| Who is Archie B Carroll? | Business scholar from the University of Georgia, Carroll believe corporate social responsibility rests at the top of a corporation's obligations, right up there with economic, legal, and ethical obligations. |
| What is Climate Change? | Refers to the major changes in temperature, precipitation, wind patterns, and similar matters occurring over several decades. |
| What is Global Warming? | The rise in global average temperature near the Earth's surface, caused mostly by increasing concentrations in the atmosphere of greenhouse gases, such as carbon emissions from fossil fuels. |
| What is Natural Capital? | The value of natural resources, such as topsoil, air, water, and genetic diversity which humans depend on. |
| What is Philanthropy? | Making charitable donations to benefit humankind. |
| What is Corporate Governance? | System of governing a company so that the interests of corporate owners and other stakeholders are protected. |
Created by:
DavidMV2014
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