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Chapter Two
Business Ethics & Social Responsibility
| Question | Answer |
|---|---|
| What are ethics? | A set of moral standards for judging whether something is right or wrong |
| What is an ethical issue? | A situation where someone must choose between actions that may be ethical or unethical |
| What is justice? | What is considered fair according to society's standards |
| What is utilitarianism? | A philosophy that judges actions based on their consequences and whether they benefit the greatest number of people |
| What is a problem with utilitarianism? | It's difficult to accurately predict how decisions will affect large numbers of people |
| What is deontology? | The philosophy that people should fulfill their duties and obligations when making ethical decisions |
| What are legal rights? | Rights guaranteed by the government and its laws |
| How can organizations encourage ethical behavior? | By educating employees. leading by example, and providing ethics programs and training |
| Why is leading by example important? | Employees often copy the behavior of their managers and leaders |
| Why do organizations provide ethics training? | To help employees recognize ethical dilemmas and respond appropriately |
| What is a code of ethics? | A set of guidelines explaining a company's expectations for employee behavior toward ccoworkers, customers, and suppliers |
| What information is found in a code of ethics? | Expected responsibilities, acceptable behavior, and ethical standards |
| What is the Feelings Test? | Asking myself how a decision makes me feel to determine if it is ethically comfortable |
| What is the Newspaper (or Social Media) Test? | Asking whether I'be comfortable if my decision appeared on the front page of the news or social media |
| What is Corporate Social Responsibility (CSR)? | A business's concern for the welfare of society beyond legal requirements |
| What are the four levels of Corporate Social Responsibility? | Economic, Legal, Ethical, and Philanthropic |
| Who does CSR affect? | Investors, employees, suppliers, customers. communities, and society |
| Can a company act legally but irresponsibly? | Yes. some legal actions may still be socially irresponsible |
| Why is being socially responsible beneficial? | Consumers are more likely to support companies with strong ethical reputations |
| What is a stakeholder? | An individual or group to whom a business has responsibilities |
| Who are the main stakeholders? | Employees, Customers, Investors, and General public |
| What is a company's first responsibility to employees? | To provide jobs and meaningful employment |
| What responsibilities does a company have toward customers? | Deliver promised products/services and act honeslty |
| How do businesses benefit society? | By providing jobs, goods, services, and paying taxes that support public services |
| What environmental responsibilities do businesses have? | To protect and improve the environment |
| What is Corporate Philanthropy? | Donations of money, products, equipment, or employee volunteer support to benefit society |
| What is Social Investing? | Investing in companies that match an investor's ethical and social values |
| What types of companies might social investors avoid? | Tobacco companies, and Alcohol manufacturers, and Environmentally irresponsible companies |
| What is strategic giving? | Corporate Philanthropy that supports a company's mission and goals |
| What are the four aspects of the changing social contract between employers and employees? | Compensation, Management, Culture, and Learning and development |
| What should multinational companies consider when Operating Globally? | Respect local customs, Maintain ethical standards, Develop local managers, and Build positive community relationships |
| Why are Global Ethics challenging? | Different countries have different customs, labor laws, wages, and workplace standards |
| Why is the Code of Ethics important? | It establishes clear expectations for ethical behavior throughout the company |
| What is the definition of Corporate Social Responsibility (CSR)? | A business's concern for society that goes beyond legal obligations |
| What is the definition of Stakeholders? | Individuals or groups to whom a business has responsibilities |
| What should top management do to create an Ethical Culture? | Lead by example, Offer ethics training, Create and enforce a code of ethics |
| What is the purpose of Corporate Philantropy? | To improve society through charitable giving and employee volunteer efforts |
| How has Corporate Philanthropy changed over time? | It has shifted from general donations to strategic giving aligned with company goals |
| What is one key responsibility of Multinational Corporations? | To maintain ethical standards while respecting local customs |
| What are the three main ways organizations promote ethical behavior? | Lead by example, Ethics training, Code of Ethics |
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