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Man 220 Chapter 3
| Question | Answer |
|---|---|
| Ethics | individual's personal beliefs/moral principles about whether a behavior, action, or decision is right or wrong |
| Code of ethics | how you will operate a business, values, mission statement, |
| instrumental values | means to a desired end. - honesty, ambition, imagination, self discpline |
| terminal values | preferences about desired end states-self respect, family security, freedom, happiness |
| Primary purpose of a business | to create value |
| Utilitarian view | view holds that ethical behavior holds the greatest good for the most people |
| Individualism View | view holds that ethical behaviors advance long term self interest |
| Moral Rights View | view holds that ethical behaviors respects and protects fundamental rights shared by all people |
| Justice View | Everyone deserves to be treated impartially and fairly |
| Individual | different views personally |
| leadership-Corporate Governance | checks and balances so there is accountability |
| Culture | higher ups should be willing to help. you want a positive environment to work together -inclusiveness |
| Incentive/Compensation Plan | compensations - create rewards and bonus' that promote teamwork, so everyone works together - don't create cannibalistic culture. |
| developing Incentive Programs | align incentives w/ your objectives, keep the program simple, offer various reward options, evaluation of incentive program, specify program budget and structure, reward work frequently, set program goals, involve the right and deserving people |
| foster ethics at work | begins with top management, code of ethics, hiring, training, organizational culture, individual behavior |
| Immoral manager | chooses to behave unethically |
| amoral manager | fails to consider the ethics with their behavior |
| moral manager | makes ethical behavior a personal goal |
| code of ethics | formal, written statement of the values and ethical standards that guides a firms actions - compliance mechanisms + signatures |
| hiring | hiring moral people - situational based questions, reference check, background check |
| Training | simulations and talking through situation |
| Organizational Culture | no one should ever be afraid to tell you bad news |
| Individual Behavior | publicity test - being okay with everything you do being public |
| hierarchy of needs | physiological needs, safety needs, love and belonging, esteem, self-actualization |
| Corporate social responsibility | the obligation of an organizations to serve the interest of multiple stakeholders, including society at large - customers, employees, investors, environment, social welfare |
| 3 P's | people, profit, planet |
| triple bottom line | economic/money , social, and environmental criteria |
| Socioeconomic View | if a business creates problems and should solve them corporations are citizens in our society business has the resources necessary to solve problems business is a partner in our society along with the govt. and population |
| Classic view | purpose of a business is to generate profit for owners involvement in social programs too much power potential for conflicts of interest business lacks the expertise to manage social programs |
| Shared view/virtuous circle | any company who does a social good will also reap the benefit of loyal customers who keep coming back - Tom's and Bomba's |
| Degree of social repsonsibility | highes-proactive, accommodative, defensive, obstructionist |
| proactive | actively pursues socil responsibility- going out of our way |
| Accommodative | accepts socail responsibility and tries to satisfy basical ethical needs |
| defensive | does the minimum legally required otherwise none |
| obstructionist | tries to avoid and resist required pressure for social respnsibility |
| Govt influences business | environmental protection legislation - creating laws (EPA) consumer protection legislation - (FTC and FDA) Employee protection legislation - (EEOC) Securities legislation - (SEC) (indirectly) Tax codes - (IRS) |
| Business influences govt | Personal contacts and networks Lobbying Political action committees (PACs) Favors and other influence tactics |
Created by:
agk236