Podcast
Questions and Answers
What best describes the concept of business ethics?
What best describes the concept of business ethics?
- Policies focused solely on employee welfare.
- A set of regulations imposed by the government.
- Strategies to maximize short-term profits.
- Moral principles that guide business operations. (correct)
Which of the following is a key reason why business ethics are important?
Which of the following is a key reason why business ethics are important?
- They contribute to employee biases.
- They enhance a company’s reputation. (correct)
- They enable companies to operate without regulations.
- They focus on short-term financial gains.
What is the primary focus of Corporate Social Responsibility (CSR)?
What is the primary focus of Corporate Social Responsibility (CSR)?
- To minimize costs in production.
- To engage in practices benefiting society and the environment. (correct)
- To maximize shareholder dividends.
- To establish exclusive partnerships.
Which component of business ethics involves being accountable for the impact of business decisions?
Which component of business ethics involves being accountable for the impact of business decisions?
What is a suggested method for incorporating business ethics into a company’s practices?
What is a suggested method for incorporating business ethics into a company’s practices?
Which of the following best reflects the concept of fairness in business ethics?
Which of the following best reflects the concept of fairness in business ethics?
Which of the following actions can enhance a company's financial performance through CSR?
Which of the following actions can enhance a company's financial performance through CSR?
Which step is NOT part of the ethical decision-making process?
Which step is NOT part of the ethical decision-making process?
What is the main distinction between multinational companies (MNCs) and transnational companies (TNCs)?
What is the main distinction between multinational companies (MNCs) and transnational companies (TNCs)?
Which component is NOT part of the 7Ps of Marketing?
Which component is NOT part of the 7Ps of Marketing?
Which exchange rate system allows for government intervention to influence currency value?
Which exchange rate system allows for government intervention to influence currency value?
What is the primary role of money as a medium of exchange?
What is the primary role of money as a medium of exchange?
What is a defining characteristic of entrepreneurship compared to intrapreneurship?
What is a defining characteristic of entrepreneurship compared to intrapreneurship?
What is not considered an advantage of exports?
What is not considered an advantage of exports?
Which term refers to a country acting independently in its foreign policy?
Which term refers to a country acting independently in its foreign policy?
What does glocalization primarily focus on?
What does glocalization primarily focus on?
Flashcards
What is business ethics?
What is business ethics?
The moral principles and values that guide how businesses operate and make decisions.
What is Corporate Social Responsibility (CSR)?
What is Corporate Social Responsibility (CSR)?
It involves companies going beyond profit-making to engage in practices that benefit society and the environment.
Why are business ethics important?
Why are business ethics important?
They build trust among customers, employees, and partners.
Why is CSR important?
Why is CSR important?
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Integrity
Integrity
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Fairness
Fairness
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Ethical Decision-Making Process
Ethical Decision-Making Process
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Levels of Globalization
Levels of Globalization
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Glocalization
Glocalization
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International Marketing
International Marketing
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Multinational Company (MNC)
Multinational Company (MNC)
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Transnational Company (TNC)
Transnational Company (TNC)
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Entrepreneurship
Entrepreneurship
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Intrapreneurship
Intrapreneurship
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Hegemony
Hegemony
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International Trade
International Trade
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Study Notes
Business Ethics and Corporate Social Responsibility
- Business ethics encompass moral principles guiding business decisions, including honesty, fairness, and respect for stakeholders.
- Important because trust is built amongst customers, employees, and partners, enhancing company reputation and contributing to long-term success and sustainability.
Corporate Social Responsibility (CSR)
- CSR involves businesses going beyond profit-making, focusing on benefiting society and the environment.
- Examples include environmental initiatives, ethical labor practices, and community involvement.
- Aligns with and can enhance a company's financial performance.
- Strengthens relationships with stakeholders leading to positive social and environmental impact.
Key Components of Business Ethics and CSR
- Integrity: Consistently upholds ethical and moral principles; honest and transparent business dealings.
- Fairness: Treats all stakeholders equitably, avoids discrimination.
- Respect: Values employees, customers, and the community, protecting human rights and the environment.
- Responsibility: Accountable for business decisions' impact.
Ethical Decision-Making
- Identify the ethical issue.
- Consider stakeholders involved.
- Evaluate potential courses of action.
- Make a decision and take action.
- Reflect on the outcome.
Incorporating Business Ethics and CSR
- Develop a code of ethics.
- Provide ethics training to employees.
- Establish a CSR committee.
- Set measurable CSR goals.
- Engage with stakeholders.
- Report on CSR performance.
Importance of Business Ethics and CSR
- Essential for building a sustainable and responsible business.
- Contributes to a company's long-term success and reputation.
- Companies must integrate ethical considerations into all aspects of their operations.
Additional Concepts in International Business and Trade
- International Trade: Involves exporting and importing goods/services to and from foreign markets.
- Multinational/Transnational Companies: Operate in multiple countries with subsidiaries or branches; transnational companies integrate operations across borders, adapting to local needs.
- Entrepreneurship/Intrapreneurship: The creation of new ideas and products, often through risk-taking, as well as the application of new ideas or products within existing organizations.
- International Financial System: Includes the concept of global financial institutions and their involvement in exchange rates, financial interventions, and development aid concepts.
- Globalization: Occurs at global, regional and local levels, involving the adaptation of products and services to fit local markets, and considering cultural factors.
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