Podcast
Questions and Answers
Which factor has the LEAST direct impact on shaping business ethics within a company?
Which factor has the LEAST direct impact on shaping business ethics within a company?
- The ethical climate within the organization.
- Prevailing political ideologies of the country where the business operates. (correct)
- The ethical values of individual employees at all levels.
- Codes of conduct and ethics standards implemented by the company.
Johnson & Johnson's credo emphasizes responsibilities to various stakeholders. Which of the following is NOT explicitly highlighted in their credo, as described in the provided content?
Johnson & Johnson's credo emphasizes responsibilities to various stakeholders. Which of the following is NOT explicitly highlighted in their credo, as described in the provided content?
- Providing shareholders with consistently increasing dividends. (correct)
- Ensuring partners have the opportunity to make a fair profit.
- Protecting the environment and supporting communities through charitable work.
- Maintaining an inclusive, safe, and diverse work environment.
An employee discovers that their manager is falsifying expense reports. Choosing to report this activity to a higher authority within the company would be an example of:
An employee discovers that their manager is falsifying expense reports. Choosing to report this activity to a higher authority within the company would be an example of:
- Conflict of interest management.
- Whistle blowing. (correct)
- Maintaining honesty and integrity.
- Loyalty to the company.
Which of the options is the best course of action when facing a conflict of interest?
Which of the options is the best course of action when facing a conflict of interest?
What is the primary function of social audits in the context of corporate social responsibility (CSR)?
What is the primary function of social audits in the context of corporate social responsibility (CSR)?
A sales representative is pressured by their manager to exaggerate the benefits of a product to secure a large sale. This scenario primarily tests the employee's:
A sales representative is pressured by their manager to exaggerate the benefits of a product to secure a large sale. This scenario primarily tests the employee's:
Which action exemplifies a company engaging in green marketing?
Which action exemplifies a company engaging in green marketing?
An engineer discovers a design flaw that could potentially compromise the safety of a product. However, correcting the flaw would significantly delay the product launch and increase costs. Balancing the company's interests with the safety of consumers requires navigating the complexities of:
An engineer discovers a design flaw that could potentially compromise the safety of a product. However, correcting the flaw would significantly delay the product launch and increase costs. Balancing the company's interests with the safety of consumers requires navigating the complexities of:
A company’s decision to support local schools and educational programs directly addresses which area of social responsibility?
A company’s decision to support local schools and educational programs directly addresses which area of social responsibility?
An employee is good friends with their manager. During a performance review, the manager inflates the employee's ratings, even though their performance is mediocre. This situation exemplifies a potential conflict between:
An employee is good friends with their manager. During a performance review, the manager inflates the employee's ratings, even though their performance is mediocre. This situation exemplifies a potential conflict between:
A company operates in a country where bribery is a common business practice. While the company's home country prohibits bribery, engaging in it locally would significantly improve the company's profitability and market share. This situation represents a challenge related to:
A company operates in a country where bribery is a common business practice. While the company's home country prohibits bribery, engaging in it locally would significantly improve the company's profitability and market share. This situation represents a challenge related to:
How might a company demonstrate its commitment to supporting charitable and societal causes?
How might a company demonstrate its commitment to supporting charitable and societal causes?
What is a potential outcome of a company failing to address the needs and inclusion of women, minorities, and physically challenged individuals in its workforce?
What is a potential outcome of a company failing to address the needs and inclusion of women, minorities, and physically challenged individuals in its workforce?
In what way might a business demonstrate a commitment to minimizing pollution?
In what way might a business demonstrate a commitment to minimizing pollution?
What is the role of employee satisfaction in the concept of Corporate Social Responsibility (CSR)?
What is the role of employee satisfaction in the concept of Corporate Social Responsibility (CSR)?
What is a key challenge related to whistle-blowing, based on the information provided?
What is a key challenge related to whistle-blowing, based on the information provided?
Which activity best exemplifies cause-related marketing?
Which activity best exemplifies cause-related marketing?
The Consumers Association of Canada includes 'the right to redress' as a fundamental consumer right. What does 'redress' primarily entail?
The Consumers Association of Canada includes 'the right to redress' as a fundamental consumer right. What does 'redress' primarily entail?
A toy manufacturer discovers a defect in one of their products that could cause harm to children. According to consumer rights, what is the manufacturer's most ethical course of action?
A toy manufacturer discovers a defect in one of their products that could cause harm to children. According to consumer rights, what is the manufacturer's most ethical course of action?
What is the primary function of the 'Employment Equity Act'?
What is the primary function of the 'Employment Equity Act'?
A company is planning to expand its operations into a new market. Which action demonstrates a commitment to the 'right to be heard' for its new customers?
A company is planning to expand its operations into a new market. Which action demonstrates a commitment to the 'right to be heard' for its new customers?
What best describes the responsibilities of the CCOHS (Canadian Centre for Occupational Health and Safety)?
What best describes the responsibilities of the CCOHS (Canadian Centre for Occupational Health and Safety)?
How can companies best support employees who are part of the 'sandwich generation'?
How can companies best support employees who are part of the 'sandwich generation'?
What scenario would be considered a violation of workplace safety standards?
What scenario would be considered a violation of workplace safety standards?
Flashcards
Business Ethics
Business Ethics
The standards of conduct and moral values guiding actions in business.
Ethical Climate
Ethical Climate
The overall atmosphere regarding ethics within an organization or society.
Codes of Conduct
Codes of Conduct
Guidelines and standards that govern ethical behavior within a company.
Conflict of Interest
Conflict of Interest
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Honesty and Integrity
Honesty and Integrity
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Loyalty vs Truth
Loyalty vs Truth
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Whistle Blowing
Whistle Blowing
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Impact of Individuals
Impact of Individuals
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Cause-related marketing
Cause-related marketing
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Product liability
Product liability
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Right to be safe
Right to be safe
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Right to be informed
Right to be informed
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Right to choose
Right to choose
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Right to be heard
Right to be heard
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Workplace safety
Workplace safety
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Equal opportunity on the job
Equal opportunity on the job
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Whistle-blowing Protection
Whistle-blowing Protection
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Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR)
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Reasons for CSR Adoption
Reasons for CSR Adoption
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Social Audits
Social Audits
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Public Health Responsibilities
Public Health Responsibilities
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Environmental Protection
Environmental Protection
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Workforce Quality Development
Workforce Quality Development
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Charitable Contributions
Charitable Contributions
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Study Notes
Business Ethics and Social Responsibility
- Business ethics are the standards of conduct and moral values that guide actions and decisions in the business environment.
- Business ethics are influenced by ethical values of executives and employees, the ethical climate within an organization (or country), and codes of conduct and ethics standards.
- Key considerations for business ethics include responsibilities to firms, employees, investors, and society.
The Contemporary Ethical Environment
- Johnson & Johnson: Highlights the importance of responsibility to patients, doctors, nurses, a commitment to high-quality products, fair profit opportunities for partners, an inclusive and safe work environment, and responsibility to communities, charities, education, and the environment.
- Business ethics are shaped by individual morals and ethics—aspects like personal experiences, family, and religious background—influencing expectations and actions of those who work with and for the individual.
How Organizations Shape Ethical Conduct
- Conflict of Interest: A situation where an action benefits one party but potentially harms another. This is especially challenging when the interests of a person with a duty (e.g., real estate agent representing both buyer and seller) collide.
- Honesty and Integrity: Being truthful and acting according to deeply held ethical principles in business situations. This involves doing what you say, taking responsibility for mistakes, and inspiring trust.
- Loyalty vs. Truth: Employees may face situations requiring a choice between loyalty to a company and telling the truth about potentially illegal or unethical practices.
- Whistle-blowing: An employee disclosing illegal, immoral, or unethical practices to company officials, government authorities, or the media.
Acting Responsibly to Satisfy Society
- Corporate Social Responsibility (CSR): Management's commitment to considering profit alongside qualitative indicators like customer and employee satisfaction, and societal well-being.
- Why adopt CSR? Often mandated by law, improves company image, and viewed as the ethically sound approach.
- Measuring CSR: Social audits evaluate company involvement and performance in areas like conservation, employment, environmental protection, and philanthropy.
Responsibilities to the General Public
- Public Health Issues: Dealing ethically with dangerous products (e.g., tobacco, alcohol), and environmental problems/sustainability. Businesses should address issues like environmental protection, pollution, and waste management. Environmental friendly actions include minimizing pollution, recycling, and green marketing. Companies may invest in sustainable practices such as solar or wind energy.
- Workforce Quality/Development: Developing a skilled and educated workforce is a national wealth issue. Companies should support education and training for employees and strive to create an equitable work environment.
- Charitable and Societal Causes: Supporting local communities through donations and volunteerism to enhance company image, employee morale, and customer relationships (cause-related marketing).
Responsibilities to Customers
- Consumer Rights: Safe products, proper information, choices, and the right to be heard.
Responsibilities to Employees
- Workplace Safety: Providing a safe work environment, complying with health and safety standards, and handling issues like hazardous materials and equipment adequately.
- Quality of Life: Balancing work and family life through flexible schedules and support for child-care, and by fostering respectful work environments.
- Equal Opportunity: Ensuring equal opportunity for all workers while creating workplace programs to support workers with disabilities and addressing issues of gender, race, religion, and age discrimination.
Sexual Harassment and Sexism
- Sexual Harassment: Preventing sexual harassment in the workplace by establishing clear policies and procedures to address complaints and take disciplinary actions.
- Equal Treatment: Ensures all employees are treated fairly to prevent unwelcome and inappropriate actions of a sexual nature.
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Description
Understand business ethics, the standards guiding actions and decisions in business. Ethical values, organizational climate, and codes of conduct influence business ethics. Key considerations include responsibilities to firms, employees, investors, and society.
