Business Ethics Chapter: Doing What's Right
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Questions and Answers

What are the four key elements of 'Doing What’s Right'?

Business Law, Ethical Decision Making, Core Values, Corporate Social Responsibility

Which of the following is not one of the major areas of legal regulations that govern business activities?

  • Personal Preferences (correct)
  • Environmental Protection
  • Labor Laws
  • Uniform Commercial Code

    • Why does unethical behavior occur in business?

    Internal Factors and External Factors contribute to unethical behavior.

    What is defined as 'Core Values'?

    <p>Underlining norms of behavior and actions expected of all employees.</p> Signup and view all the answers

    What does Corporate Social Responsibility (CSR) involve?

    <p>Recognizing and proactively responding to the needs and expectations of all stakeholders.</p> Signup and view all the answers

    Corporate Social Responsibility is just about doing what's legally required.

    <p>False</p> Signup and view all the answers

    The actions of an organization to recognize and proactively respond to the needs and expectations of all its ________ are part of Corporate Social Responsibility.

    <p>stakeholders</p> Signup and view all the answers

    Which statement best describes the purpose of Core Values in a business?

    <p>Core Values guide ethical decision-making and define the company's identity.</p> Signup and view all the answers

    What is a fundamental aspect of Corporate Social Responsibility (CSR)?

    <p>CSR encompasses stakeholder engagement and environmental stewardship.</p> Signup and view all the answers

    Why is understanding unethical behavior important for businesses?

    <p>It helps businesses establish stronger guidelines for ethical conduct.</p> Signup and view all the answers

    Which of the following is NOT a major area of legal regulations affecting businesses?

    <p>Marketing strategies</p> Signup and view all the answers

    What is a key element that supports businesses in 'Doing What’s Right'?

    <p>Adherence to established Core Values</p> Signup and view all the answers

    Which of the following best defines the role of a manager in achieving ethical practices?

    <p>Managers must enforce policies that prevent unethical behavior.</p> Signup and view all the answers

    What is a primary characteristic of effective leadership regarding ethical management?

    <p>Leaders inspire trust and promote transparency.</p> Signup and view all the answers

    Which of the following actions would undermine a manager's credibility?

    <p>Engaging in dishonest practices.</p> Signup and view all the answers

    How can management demonstrate a commitment to ethical practices?

    <p>By developing a code of ethics and training employees.</p> Signup and view all the answers

    What is one potential consequence of unethical management practices?

    <p>Legal penalties and loss of reputation.</p> Signup and view all the answers

    Which factor is NOT a component of corporate social responsibility?

    <p>Ignoring community impact.</p> Signup and view all the answers

    What is the primary focus of corporate social responsibility initiatives?

    <p>Balancing the interests of various stakeholders.</p> Signup and view all the answers

    Which component is necessary for effective ethical decision-making within a business?

    <p>Moral Awareness</p> Signup and view all the answers

    What is emphasized as a key factor in achieving ethical standards in business?

    <p>Moral Intention</p> Signup and view all the answers

    Which ethical standard prioritizes the greatest good for the greatest number?

    <p>Utilitarian</p> Signup and view all the answers

    Which of the following represents a set of underlying norms and actions expected from employees?

    <p>Core Values</p> Signup and view all the answers

    Corporate Social Responsibility primarily addresses which aspect of business ethics?

    <p>Stakeholder Engagement</p> Signup and view all the answers

    Which element is NOT considered part of the ethical decision-making process?

    <p>Market Analysis</p> Signup and view all the answers

    What is the role of ethical standards such as 'Moral Rights' in business practices?

    <p>To protect individual freedoms</p> Signup and view all the answers

    How should core values be reinforced within an organization?

    <p>By reinforcing through example and action</p> Signup and view all the answers

    Study Notes

    Doing What’s “Right”

    • This chapter focuses on four key elements vital for a business to operate ethically: Business Law, Ethical Decision Making, Core Values, and Corporate Social Responsibility.

    Business Law

    • Businesses must operate within the framework of legal regulations.
    • Four major areas of legal regulations that govern business activities:
      • Labor Laws
      • Uniform Commercial Code
      • Environmental Protection
      • Industry Specific Regulations

    Ethical Decision Making

    • Despite existing laws, businesses often face situations where ethical behavior is paramount.
    • Ethical decisions can be influenced by both internal and external factors.
    • A business must strive to bridge the gap between "what does happen" and "what should happen" when faced with ethical dilemmas.

    Core Values

    • Core values represent the underlying norms of behavior and actions expected of all employees.
    • These values should be more than just words on paper and are best reinforced through leadership by example.
    • Organizations like Johnson & Johnson have established ethical codes (Credo) for their employees to follow.

    Corporate Social Responsibility (CSR)

    • CSR refers to the proactive steps taken by an organization to acknowledge and respond to the needs and expectations of its stakeholders.
    • Stakeholders include customers, suppliers, distributors, employees, and the communities a business operates within.
    • Implementing CSR is not only “the right thing to do” but also “the smart thing to do.”
    • Proactive leaders help implement CSR effectively by:
      • Setting a strong example through words and actions.
      • Demonstrating empathy towards stakeholders.
      • Creating a wider vision for the organization and its role in society.

    Key Takeaways

    • Doing "what’s right" involves more than just adhering to legal requirements. Ethical decision-making, core values, and corporate social responsibility are crucial for a thriving business.
    • By prioritizing ethics, businesses can build trust, attract talent, and contribute to a positive social impact.

    Four Elements for Doing What’s “Right”

    • Business law
    • Ethical Decision Making
    • Core Values
    • Corporate Social Responsibility

    Major Areas of Business Law

    • Labor Laws
    • Uniform Commercial Code
    • Environemental Protection
    • Industry Specific Regulations

    Why Unethical Behavior Happens

    • Internal Factors
    • External Factors

    What Should Happen When Faced With An Ethical Decision

    • Moral Awareness
    • Moral Judgment
    • Moral Intention
    • Action/Implementation

    Ethical Standards

    • Utilitarian
    • Individualism
    • Moral Rights
    • Justice
    • Impartial Opinion
    • Full Disclosure

    Core Values

    • Underlying norms of behavior and actions expected of all employees
    • Must go beyond articulation
    • Reinforced by example
    • Reinforced by action

    Corporate Social Responsibility (CSR)

    • Actions of a corporation to acknowledge and proactively respond to the expectations of its stakeholders
    • Stakeholders include: customers, suppliers, distributors, employees, communities, etc.
    • Not just the “Right” thing to do but also the “Smart” thing to do
    • Three things proactive leaders do:
      • Act as a role model
      • Use empathy
      • Create a broader vision

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    Related Documents

    Chapter 4 - Doing What's Right Rutgers Business School PDF

    Description

    This chapter explores the essential elements of ethical business operations, including Business Law, Ethical Decision Making, Core Values, and Corporate Social Responsibility. Understanding these areas is crucial for creating a framework that encourages ethical behavior and compliance within businesses.

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