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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?
Why does unethical behavior occur in business?
Internal Factors and External Factors contribute to unethical behavior.
What is defined as 'Core Values'?
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What does Corporate Social Responsibility (CSR) involve?
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Corporate Social Responsibility is just about doing what's legally required.
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The actions of an organization to recognize and proactively respond to the needs and expectations of all its ________ are part of Corporate Social Responsibility.
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Which statement best describes the purpose of Core Values in a business?
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What is a fundamental aspect of Corporate Social Responsibility (CSR)?
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Why is understanding unethical behavior important for businesses?
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Which of the following is NOT a major area of legal regulations affecting businesses?
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What is a key element that supports businesses in 'Doing What’s Right'?
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Which of the following best defines the role of a manager in achieving ethical practices?
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What is a primary characteristic of effective leadership regarding ethical management?
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Which of the following actions would undermine a manager's credibility?
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How can management demonstrate a commitment to ethical practices?
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What is one potential consequence of unethical management practices?
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Which factor is NOT a component of corporate social responsibility?
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What is the primary focus of corporate social responsibility initiatives?
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Which component is necessary for effective ethical decision-making within a business?
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What is emphasized as a key factor in achieving ethical standards in business?
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Which ethical standard prioritizes the greatest good for the greatest number?
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Which of the following represents a set of underlying norms and actions expected from employees?
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Corporate Social Responsibility primarily addresses which aspect of business ethics?
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Which element is NOT considered part of the ethical decision-making process?
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What is the role of ethical standards such as 'Moral Rights' in business practices?
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How should core values be reinforced within an organization?
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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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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.
