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Questions and Answers
What is the primary purpose of social responsibility in a business context?
What is the primary purpose of social responsibility in a business context?
Which of the following is NOT one of the main stakeholder groups a business focuses on for social responsibility?
Which of the following is NOT one of the main stakeholder groups a business focuses on for social responsibility?
What does the term 'consumerism' refer to?
What does the term 'consumerism' refer to?
How should a company treat its employees in accordance with social responsibility?
How should a company treat its employees in accordance with social responsibility?
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What is an example of collusion in business practices?
What is an example of collusion in business practices?
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Which practice is a responsibility that businesses have towards their investors?
Which practice is a responsibility that businesses have towards their investors?
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Which of the following best describes business ethics?
Which of the following best describes business ethics?
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What is the primary focus of managerial ethics?
What is the primary focus of managerial ethics?
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What is an essential aspect of treating terminated or laid-off employees with social responsibility?
What is an essential aspect of treating terminated or laid-off employees with social responsibility?
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Which of the following reflects a company's social responsibility towards its local community?
Which of the following reflects a company's social responsibility towards its local community?
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Which ethical norm emphasizes fairness in treatment?
Which ethical norm emphasizes fairness in treatment?
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What is the first step in assessing ethical behavior?
What is the first step in assessing ethical behavior?
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Which ethical norm is concerned with the responsibilities individuals have to each other?
Which ethical norm is concerned with the responsibilities individuals have to each other?
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What is the primary focus of fair trade programs?
What is the primary focus of fair trade programs?
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What is meant by unethical behavior?
What is meant by unethical behavior?
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In ethical decision making, which analysis involves determining the most appropriate moral values?
In ethical decision making, which analysis involves determining the most appropriate moral values?
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Which of the following approaches is used to formalize management's commitment to ethical business practices?
Which of the following approaches is used to formalize management's commitment to ethical business practices?
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How can ethics be best defined in the workplace?
How can ethics be best defined in the workplace?
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Which of the following distinguishes social responsibility from ethics?
Which of the following distinguishes social responsibility from ethics?
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Which one of these is NOT a characteristic of social consciousness in today's society?
Which one of these is NOT a characteristic of social consciousness in today's society?
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What role do governments play in social responsibility?
What role do governments play in social responsibility?
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Which of these is NOT a general approach to social responsibility?
Which of these is NOT a general approach to social responsibility?
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How do organizations typically manage social responsibility?
How do organizations typically manage social responsibility?
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What is a key element of implementing social responsibility programs in businesses?
What is a key element of implementing social responsibility programs in businesses?
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What is the primary focus of the Stakeholder Model of Responsibility?
What is the primary focus of the Stakeholder Model of Responsibility?
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What does the concept of accountability in business primarily entail?
What does the concept of accountability in business primarily entail?
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Which of the following is NOT a type of pollution mentioned as a responsibility toward the environment?
Which of the following is NOT a type of pollution mentioned as a responsibility toward the environment?
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What is a key characteristic of consumerism?
What is a key characteristic of consumerism?
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How do companies like Ford Motors and General Electric align with green marketing principles?
How do companies like Ford Motors and General Electric align with green marketing principles?
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Which practice helps companies offset their carbon dioxide emissions?
Which practice helps companies offset their carbon dioxide emissions?
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What strategy for green marketing has Starbucks been known to pioneer?
What strategy for green marketing has Starbucks been known to pioneer?
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What type of agreement represents collusion among companies?
What type of agreement represents collusion among companies?
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Which foundation has the highest total giving as of the fiscal year end?
Which foundation has the highest total giving as of the fiscal year end?
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Which foundation is based in North Carolina?
Which foundation is based in North Carolina?
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What is the total giving of The Wal-Mart Foundation as of January 31, 2014?
What is the total giving of The Wal-Mart Foundation as of January 31, 2014?
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As of December 31, 2014, which foundation's total giving is closest to $90 million?
As of December 31, 2014, which foundation's total giving is closest to $90 million?
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Which foundation had a total giving of over $100 million as of December 31, 2014?
Which foundation had a total giving of over $100 million as of December 31, 2014?
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Which foundation is listed with a fiscal year end date of December 31, 2013?
Which foundation is listed with a fiscal year end date of December 31, 2013?
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What was the total giving of the Bayer U.S. Patient Assistance Foundation as of November 30, 2014?
What was the total giving of the Bayer U.S. Patient Assistance Foundation as of November 30, 2014?
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Which foundation has the lowest total giving mentioned in the list?
Which foundation has the lowest total giving mentioned in the list?
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Study Notes
Business Ethics
- Ethics are beliefs about right and wrong, good and bad
- Business ethics are ethical or unethical behaviors by employees in the context of their jobs
- Ethical behavior conforms to individual beliefs and social norms about what is right and good
- Unethical behavior conforms to individual beliefs and social norms about what is defined as wrong and bad
Assessing Ethical Behavior
- Requires gathering relevant factual information
- Analyzing facts to determine the most appropriate moral value
- Making ethical judgment based on right or wrong
Ethical Norms
- Utility: Does the act optimize benefits for all relevant parties?
- Rights: Does the act respect the rights of everyone involved?
- Justice: Is the act consistent with what’s fair?
- Caring: Is the act consistent with people’s responsibilities to each other?
Company Practices and Business Ethics
- Adopting written codes is a common approach to formalizing top management commitment to ethical business practices
- Instituting ethics programs is another common approach to formalizing top management commitment to ethical business practices
Social Responsibility
- Social responsibility is the overall way a business attempts to balance its commitments to relevant groups and individuals
- Organizational stakeholders are groups, individuals, and organizations who are directly affected by a company’s practices and have a stake in its performance
- Major corporate stakeholders are customers, employees, investors, suppliers and local communities
The Stakeholder Model of Responsibility
- Companies that strive to be responsible to their stakeholders concentrate on five main groups:
- Customers
- Employees
- Investors
- Suppliers
- Local communities
- Customers: Treated fairly and honestly
- Employees: Treated fairly and respectfully, basic human needs met
- Investors: Proper accounting procedures followed, information on financial performance provided
Responsibility toward Customers
- Consumer rights: Consumerism is dedicated to protecting consumer rights
- Unfair pricing: Collusion refers to two or more companies collaborating on price fixing, price gouging is an example of unfair pricing
Responsibility toward Employees
- Provide opportunities to balance work and life pressures and preferences
- Help employees maintain job skills
- Treat terminated or laid-off employees with respect and compassion
- Provide equal opportunities for all employees
Responsibility toward the Environment
- Air Pollution
- Water Pollution
- Land Pollution: includes toxic waste disposal and recycling
Green Marketing
- Modifying production processes to limit consumption of valuable resources and reduce pollution
- Modifying products to use more environmentally friendly materials
- Carbon offsets: companies replenish, repair, or restore parts of the environment damaged by their operations
- Packaging reduction: reducing and reusing materials used in packaging products
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Description
Explore the fundamental principles of business ethics, including the definitions of ethical and unethical behavior. This quiz assesses your knowledge of ethical norms and the practices companies adopt to maintain ethical standards. Test your understanding of utility, rights, justice, and caring in the business context.
