Ethics and Corporate Social Responsibility in Strategic Management Quiz

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a ______

profit

Friedman's Traditional Responsibility: View of Business argues against the concept of social ______

responsibility

Primary goal of business is profits maximization not spending shareholder money for the general social ______

interests

Firms have multiple stakeholders and must go beyond a focus solely on financial ______

results Signup and view all the answers

Social responsibility is the expectation that businesses or individuals will strive to improve the overall welfare of ______

society Signup and view all the answers

Sustainability projects can yield substantial benefits even when they are difficult to ______

quantify Signup and view all the answers

Discretionary responsibilities are purely ______ obligations a corporation assumes

voluntary Signup and view all the answers

Ethical decision-making refers to the process of evaluating and choosing among alternatives in a manner consistent with ______ principles

ethical Signup and view all the answers

In making ethical decisions, it is necessary to perceive and eliminate ______ options and select the best ethical alternative

unethical Signup and view all the answers

Stakeholders have an interest in the business and affect or are affected by the achievement of the ______'s objectives

firm Signup and view all the answers

Social capital refers to the goodwill of key stakeholders, that can be used for competitive ______

advantage Signup and view all the answers

Primary stakeholders are those who have a direct connection with the corporation and who have sufficient bargaining power to directly affect corporate ______

activities Signup and view all the answers

Being socially responsible may enable a firm to charge premium prices and gain brand ______

loyalty Signup and view all the answers

Secondary stakeholders have an indirect stake in the corporation but are also affected by corporate activities, includes NGOs, activists, local communities, trade associations, ______, and governments

competitors Signup and view all the answers

Social responsibility can attract outstanding ______

employees Signup and view all the answers

Firms that are socially responsible are more likely to be welcomed into a foreign ______

country Signup and view all the answers

A socially responsible firm can utilize the goodwill of public officials for support in ______ times

difficult Signup and view all the answers

Study Notes

Social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a profit.
Friedman's Traditional Responsibility View of Business argues against the concept of social responsibility.

Business Goals

The primary goal of business is profit maximization, not spending shareholder money for the general social welfare.

Stakeholders

Firms have multiple stakeholders and must go beyond a focus solely on financial stakeholders.
Stakeholders have an interest in the business and affect or are affected by the achievement of the organization's objectives.
Primary stakeholders are those who have a direct connection with the corporation and who have sufficient bargaining power to directly affect corporate performance.

Social responsibility is the expectation that businesses or individuals will strive to improve the overall welfare of society.
Being socially responsible may enable a firm to charge premium prices and gain brand loyalty.
Socially responsible firms are more likely to be welcomed into a foreign market.
A socially responsible firm can utilize the goodwill of public officials for support in difficult times.

Ethics and Decision-Making

Ethical decision-making refers to the process of evaluating and choosing among alternatives in a manner consistent with ethical principles.
In making ethical decisions, it is necessary to perceive and eliminate unethical options and select the best ethical alternative.

Sustainability projects can yield substantial benefits even when they are difficult to quantify.
Discretionary responsibilities are purely voluntary obligations a corporation assumes.
Social capital refers to the goodwill of key stakeholders, which can be used for competitive advantage.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge on ethics, corporate social responsibility, and strategic decision making in the context of business management. Explore concepts such as Friedman's traditional view of business responsibility and the role of private corporations in society.