Podcast
Questions and Answers
Social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a ______
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 ______
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 ______
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 ______
Firms have multiple stakeholders and must go beyond a focus solely on financial ______
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Social responsibility is the expectation that businesses or individuals will strive to improve the overall welfare of ______
Social responsibility is the expectation that businesses or individuals will strive to improve the overall welfare of ______
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Sustainability projects can yield substantial benefits even when they are difficult to ______
Sustainability projects can yield substantial benefits even when they are difficult to ______
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Discretionary responsibilities are purely ______ obligations a corporation assumes
Discretionary responsibilities are purely ______ obligations a corporation assumes
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Ethical decision-making refers to the process of evaluating and choosing among alternatives in a manner consistent with ______ principles
Ethical decision-making refers to the process of evaluating and choosing among alternatives in a manner consistent with ______ principles
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In making ethical decisions, it is necessary to perceive and eliminate ______ options and select the best ethical alternative
In making ethical decisions, it is necessary to perceive and eliminate ______ options and select the best ethical alternative
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Stakeholders have an interest in the business and affect or are affected by the achievement of the ______'s objectives
Stakeholders have an interest in the business and affect or are affected by the achievement of the ______'s objectives
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Social capital refers to the goodwill of key stakeholders, that can be used for competitive ______
Social capital refers to the goodwill of key stakeholders, that can be used for competitive ______
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Primary stakeholders are those who have a direct connection with the corporation and who have sufficient bargaining power to directly affect corporate ______
Primary stakeholders are those who have a direct connection with the corporation and who have sufficient bargaining power to directly affect corporate ______
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Being socially responsible may enable a firm to charge premium prices and gain brand ______
Being socially responsible may enable a firm to charge premium prices and gain brand ______
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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
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
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Social responsibility can attract outstanding ______
Social responsibility can attract outstanding ______
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Firms that are socially responsible are more likely to be welcomed into a foreign ______
Firms that are socially responsible are more likely to be welcomed into a foreign ______
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A socially responsible firm can utilize the goodwill of public officials for support in ______ times
A socially responsible firm can utilize the goodwill of public officials for support in ______ times
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Study Notes
Social Responsibility
- 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 Benefits
- 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 and Social Capital
- 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.
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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.
