Managerial Ethics

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What strategy did Bob Nardelli implement at Home Depot that was widely seen as a mistake?

Imposing a laid-back culture
Replacing full-time workers with part-timers (correct)
Focusing on retail customers
Sending nasty emails to store managers

Who is considered as one of the pioneers of modern management theory in the US?

Bob Nardelli
Ron Johnson
Steve Jobs
Henry Ford (correct)

Who was hired by JC Penney to give the retailer a fresh new image and boost sales?

Ron Johnson (correct)
Bob Nardelli
Steve Jobs
Henry Ford

What was Ron Johnson's strategy for JC Penney?

Doing away with sales, promotions, and coupons (A) Signup and view all the answers

What are the two causes of change mentioned in the text?

Technology & Globalization (D) Signup and view all the answers

What is considered as the most persistent, pervasive, and powerful challenge for managers?

Managing change (A) Signup and view all the answers

What did the introduction of new technology lead to, according to the text?

The development of new products and/or processes (A) Signup and view all the answers

What is the study of morality and standards of business conduct called?

Managerial ethics (C) Signup and view all the answers

Which branch of philosophy focuses on moral issues such as what is good and bad, right and wrong?

Ethics (C) Signup and view all the answers

What is the difference between an ethical dilemma and an ethical lapse?

An ethical dilemma involves competing options, while an ethical lapse involves decisions contrary to stated beliefs. (D) Signup and view all the answers

What did Nike do in response to the sweatshop labor controversy?

ALL OF THE ABOVE (B) Signup and view all the answers

What are the three basic approaches to ethical decision-making?

Utilitarian, Moral rights, and Justice (D) Signup and view all the answers

What are the six components of Moral Intensity?

Magnitude of consequences, Social consensus, Probability of effect, Temporal immediacy, Proximity, Concentration of effect (A) Signup and view all the answers

What is the difference between the Efficiency Perspective and the Social Responsibility perspective?

The Efficiency Perspective focuses on maximizing profits, while the Social Responsibility perspective focuses on giving back to communities. (B) Signup and view all the answers

According to Peter Drucker, what are the 5 basic tasks of a manager?

Setting objectives, organizing activities, motivating & communicating, measuring, developing people (C) Signup and view all the answers

What is the role of an entrepreneur according to Joseph Schumpeter?

To create new businesses for the purpose of gain or growth under conditions of risk and uncertainty (B) Signup and view all the answers

What is the concept of 'creative destruction' according to Joseph Schumpeter?

Creation by one firm leads to new products, services, and even entire industries. But unless the market leader is constantly innovating, it may be destroyed by hungrier competitors. (C) Signup and view all the answers

What are the various roles that managers play according to Mintzberg?

Interpersonal, informational, decisional (D) Signup and view all the answers

What is the definition of ethics?

The study of moral principles and values that determine right and wrong behavior. (C) Signup and view all the answers

What is the definition of scientific management according to F.W. Taylor?

The art of knowing what is to be done and seeing that it is done in the best possible manner (C) Signup and view all the answers

What is the definition of an entrepreneurial mindset?

Requires a commitment to constantly learning new skills and acquiring and deploying new knowledge. (C) Signup and view all the answers

Which of the following best describes globalization?

The integration of markets, nation states, and technologies through the flow of trade, investment, and capital across borders. (C) Signup and view all the answers

What are the BRICs?

A group of countries including Brazil, Russia, India, and China with large consumer populations. (C) Signup and view all the answers

What is the main difference between developed, emerging, and developing economies?

Developed economies have large effective capital markets, while emerging economies are rapidly growing with underdeveloped capital markets, and developing economies have weak economies with little capital available for growth. (C) Signup and view all the answers

What is the definition of culture?

A learned set of assumptions, values, beliefs, and behavioral norms that affect human behavior. (A) Signup and view all the answers

What are the two types of norms?

Folkways and mores. (A) Signup and view all the answers

What does Hofstede's cultural dimension of power distance measure?

The degree to which people accept power and authority differences as legitimate. (D) Signup and view all the answers

What is the main difference between high context and low context cultures?

High context cultures emphasize interpersonal relationships and prefer harmony and consensus, while low context cultures value facts, logic, and directedness. (D) Signup and view all the answers

What is the main focus of individualistic societies?

Looking out for themselves and their immediate families. (B) Signup and view all the answers

What is the main focus of collectivist societies?

Looking after extended families and communities. (C) Signup and view all the answers

Bob Nardelli's strategy at Home Depot

Replacing full-time workers with part-timers, a strategy widely considered unsuccessful at Home Depot.

Henry Ford

A prominent figure in modern management theory, known for his contributions to mass production and assembly line techniques.

Ron Johnson

JC Penney's former CEO hired to revitalize the retailer's image and boost sales.

Ron Johnson's strategy for JC Penney

Ron Johnson's strategy for JC Penney, eliminating sales, promotions, and coupons to offer consistent pricing.