Podcast
Questions and Answers
What is the primary focus of Business Ethics?
What is the primary focus of Business Ethics?
What is Sustainability mainly concerned with?
What is Sustainability mainly concerned with?
Who are considered Internal stakeholders in a business?
Who are considered Internal stakeholders in a business?
What is the term for a pattern of resource use that aims to meet current needs while preserving the environment for future generations?
What is the term for a pattern of resource use that aims to meet current needs while preserving the environment for future generations?
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What are the three criteria that Sustainability embraces?
What are the three criteria that Sustainability embraces?
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What is the term for individuals or groups with which business interacts and who have a vested interest in the firm?
What is the term for individuals or groups with which business interacts and who have a vested interest in the firm?
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What is the main focus of Stakeholder Management?
What is the main focus of Stakeholder Management?
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What is the term for the ability of businesses to survive and thrive over the long term?
What is the term for the ability of businesses to survive and thrive over the long term?
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What is the term for the pattern of business operations that prioritizes short-term gains over long-term sustainability?
What is the term for the pattern of business operations that prioritizes short-term gains over long-term sustainability?
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What is the term for the philosophy that prioritizes social welfare over economic gains?
What is the term for the philosophy that prioritizes social welfare over economic gains?
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Study Notes
Pluralistic Society
- Power is dispersed among many groups and people, preventing concentration of power in a single institution or small group.
- Strengths of a pluralistic society include:
- Preventing power concentration in the hands of a few
- Maximizing freedom of expression and action
- Creating a balance between monism and anarchy
- Providing a built-in set of checks and balances
- Weaknesses of a pluralistic society include:
- Creating an environment in which diverse institutions pursue their own self-interests, leading to no unified direction
- Proliferation of groups and institutions, causing confusion about which organizations serve which functions
Special Interest Groups
- A pluralistic society often becomes a special-interest society with tens of thousands of special-interest groups, each pursuing its own focused agenda.
- Characteristics of special interest groups include:
- Active, intense, diverse, and focused
- Can attract a significant following
- Often work at cross-purposes, with no unified goals
- Make life more complex for business and government
Factors in the Social Environment
- Affluence and education create higher expectations of major institutions, leading to a revolution of rising expectations.
- Growing public awareness through media and the internet contributes to this phenomenon.
- Consequences of the revolution of rising expectations include:
- Entitlement mentality
- Rights movement
- Victimization philosophy
Business and Power
- Business power is the ability to produce an effect or bring influence to bear on a situation or people.
- The Iron Law of Responsibility states that those who do not use power responsibly will tend to lose it.
Social Contract
- Elements of the social contract include:
- Laws or regulations
- Business
- Society or societal stakeholder groups
- Shared understandings of each other
Managerial Approach
- Managers deal with social and ethical concerns in a practical, balanced, and impartial way.
- Managers integrate traditional economic and financial considerations with ethical and social considerations.
Urgent versus Enduring Issues
- Short-term issues require quick responses from management.
- Long-term issues require thoughtful organizational responses.
Business Ethics and Sustainability
- Ethical questions arise during business operations, focusing on issues of right, wrong, fairness, and justice.
- Business ethics focuses on ethical issues in the commercial realm.
- Sustainability refers to preserving the environment for future generations, embracing environmental, economic, and social criteria.
Stakeholder Management
- Stakeholders are individuals or groups with which business interacts and who have a vested interest in the firm.
- Stakeholders include external stakeholders (government, consumers, natural environment, community members) and internal stakeholders (employees, corporate governance, others).
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Description
A pluralistic society's strengths include preventing power concentration, maximizing freedom, and creating a balance between order and anarchy.
