BS 1

Question 1

For a business to prosper over time it must

Answer 1

‘To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society’

Question 2

Factors that change BS focus

Answer 2

Scandals
increasing diverse stakeholders
societal issues
biz opportunities 
Ethical operation

Question 3

Types of business environment in BS 4 w/eg

Answer 3

social (Demographic, lifestyle, socval)
Economic (Micro/Macro factors)
Political (Regulation)
Technological (impact on products, services and processes)

Question 4

quote related to Power and responsibility

Answer 4

• “in the long run those who do not use power in a manner which society considers responsible will tend to lose it ” (David and Blomstrom, 1966)

Question 5

societal norms in business, what is it and what influences it (3)

Answer 5

Agreement between society and business through laws and regulation and normative perspectives
These rules are shifting rapidly due to societal changes
The shared understanding branches from:
business ethics
sustainability issues
stakeholder management

Question 6

Difference between regulatory shifts and normative shifts

Answer 6

Regulatory relates to government regulation eg carbon tax and Normative relates to social values

Question 7

Stakeholder relationships essentials 3

Answer 7

Essential to engage and understand stakeholders in order for them to buy-in your business
Understand as a form of business development
Understand their agendas