Chapter 10: Business Ethics/ Social Responsibility/ Environmental Sustainability Flashcards
1
Q
Business Ethics
A
- Social Responsibility
- Environmental Sustainability
- Principles of conduct within organizations that guide decision making and behavior
2
Q
Code of Business Ethics
A
- A document that provides behavioral guidelines that cover daily activities and decisions within the organization
3
Q
Ethics training should include:
A
- A message from the CEO
- Development and discussion of codes of ethics
- Procedures for discussing and reporting unethical behavior
4
Q
To align ethical and strategic decision making:
A
- Incorporate ethical considerations into long-term planning
- Incorporate ethical considerations into performance appraisals
- Encourage whistle-blowing
- Monitor department and corporate performance regarding ethical issues
5
Q
Bribes
A
- A gift bestowed to influence a recipient’s conduct
- Illegal in many countries, acceptable in others
6
Q
Social Responsibility
A
- Actions an organization takes beyond what is legally required to protect or enhance the well-being of living things
7
Q
Social Policy
A
- Concerns what responsibilities the firm has to its employees, consumers, environmentalists, minorities, communities, shareholders, and other groups
- Should be considered during each stage of strategy formulation, implementation, and evaluation
8
Q
Social Policies on Retirement
A
- Worker shortages in countries around the world are leading to changes in retirement and immigration policies
9
Q
Environmental Sustainability
A
- The extent that an organization’s operations and actions protect, mend, and preserve rather than harm or destroy the natural environment
- Strategies of companies are scrutinized and evaluated from a natural environment perspective
- Employees, consumers, governments, and society are resentful of firms that harm rather than protect the natural environment
10
Q
Sustainability Report
A
- Reveals how a firm’s operation impact the natural environment
- These reports are not required, but are a good business practice
11
Q
Lack of Standards Changing
A
- Making a claim that a product or process is “green” is becoming more difficult as standards are put into place
12
Q
New “clean technology” business start ups (Obama Regulations)
A
- Solar
- Wind
- Biofuels
- Insulation
13
Q
Managing Environmental Affairs in the Firm
A
- Managers must formulate strategies that preserve and conserve natural resources and control pollution
- Environmental strategies could include:
- Developing or acquiring green businesses
- Divesting or altering environment-damaging businesses
- Striving to become a low-cost producer through waste minimization and energy conservation
- Pursuing a differentiation strategy through green product features
14
Q
Students and Environmental Training
A
- Companies prefer to hire graduates with training in environmental issues
15
Q
Reasons Why Firms Should “Be Green”
A
- Consumer demand
- Public opinion
- Environmental advocacy groups
- Federal and state environmental regulations
- Lenders
- Consumers, suppliers, distributors, and investors
- Liability suits and fines
