Chapter 2 Flashcards
Define Stake Holders
A person or group of people who have a vested interest in the success of a business
Name the 5 common stake holders
Owners, customers, employees, community and government
Define intellectual property
Creations protected by copyright
What is ethical Imperialism
Applying one’s own ethical standards to another country (Ethnocentrism)
Define Ethical Relativism
The idea that beliefs are subject to local interpretation
What are Underlying values
Un-articulated ethical beliefs that provide an ethical foundation for the behavior of a firm
Define Integrity
An uncompromising adherence to doing what is right & proper
How do stakeholders complicate the concept of integrity
You have to juggle the needs of various stakeholders at different times in your business
What are some practical approaches to building business ethics?
Leading with integrity from the start. Creating an ethical culture and writing a code of ethics.
What makes a business sustainable?
The ability to show a reasonable concern for the environment while meeting the needs of the market.
What is a code of ethics?
An official standard of behavior formulated by the founder or management team.
Define Environmentalism
Realizing that the environment is a stakeholder in your business and making an effort to protect the environment.
