Chapter 9

Question 1

Business Ethics

Answer 1

involves application of general principles to the action and decision of businesses and the conduct of their personnel

Question 2

Ethical universalism

Answer 2

the same standard of what is ethical and what is unethical resonate with people of most societies, regardless of local tradition and cultural norms; hence, common ethical standards can be used to judge employee conduct in a variety of country markets and cultural circumstances

Question 3

Ethical relativism:

Answer 3

different societal cultural and customs create divergent standards of right and wrong; thus what is ethical or unethical must be judge in the light of local customer and social more and can vary from one culture or nation to another

Question 4

Integrative social contract theory:

Answer 4

universal ethical principles based on collective views of multiple cultures combined to form a social contract that all employees in all country markets have a duty to observe. Within the boundaries of this social contract there is room for host country culture to exert some influence in setting their own moral and ethical standards. However first order universal ethical norms always take precedence over second order local ethical norms in circumstance in which local ethical norms are more permissive

Question 5

Corporate social responsibility (CSR):

Answer 5

refers to the company’s duty to operate in an honorable manner provide good working conditions for employee, encourage workforce diversity be a good steward of the environment and actively work to better the quality of life in the local communities in which it operates and in society at large.

Question 6

Corporate social responsibility strategy:

Answer 6

defined by the specific combination of social beneficial activities opts to support with it contribution of time, money and other resources

Question 7

Sustainable business practices:

Answer 7

are those that meet the needs of the present without compromising the ability to meet the needs of the future

Question 8

Environmental sustainability:

Answer 8

involve deliberate action to protect the environment provide for the longevity of natural resource, maintain ecological support system for future generation and guard against the ultimate endangerment of the planet