enterprise and society- xmas exam

Question 1

what is corporate responsibility?

Answer 1

a business model that helps a company be socially accountable to itself, its stakeholders, and the public

Question 2

what is a stakeholder?

Answer 2

any organisation/entity/ person that has an interest in the ethical operation of the organisation

Question 3

what are the 4 approaches to social responsibility?

Answer 3

-obstructionist
-defensive
-accomodative
-proactive

Question 4

who is an example of a company who takes an obstructionist approach to social responsibilty?

Answer 4

volkswagen

Question 5

what did volskwagen do?

Answer 5

deliberately set out to design a means to circumvent emissions control

Question 6

who is an example of a company who takes a defensive approach to social responsibility?

Answer 6

tobacco companies

Question 7

what is meant by a defensive approach to social responsibility?

Answer 7

companies and their managers behave ethically to the degree that they stay within the law and strictly abide by legal requirements

Question 8

what is meant by an obstructionist approach to social responsibility?

Answer 8

Companies and their managers choose not to behave in a socially responsible way and instead, behave unethically and illegally.

Question 9

example of a company that takes a pro-active approach to social responsibility?

Answer 9

Nucor refusing to lay off employees

Question 10

what is a proactive approach to social responsibility?

Answer 10

Companies and their managers actively embrace socially responsible behavior, going out of their way to learn about the needs of different stakeholder groups and using organisational resources to promote the interests of all stakeholders

Question 11

what is meant by an accommodative approach?

Answer 11

Companies and their managers behave legally and ethically and try to balance the interests of different stakeholders as the need arises

Question 12

how are stakeholders impacted by unethical behaviour?

Answer 12

-harm stock and share prices
-lack of investors
-lack of employee retention
-damage to brand image

Question 13

what are the sustainable development goals?

Answer 13

a collection of seventeen interlinked objectives designed to serve as a “shared blueprint for peace and prosperity for people and the planet, now and into the future.”

Question 14

what goals does adidas address?

Answer 14

-achieving climate neutrality

Question 15

how does adidas achieve climate neutrality?

Answer 15

reducing absolute GHG emissions across its entire value chain by 30% by 2030

Question 16

what is diversity?

Answer 16

the practice or quality of including or involving people from a range of different social and ethnic backgrounds and of different genders, sexual orientations etc

Question 17

how to manage diversity well?

Answer 17

• Pay close attention to how organizational members are evaluated
• Consider the numbers
• Empower employees to challenge discriminatory behaviours, actions and
  remarks
• Reward employees for effectively managing diversity
• Provide training using a multi-pronged, ongoing approach
• Encourage monitoring of diverse employees e.g. mentoring

Question 18

steps in managing diversity effectively?

Answer 18

• Secure top management commitment
• Strive to increase the accuracy of perceptions.
• Increase diversity awareness (e.g. via programmes).
• Increase diversity skills.
• Encourage flexibility.
• Pay close attention to how organizational members are evaluated.
• Consider the numbers (e.g. Medtronic)
• Empower employees to challenge discriminatory behaviours, actions, and remarks.
• Reward employees for effectively managing diversity.
• Provide training utilizing a multipronged, ongoing approach.
• Encourage mentoring of diverse employees.

Question 19

what is planning?

Answer 19

a process managers use to identify and select appropriate goals and courses of action for the organisation

Question 20

why is planning important?

Answer 20

• Gives organization a sense of direction and purpose .
• Gets managers to participate in decision-making about appropriate goals and strategies
• helps coordinate managers of different functions/divisions to ensure they all pull
  in the same direction to achieve the organizational goals
• can be used to control managers within an organization.

Question 21

what are the levels of planning?

Answer 21

-corporate level
-business level
-functional level

Question 22

what is corporate level planning?

Answer 22

Top management’s decisions concerning the organisation’s missions and goals,overall corporate level strategy and structure

Question 23

what is business level planning?

Answer 23

long-term divisional goals that will allow a division to
meet corporate goals and the division’s business-level strategy and structure necessary to achieve divisional goals

Question 24

what is functional level planning?

Answer 24

goals the managers of each function will pursue to help their division attain its business level goals

Question 25

steps in planning?

Answer 25

1. Determining the organisation’s mission and goals. Define the business. Establish major goals.
2. Formulating strategy: Analyse current situation and develop
   strategies
3. Implementing strategy

Question 26

what is a functional structure?

Answer 26

an organisational structure composed of all the departments that an organisation requires to produce its goods or services

Question 27

what are the advantages of a functional structure?

Answer 27

• Encourages learning from others doing similar jobs;
• Easy for managers to monitor and evaluate workers.
• Allows managers to create the set of functions they need in order to scan and monitor the competitive
  environment.

Question 28

what are the disadvantages of a functional structure?

Answer 28

• Difficult for departments to communicate with others.
• Preoccupation with own department and losing sight of organizational goals.

Question 29

what is a product structure?

Answer 29

an organisational structure in which each product line or business is handled by a self-contained division

Question 30

what are the advantages of a product structure?

Answer 30

-Allows functional managers to specialise in one
product area.
-Allows division managers to become experts in
their area.
-Removes need for direct supervision of division by
corporate managers.
- Allows divisional management to improve the use
of resources.
-Puts divisional managers close to customers for
quick response

Question 31

what are the disadvantages of a product structure?

Answer 31

• Difficult to scale
• Duplicating functions and resources, eg a
  different sales team for each division
• Dispersing technical expertise across
  smaller units
• Nurturing negative rivalries among divisions
• Over-emphasising divisional, rather than
  organisational goals

Question 32

what is a matrix structure?

Answer 32

a company structure where teams report to multiple leaders

Question 33

what are the advantages of a matrix structure?

Answer 33

-Helps in fast- paced changing
world
- Convenient sharing of resources in different divisions
- Better opportunity to learn new skills
-Improved internal communication
-Professional growth for
employees

Question 34

what are the disadvantages of a matrix structure?

Answer 34

• Managerial roles may not be
  clearly defined.
• Team roles may not be clearly
  defined.
  -The decision-making process
  can be slowed down.
• Too much work can cause
  overload.
• Measuring employee
  performance might become
  difficult

Question 35

what is organisational culture?

Answer 35

The shared set of beliefs, expectations, values, and norms that influence how members of an organisation relate to one another and cooperate to achieve organisational goals

Question 36

what shapes organisational culture?

Answer 36

• Characteristics of organisational members
• Organisational ethics
• The employment relationship
• Organisational Structure

Question 37

examples of good organisational culture:

Answer 37

-Cisco
-Facebook
-Google

Question 38

what is entrepreneurship?

Answer 38

the mobilisation of resources to take advantage of an opportunity to provide customers with new or improved goods or services e.g Jeff Bezos

Question 39

what is an intrapreneur?

Answer 39

A person who works inside the organisation and notices opportunities to develop new or improved products and better ways to make them e.g sony employee creating the playstation

Question 40

how can managers foster a learning organisation?

Answer 40

-develop personal mastery
-build complex, challenging mental models
-promote team learning
-build shared vision

Question 41

what is a learning organisation?

Answer 41

a company that facilitates the learning of its members and continuously transforms itself.

Question 42

how can a business promote intrapreneurship?

Answer 42

-workplace culture
-rewards
-training programmes
-product champions
-skunk works

Question 43

what are product champions?

Answer 43

• Person takes ownership of a project, assuming responsibility for product
  development
• Provides leadership and vision that take a product from the idea stage to the final customer
• Identify new product ideas
• Responsible for developing a business plan for the product

Question 44

what are skunk works?

Answer 44

• People (Intrapreneurs) deliberately separated from normal operation of org.
• People act as outside entrepreneurs
• Devote full attention to new product development

Question 45

why do businesses create business plans?

Answer 45

• Provides strategic direction
• To raise funds
• Convey the essence of the opportunity
• to test feasibility of the business

Question 46

what is an executive summary in a business plan?

Answer 46

brief summary when all other sections are
completed

Question 47

why is an executive summary important?

Answer 47

• importance of first impressions, often referred to as “elevator pitch”,
• outlines essence of the opportunity and competitive advantage
  *details the product / service and target market,
• funding requirements and ROI projection