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Sustainable Business Practices > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Who is Ray Anderson?

A

CEO of Interface Carpet - huge example of sustainability

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2
Q

The Triple Bottom Line Approach

A

A Sustainable Approach for businesses
1. people
2.planet
3. profit

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3
Q

Why would someone be sustainable?

A
  1. tech improvements
  2. rising prosperity
  3. awareness of earths limits
  4. firms can do the right thing
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4
Q

What is Macro Marketing?

A

how businesses influence society (but remember society ALSO influences business!)

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5
Q

What are the 6 Dimensions of Macro Marketing?

A

QU - quality of life
E - ethics
EN - environment
S - systems
HI- history
P-poor

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6
Q

What are the Benefits of Marketing?

A
  1. it facilitates free and voluntary transactions
  2. consumers have control and choice
  3. consumers can shape the marketplace
  4. facilitates communication between consumers and producers
  5. the market offers nearly universal inclusion
  6. Marketing can satisfy wants and needs in customers
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7
Q

aggregate marketing system

A

collection of all the marketing systems in society

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8
Q

system

A

a set of interconnected elements that produce something

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9
Q

interconnections

A

the relationships that connect elements and allow it to function

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10
Q

externalities

A

results for those not actively involved in an exchange (positive v. negative)

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11
Q

What is the Efficient Market Hypothesis?

A

people in markets are viewed as rational factors and it’s impossible for markets to be wrong (they’re actually automatons) EMH works in good times but not in bad

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12
Q

What is The Resource Advantage Theory?

A

the value of a resource to a firm is seen in terms of its potential to yield competitive differentiation and/or customer value delivery that enhances performance outcomes

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13
Q

The Recourse Advantage Theory - what it believes in

A
  1. demand is heterogenous and dynamic
  2. consumer info and firms info is imperfect and costly
  3. humans are self-interested seeking
  4. firms want superior financial performance
  5. firms resources are everything (not just labor, capital, and land)
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14
Q

RA Theory Influence

A
  1. the market is in disequilibrium
  2. has firms obtain competitive advantage
  3. highlights the entrepreneur and the marketer
  4. metaphors about living and eco, not machines
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15
Q

Markets are

A

NOT PERFECT! they’re dynamic and evolutionary

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16
Q

Debt will always be

A

a HUGE risk in markets

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17
Q

What is Viability

A

creating a long term value for the stakeholders

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18
Q

Primary Stakeholders - SPICE

A
  1. Society and communities
  2. Partners
  3. Investors
  4. Customers
  5. Employees
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19
Q

Secondary Stakeholders - NC GEM

A
  1. NGOs
  2. Competitors
  3. Government
  4. Environment
  5. Media
20
Q

Stewardship Ethics

A
  1. thinks all stakeholders interests as linked
  2. creates a lot of volume for stakeholders
  3. pays off in firms that also pay attention to signals from outside their bubble!
21
Q

Stakeholder Focused Example

A

future generation and enviroment focused - interface
stakeholders focused - costco

22
Q

What is the Agency view of Management?

A

the board of directors is the main control and ethical actions of a firm are seen as discretionary
1. ethics are seen as costly
2. management act as an agent of stockholders

23
Q

Who came up with Conscious Capitalism?

A

John Mackey (also the founder of Whole Foods)

24
Q

Who thought that government should only have contact with markets?

A

Milton Friedman

25
Q

What is Conscious Capitalism?

A

a socially responsible economic and political philosophy. The premise behind conscious capitalism is that businesses should operate ethically while they pursue profits.

26
Q

How Business Sustainability is Classified

A

1.0 - shareholder focused
2.0 - triple bottom line focused
3.0 - society’s challenges (climate, corruption, water, poverty, etc.)

27
Q

What is the Triple Bottom Line?

A

Sustainability framework focused on profit, people, and planet

28
Q

What is CSR?

A

Corporate Social Responsibility

29
Q

Benefits of CSR for firms

A
  1. can increase shareholder value
  2. can be a good purpose for a firm
  3. firms that focus on CSR can shape public opinion
30
Q

What are SDGs?

A

Sustainable Development Goals - 17 of them

31
Q

The business of Businesses is…

A

Business! (Milton Friedman)

32
Q

Who is the founder of cliff bar?

A

Gary Erickson, MOJO!

33
Q

Why is Conscious Capitalism a success?

A
  1. it can provide a “built in insurance” for a company when they have a good reputation
  2. more harmony with stakeholders - stakeholders are more willing to contribute!
34
Q

ESG

A

Environmental, Social, Governance
It’s a set of principles companies try to follow to have a positive impact

35
Q

What is the UN Global Impact?

A

an initiative for companies to achieve goals and be sustainable. they follow 10 principles:
human rights
Labor
Environment
Anti-corruption

36
Q

What is sustainability?

A

a triple bottom line approach for intergenerational justice (securing today for tomorrow’s generations)

37
Q

What’s the “Big M”?

A

Micromarketing - the interplay between marketing and society (remember QUEENSHIP!)

38
Q

Two Capital View of Capitalism

A
  1. financial capital - $
  2. physical capital - goods
39
Q

5 Capital View of Capitalism

A
  1. financial capital - $
  2. physical capital - goods
  3. human capital - skills
  4. social capital - willingness of people
  5. natural capital - eco systems
40
Q

Human Systems MUST have -

A

elements, purpose, interconnections

41
Q

The 3 illusions of the Efficient Market Hypothesis

A

(all are wrong IRL!)
market is always stable, predictable, and will generate good outcomes

42
Q

Agency View of Management

A

ethical actions of firms are perceived as discretionary ( and ethics are seen as costly!)

43
Q

What is the Global Reporting Initiative?

A

it provides guidelines on sustainability reporting (ESG!)

44
Q

Reasons for Business Turning to Be More Mindful of Society

A
  1. Technological improvements
  2. Rising prosperity and environmental values
  3. Awareness of Earth’s limits
  4. Firms can “do the right thing”
  5. Increasing importance of intangible assets
  6. Rise of nongovernmental organizations
  7. Branding as a social phenomenon
45
Q

Marketing

A

the activity, institutions, and set of processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society-at-large

46
Q

“Big m” approach

A

how tactical marketing for a firm feeds into managerial
decision making that affects other realms of the firm, such as operations, human
resources, information systems, finance, and accounting

Sustainable Business Practices (4 decks)

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