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BA 342 > Exam III > Flashcards

Exam III Flashcards

1
Q

What is this last exam about?

A

Corporate Social Responsibility or CSR

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2
Q

What is a license to operate for this class and CSR?

A

Doing business in a responsible way

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3
Q

What is the overall theme of BA342?

A

Responsibility

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4
Q

CSR language: what term is now used to describe corporate social responsibility?

A

Old: CSR
New: Sustainability
Used interchangeably in most applications
Banking and Investment industry uses CSR

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5
Q

What are the five major stakeholders of business?

A 
Community
Government
Employees
Consumers
Owners
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6
Q

CSR is important to you because?

A

It helps you to understand stakeholders

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7
Q

Def: Responsibility

A

The ability or authority to act or decide in one’s own without supervision
aka
can you do the right thing
(theme of this class)

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8
Q

Def: responsible leadership

acc. to financial times

A

making business decisions that takes into acct stakeholders such: as workers, clients, suppliers, the environment, the community, and future generations

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9
Q

Walmart and New Orleans

A case on CSR

A

Business saved the community
Disaster recovery unit to help people, operations, and the community
Donated $, sent truckloads of free supplies for people, located and helped employee’s families

Business can deploy faster than emergency services because there is already supply chains set up to move things quickly

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10
Q

Overall, what are some Pros of Walmart?

A 
wide reach
low prices
largest company
employs 1.4M in US
Gave $1B cash and 2.2M hrs in 2012
Sustainability efforts
helped save the gulf
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11
Q

Overall, what are some Cons of Walmart?

A 
not well trained/paid employees
dirty/disorganized stores
bad merchandizing
drives consumerism
hurts mom&pop shops
legal issues (most sued comp. in US)
bribery scandal in Mexico 2012
downtown declines
green becomes pavement
closed culture
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12
Q

What makes you a good citizen?

A 
volunteering
nice/respectful
following the law
fair/just
golden rule
looking out for others
tolerance
honest/responsible
etc.
** Characteristics for the individual are the same as an organization **
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13
Q

Corporate citizenship encompasses which three things?

A

responsibility, responsiveness, and performance

chart in notes

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14
Q

According to the business case for CSR, what are the 4 approaches?

A
  1. defensive
  2. cost-benefit
  3. strategic
  4. innovation and learning
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15
Q

According to the business case, what are the six reasons businesses take up CSR programs?

A
  1. innovation
  2. cost savings
  3. brand differentiation
  4. long term thinking
  5. customer engagement
  6. employee engagement
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16
Q

Walmart Case in the book

A

Sam Walton’s early CSR initiatives: Buy American plan (made in the USA to combat buying foreign goods to keep prices cheap) and Environmental Awareness campaign (using environmentally friendly practices like recycled product tags)

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17
Q

CSR: regulatory vs. revenue (IBM)

A

used to be compliance now it adds money to the bottom line

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18
Q

Only __% of companies said they were going to decrease CSR efforts according to IBM

A

6

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19
Q

CSR and Duke

A

Does being good = doing well

need to agree on standard metrics then users can weigh which categories are most important to them

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20
Q

Hershey Food and CSR Initiatives

A

project peanut butter to fight malnutrition
increase cocoa farmer productivity
decrease water usage and waste
people give time and money to help community

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21
Q

What is not a direct benefit of CSR?

A

increased production

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22
Q

Why is Adam Smith important to BA342?

A

He’s like the original prof
“A wealth of Nations”
“Theory of Moral Sentiments”
If you do business morally you will do well

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23
Q

What are the 4 eras of the history of CSR?

A
  1. Economic Model - 1700
  2. Legal Model - 1800
  3. Social Model - 1850
  4. Stakeholder Model 1950+
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24
Q

What is the Iron Law of Responsibility?

A

In the long run those who do NOT use their power in a way in which society considers responsible, they will tend to lose it

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25
Q

Unilever and CSR

A

1st was all about shareholder value and profits in the 70s
more recently said “It’s all about products, but you also have to play about the rules”

Unilevers most CSR centered products have performed the best ex. Dove

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26
Q

Stockholders vs. Stakeholders

A 
Stockholders = owners
stakeholders = people with interest in the company in some other way
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27
Q

Case New Holland and their stakeholders

A

Belville, PA
local tractor company that had plant go out of business because it was too expensive
Shut down = local economy crashed

employees, families, local economy, mgmt, local business, housing, other plants, local govt, taxes

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28
Q

CSR: the 4 key stakeholder groups

A

Employees
Consumers
Gov’t and non-gov’t
Community

*employee and consumers are main two

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29
Q

Def: social contract

A

a contract between employer and employee with how they will do business

ex. Toyota’s no lay-off policy

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30
Q

Social progression and employees

A
  1. personnel
  2. human resources
  3. human capital
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31
Q

iFactory and Fox Conn: pros and cons

Apple’s Social Contract?

A 
Pros:
jobs
modern facility 
benefits
shelter/food
social interaction
Cons: 
long days w/ low wage
unscheduled OT
no privacy (living)
company food/dorm
low interest work
suicide 
leave home/family
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32
Q

Def: moral management (employees)

A

employees are a human resource and you should treat them with dignity

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33
Q

Def: Amoral management (employees)

A

treat employees the way the law requires

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34
Q

Def: Immoral management (employees)

A

employees are just factors of production so you can exploit them for personal gain

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35
Q

Moral management example (employees)

A

alta gracia and knights apparel brand

tagging clothes with messages from the makers of the garments - customers will pay premium to know that their clothes came from a socially responsible place

they are given livable wages and turnover is extremely low in their plant

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36
Q

Immoral management example (employees)

A

child labor laws
UN developing global guidelines on child employment
exploited in other countries

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37
Q

Amoral management example (employees)

A 
investment banking
long hours w/ no work/life balance
get paid a lot but at what price?
worked to the bone
suicide
relationships fail
drug use
**Overworked and Underwhelmed article**
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38
Q

What are the big 3 rights that employees have?

A

Fired w/ cause shared
Due process
Freedom of speech

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39
Q

Example: fired for cause

A

Steve Jobs
you can’t fire people because you have differing viewpoints or you will get sued
have to have a real HR problem to fire appropriately

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40
Q

What is employment at will?

A

In the US, you sign a “deal” but can back out at any point in time as an employee, and the employer also reserves the right to fire you as long as your basic rights are not infringed upon

41
Q

The article from HR Magazine was about?

A

Employment at Will

pros and cons

42
Q

What are the exceptions to “At Will”? (4)

A

public policy - you cannot fire an employee because they refuse to commit an illegal act

Implied control - employees can be held to standards set in the handbook or code of conduct that they may have not known existed

Good faith principle - employers run the risk of getting sued if they do not give their employees every chance to succeed before their termination

Discrimination laws - protected classes have own set of rights

43
Q

What are the 4 things to keep in mind when you are going to fire someone?

A
  1. have you been fair?
  2. have you been consistent with all?
  3. was it business related?
  4. do you have good documentation?
44
Q

Def: due process

A

right to receive an impartial review of one’s complaints and to be dealt with fairly

45
Q

Def: ADR

A

Alternative Dispute Resolution
aka
resolving suits without litigation
those numbers don’t get reported for $$ rewarded

46
Q

Due Process and Coca Cola

A

MLK set to boycott coca cola before he was assassinated because they treated blacks unfairly

lawsuits even to this day about discrimination in coke factories

47
Q

def: freedom of speech

A

the right to express your opinions without censorship, restraint, or retaliation

falls under responsibility

48
Q

def: whistle blower

A

a former or current employee who discloses improper actions by members of the organization with the goal to effect change

49
Q

Ex. Whistle Blowing

A

ADM and price fixing
largest case in history happened in 1990
Mark Whittiker took them down (movie The Informant)

50
Q

Employee stakeholders have three expectations, what are they?

A

privacy
safety
health

51
Q

Def: privacy

A

right to keep personal affairs to oneself and to know about how information about you is being used

52
Q

Ex. Privacy

A

ruling in Europe that says you can petition google to have excessive/damaging information about you removed from their search engine

still an issue, Europe more conservative than US on privacy laws, are we entitled to that info since it is online

google can reject petitions

53
Q

What are some privacy laws?

A 
surveillance and monitoring
electronic communication privacy act
background checks
integrity interviews
fair credit reporting act
EEOC laws
drug testing
ADA
54
Q

What are the 6 job safety injury categories?

A 
transportation
contact with objects
harmful substance exposure
assaults/violent acts
falls
fire and explosions
55
Q

What is the most dangerous job in the world?

A

commercial fisherman

56
Q

What does OSHA stand for?

A

Occupational Safety and Health Administration

created in 1970

57
Q

What are three health initiatives in the workplace today?

A

family and medical leave act
smoking
americans with disabilities act

58
Q

Why did we watch the video The Naked Brand?

A

to show that the creation and communication of our products needs to be accurate and truthful

59
Q

What was the importance of Dutch Boy lead paint?

A

National lead brand but rebranded with a picture of a kid and advertised to children to create the illusion that it was safe but kids were actually dying from ingesting the paint

they lobbied gov to allow them to regulate themselves and performed unethically

today there is still lead paint out there and recalls for lead paint products; harm kids and employees

60
Q

Customer Care Measurement and Consulting numbers

A

45% serious issues
60-70% enraged over how the issue was managed
45% of CEOs felt they did not gain their customer’s loyalty

61
Q

What is the iceberg analogy when it comes to customer complaints?

A

1-5% complain to management
45% complain to front-line employees
50% don’t complain at all

62
Q

If we have a bad experience how many people are we going to tell versus if we had a good experience?

A

2 people = bad

1 person = good

63
Q

According to the Better Business Bureau, what 3 industries have the most complaints?

A
  1. banking
  2. advertising
  3. automotive
64
Q

What are the 4 basic rights of consumers according to the Consumer Magna Carta?

A

safety
choice
informed
heard

65
Q

Who creates the rights for consumers?

A

The Consumer Product Safety Commission

66
Q

Def: moral management (consumers)

A

customers are equal partners so you have to give them a fair value and full information

67
Q

Def: amoral management (consumers)

A

letter of law and management rights

profits are not customer driven

68
Q

Def: immoral management (consumers)

A

customers are normally exploited

there is an intent to cheat or deceive them

69
Q

What type of management (moral, amoral, immoral) is the dutch boy paint case?

A

amoral - CEOs planning to use child to appeal to children

immoral - their absolute decision to allows those things to happen

70
Q

Def: consumerism

A

a social movement seeking to augment the rights and powers of buyers in relation to sellers

71
Q

Is every stockholder a stakeholder?

A

yessss

72
Q

Coke and Pepsi in India

A

pesticides in the water and other drinks they offered

indian gov doesn’t have proper regulations on this sector

unethical business practices

now their taking too much from the water supply too

tried to attack with marketing but realized they needed to take a CSR approach

73
Q

Coca Cola and CSR

A 
realized marketing wasn't working in India so they implemented these measures: 
water conservation and knowledge
rainwater harvesting
refurbishing water tables
giving clean water to children schools
recycling
scholarships
employing the physically disabled
rehabilitation after tsunami 
partnering with local schools and universities
showing employees working for consumers
74
Q

What are some problems that consumers have with businesses?

A 
overprices products
poor quality
misleading ads
hidden fees
poor service
product failures
ignoring complaints
poor guarantees 
mishandled complaints
dangerous products
poor information
unclear service help
misleading labeling
75
Q

What are the two major consumer stakeholder focuses?

A

product information
and
the product itself (safety and quality)

ex. smartphone info from online class

76
Q

Product information must be these 3 things:

A

clear
accurate
adequate

77
Q

What are the 4 major advertising issues? (what NOT to do)

A

ambiguous advertising
concealed facts
exaggeration
psychological appeals

78
Q

Ex. psychological appeals

A

words like: healthy, protect, keep safe, look young, strong, prevent

Designed to target what your weak point is or what you are sensitive about and exploit it

ex. bowflex 20mins/day you can look hot
ex. Sense weightloss look thin (statements not guaranteed; not clear on what you should eat or not)

79
Q

Ex. exaggeration

A

words like: greatest, best in class, top seller, must have

puffery!

ex. burger king pictures vs. reality
ex. vitamin water - restore nutrition (but low nutritional value, pretty much sugar water)

80
Q

Ex. concealed facts

A

words like: never goes up, rates up after two years
AIRLINES and Cellphone plans

fine print syndrome: prices, taxes, fees, side effects, etc.

81
Q

Product placement, past vs. present

A

past was very subtle

now its more upfront these days

can change what the actor/actress says based on location

82
Q

FTCs stance on Product Placement

A

people have the right to know when they are being advertised to and by whom

83
Q

ex. ambiguous advertising

A

Words: deluxe, cool, effective, fast,etc.

ex. “fresh cigarettes”

84
Q

Free and sale, are they real?

A

free but continue to charge you (cable companies)

retail and sales - not really what you believe

85
Q

What did the CEO of JCPenny have to say about sales?

A

they initially mark up their products to protect there margins whenever a sale price is applied

86
Q

What are the big issues associated with advertising to children?

A 
influences $5B in spending
companies spend $15B to market to them
don't understand the intent to buy 
recognize logos at young age
dont understand advertising claims might have issues
87
Q

If you are advertising to children, what should it entail?

A 
know children cannot discern ads
don't be deceptive/unfair
have objective information
dont stimulate unreasonable expectations
don't market inappropriately 
avoid social stereotypes
advertising should be educational 
contribute to parent-child relationship
88
Q

What 2 groups have regulation on product information?

A

government
and
industry

89
Q

Def: Industry Regulation on product information

A

self discipline
do it themselves
pure by industry
sometimes they will call in a 3rd party to regulate

90
Q

Def: Government Regulation on product information

A

negotiated between industry and the gov
mandated to be legal
costs more $$

91
Q

Professional ethics - AICPA

A

have laws to regulate their own industry

ethics everyone must follow in their sector

92
Q

What is the point of the Better Business Bureau?

A

advertising code
in every community in the United States
Rates businesses by consumers

93
Q

What are the 2 purposes of the FTC?

A

Federal Trade Commission

  1. maintain free and fair competition in the economy
  2. protect consumers from unfair or misleading practices

think Adam Smith and how people should act

94
Q

The product itself has two parts, what are they?

A
  1. the safety of the product

2. the quality of the product

95
Q

What is the CPSC?

A

Consumer Product Safety Commission

help settle product issues

96
Q

Firestone/Ford case and the product itself

A

tread comes loose from the firestone tires and the companies go back and first blaming it on each other instead of just owning up to it

eventual recalls after highway traffic safety admin is involved

product safety and quality

97
Q

What are the three legal views on product quality and safety?

A

Contractual - should know how to use
Due Care - stickers, warnings, instructions
Social costs - any unknown issues ex. falls off ladder

98
Q

Def: caveat emptor

A

let the buyer beware

99
Q

def: caveat vendor

A

let the seller take care

BA 342 (3 decks)

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