Group 2 Report Flashcards
Examines the rational justification for our moral judgments; it studies what is morally right or wrong, just or unjust
Ethics
refers to implementing appropriate business policies and practices with regard to arguably controversial subjects.
Business Ethics
ensure that a certain basic level of trust exists between consumers and various forms of market participants with businesses.
Business Ethics
12 business ethic principles
(1) Leadership
(2) Accountability
(3) Integrity
(4) Respect for others
(5) Honesty
(6) Respect for laws
(7) Responsibility
(8) Transparency
(9) Compassion
(10) Fairness
(11) Loyalty
(12) Environmental Concern
Why is Business Ethics Important?
- Brand recognition and growth
- Increased ability to negotiate
- Increased trust in products and services
- Customer retention and growth
- Attracts talent
- Attracts investors
Types of Business Ethics
(1) Corporate Social Responsibility
(2) Transparency and Trustworthinenss
(3) Technological practices and ethics
(4) Fairness
is the concept of meeting the needs of stakeholders while accounting for the impact meeting those needs has on employees, the environment, society, and the community in which the business operates.
Corporate Social Responsibility
it’s essential for companies to ensure they were reporting their financial performance in a way that is transparent. This not only applies to required financial reports but all reports in general.
Transparency and Trustworthiness
The growing use of technology of all forms in business operations inherently comes with a need for a business to ensure the technology and information it gathers is being used ethically.
Technology practices and ethics
A workplace should be inclusive, diverse, and fair for all employees regardless of race, religion, beliefs, age, or identity. A fair work environment is where everyone can grow, be promoted and become successful in their own way.
Fairness
What are the Ethical Decision Making Process?
(1) Identify the Ethical Problem
(2) Collect The Relevant Information
(3) Evaluate the Information
(4) Act or Implement
(5) Make a Decision
(6) Consider Alternatives
(7) Review Action
The decision maker must be able to identify all the possible violation of any important principle, societal law or organizational standard or policy.
Identify the Ethical Problem
The decision maker should seek to gather as much as information as possible about which rights are being forsaken.
Collect The Relevant Information
The decision makers must apply some types of standard or assessment to evaluate the situation.
Evaluate the information
The decision maker must now act according to its chosen decision.
Act or implement
The decision maker must now select a course of action that is supported by all the ethics theories or other evaluation criteria used in the decision-making process.
Make a decision
The decision maker must make some alternative options in case of any problems or conflicts.
Consider the alternatives
Once the action has been taken and the results are known, the decision maker should review the consequences of the action.
Review action
a global period of severe economy difficulty experienced by banks, markets, companies, and consumers. It often precedes a recession.
Global Economic Crisis
a slowdown or a massive contraction in economic activities.
Recession
Impact of Global Economic Crisis on International Business
(1) Reduced consumer spending
(2) Supply chain disruptions
(3) Currency fluctuations
(4) Increased trade barriers
(5) Financial constraints
(6) Market volatility
(7) Restructuring and downsizing
(8) Changing consumer behavior
Causes of Global Economic Crisis
(1) Natural, Social, or Political Catastrophes
(2) Macroeconomic Imbalances
(3) Economic Policy Failures
(4) Global Shocks
Effects of Global Economic Crisis
(1) Declining sales and reduced demand
(2) Business closures and job losses
(3) Currency volatility and exchange rate fluctuations
Remedies of Global Economic Crisis
(1) Strategy employed by International Businesses to beat the Downturn
(2) Lending Through the IMF
To combat negative trends, international businesses used their accumulated cash reserves to acquire local companies.
Strategy employed by International Businesses to beat the Downturn
The IMF helps member countries facing an economic crisis by offering loans, technical assistance, and surveillance of economic policies.
When a country requests a loan, the IMF will give the country the money needed to rebuild or stabilize its currency, re-establish economic growth and continue buying imports.
The IMF offers member countries a variety of loans tailored to meet specific uses.
Lending through the IMF.
During a global economic crisis, consumers often cut back on discretionary spending, impacting retailers significantly.
Retailers
Economic crises can lead to reduced business and leisure travel, affecting airlines’ revenue streams.
Airlines
The automotive industry is highly sensitive to economic fluctuations.
Automotive Industry
Many businesses experienced temporary closures, reduced capacity, and decreased client demand.
Restaurants and food services
Due to gathering restrictions, businesses involved in live events, such as concerts, plays, and sporting events, have suffered.
Entertainment and live events
Samples of businesses who suffered because of Global Economic Crisis
(1) Restaurants and food services
(2) Entertainment and live events
(3) Retailers
(4) Airlines
(5) Automotive Industry
(6) Hotels and Rental Car Companies
