MGMT 311 Exam 1 - FLASHCARDS - Chapter 3 (1)
What is ethics?
the study of right and wrong behavior
What is business ethics?
What constitutes right and wrong behavior in the world of business and how moral and ethical principles are applied by business people to situations that arise in their daily work lives.
What is the relationship between law and ethics?
Law and ethics cannot be separated, but they are also not equal. Our compliance with the law does not always make our actions ethical
What is the moral minimum?
The minimum of what we have to be doing to be engaging in an ethical decision. Our moral minimum is compliance with the law
Industry and professional ethical codes must be followed
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What is the role of ethics in society?
- Business as a Profit Maximizer (making money)
- Business as a Corporate Citizen (treating people right)
What is the four part analysis to help companies accomplish making money and treating people right?
legal implications of any decision we make
Public relations impact of that decision
Safety risks for consumers or employees
Financial implications
(what leads to unethical behavior)?
Unrealistic Goals for Employees
Fostering of Unethical Conduct
What is the Importance of Ethical Leadership
Attitude of Top Management sets the tone for the company.
Things that we do as managers convey the way the company expects its employees to act
Between short-run vs long-run maximization, which one is more in line with ethical decision making most of the time?
Long-run maximization
How have businesses controlled empoyees’ uses of social media in the past?
Rules on posting, what you can and can’t say about your managers on social media. This has led to lawsuits
Spending time on social media while on the clock is innapropriate use of company resources and time
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