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MGT107 - INTERNATIONAL BUSINESS AND TRADE > Module 11 > Flashcards

Module 11 Flashcards

1
Q

ensure that a certain basic level of trust exists between consumers and various forms of market participants with businesses.

A

Business Ethics

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2
Q

12 business ethics principles

A

(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 Concerns

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3
Q

The conscious effort to adopt, integrate, and emulate the other 11 principles to guide decisions and behavior in all aspects of professional and personal life.

A

Leadership

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4
Q

Holding yourself and others responsible for their actions. Commitment to following ethical practices and ensuring others follow ethics guidelines.

A

Accountability

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5
Q

Incorporates other principles—honesty, trustworthiness, and reliability. consistently does the right thing and strives to hold themselves to a higher standard.

A

Integrity

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6
Q

To foster ethical behavior and environments in the workplace, respecting others is a critical component. Everyone deserves dignity, privacy, equality, opportunity, compassion, and empathy.

A

Respect for others

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7
Q

Truth in all matters is key to fostering an ethical climate. Partial truths, omissions, and under or overstating don’t help a business improve its performance

A

Honesty

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8
Q

Ethical leadership should include enforcing all local, state, and federal laws. If there is a legal grey area, leaders should err on the side of legality rather than exploiting a gap.

A

Respect for laws

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9
Q

Promote ownership within an organization, allow employees to be responsible for their work, and be accountable for yours.

A

Responsibility

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10
Q

Stakeholders are people with an interest in a business, such as shareholders, employees, the community a firm operates in, and the family members of the employees. Without divulging trade secrets, companies should ensure information about their financials, price changes, hiring and firing practices, wages and salaries, and promotions are available to those interested in the business’s success.

A

Transparency

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11
Q

Employees, the community surrounding a business, business partners, and customers should all be treated with concern for their well-being.

A

Compassion

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12
Q

Everyone should have the same opportunities and be treated the same. If a practice or behavior would make you feel uncomfortable or place personal or corporate benefit in front of equality, common courtesy, and respect, it is likely not fair.

A

Fairness

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13
Q

Leadership should demonstrate confidentially and commitment to their employees and the company. Inspiring loyalty in employees and management ensures that they are committed to best practices.

A

Loyalty

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14
Q

In a world where resources are limited, ecosystems have been damaged by past practices, and the climate is changing, it is of utmost importance to be aware of and concerned about the environmental impacts a business has.

A

Environmental Concern

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15
Q

Business ethics will cover

A

(1) Discrimination and harassment
(2) Abuse of leadership
(3) Compliance
(4) Accounting
(5) Social media
(6) Employee theft
(7) Nepotism
(8) Data privacy

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16
Q

Most Common Issues involve in the International business Setting

A

(1) Human rights
(2) Employment practices
(3) Moral obligations of multinational corporations
(4) Environmental regulations
(5) Corruption

17
Q

is a moral obligation on a company or an individual to take decisions or actions that is in favour and useful to society. Social responsibility in business is commonly known as Corporate Social Responsibility or CSR.

A

Social Responsibility

18
Q

Social Responsibility of Business

A

(1) Build customer loyalty and increase the the possibility of attracting new ones
(2) Improves business reputation and provides differential value
(3) It can also build loyalty among workers and and helps the feeling of belonging
(4) Encourage innovation

19
Q

How to make a business social responsibility

A

(1) Treat your employees with respect and dignity
(2) Value their work
(3) Enable growth opportunities within your company
(4) Provide a fair compensation for their services
(5) Create a safe and healthy work environment

20
Q

Four Categories of CSR

A

(1) Environmental responsibility
(2) Ethical responsibility
(3) Philanthropic responsibility
(4) Economic responsibility

21
Q

is a company’s commitment to manage the social, environmental and economic effects of its operations responsibly and in line with public expectations.

A

Corporate Social Responsibility (CSR)

22
Q

Most Common Examples of CSR

A

(1) Reducing Carbon footprints
(2) Improving labor policies
(3) Participating in fair trade
(4) Charitable giving
(5) Volunteering in the community
(6) Corporate policies that can benefit the environment
(7) Socially and environmentally conscious investments.

23
Q

Potential benefits of CSR

A

(1) Better brand recognition
(2) Positive business reputation
(3) Increase sales and customer loyalty
(4) Better financial performance
(5) Operational costs savings
(6) Greater ability to attract talents and retain staff
(7) Organizational growth
(8) Easier access to capital

24
Q

The relationship between ________________ helps corporations keep things in good balance. It also supports the company’s efforts to develop control mechanisms, increasing shareholder value and improving satisfaction among shareholders and stakeholders.

A

Good governance and corporate social responsibility

25
Q

is how companies manage their business processes to produce an overall positive impact on society. It covers sustainability, social impact and ethics, and done correctly should be about core business – how companies make their money – not just add-on extras such as philanthropy.

A

Corporate Social Responsibility (CSR)

26
Q

The ultimate purpose of _____ is to maximize shared value among organizations, employees, customers, shareholders, and community members. While the precise value looks different for each of these stakeholders, the mutually beneficial nature of CSR initiatives can still be sustained.

A

CSR

27
Q

4 Levels of CSR

A

(1) Economic responsibility
(2) Legal responsibility
(3) Ethical responsibility
(4) Philanthropic responsbility

28
Q

is the comprehensive plan companies and funders use to design, execute, and analyze their corporate social responsibility initiatives. It includes specific focus areas, program design, promotion and communication approaches, and evaluation procedures.

A

CSR strategy

29
Q

4 Benefits of Corporate Social Responsibility

A

(1) Increased employee satisfaction
(2) Improves public image
(3) Increased customer loyalty
(4) Increased creativity

MGT107 - INTERNATIONAL BUSINESS AND TRADE (20 decks)

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