MODULE 3- SOCIAL RESPONSIBILITIES OF STRATEGIC DECISION MAKERS

Question 1

PROPOSES THAT A PRIVATE CORPORATION HAS RESPONSIBILITIES TO SOCIETY THAT EXTEND BEYOND MAKING A PROFIT.

Answer 1

SOCIAL RESPONSIBILITY

Question 2

Who stated that “there is one and only one social responsibility of business - to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud”

Answer 2

MILTON FRIEDMAN

Question 3

CARROLL’S FOUR RESPONSIBILITIES OF BUSINESS

Answer 3

1. Philanthropic Responsibilities
2. Ethical Responsibilities
3. Legal Responsibilities
4. Economic Responsibilities

Question 4

“BE PROFITABLE” the foundation upon which all others rest

Answer 4

ECONOMIC RESPONSIBILITIES

Question 5

“OBEY THE LAW” Law is society’s codification of right and wrong. Play by the rules of the game

Answer 5

LEGAL RESPONSIBILITIES

Question 6

“BE ETHICAL” obligation to do what is right, just, and fair. Avoid harm.

Answer 6

ETHICAL RESPONSIBILITIES

Question 7

“BE A GOOD CORPORATE CITIZEN” contribute resources to the community; improve quality of life

Answer 7

PHILANTHROPIC RESPONSIBILITIES

Question 8

THE DOW JONES SUSTAINABILITY INDEX

Answer 8

1. Environmental sustainability.
2. Economic sustainability.
3. `Social sustainability.

Question 9

This includes environmental reporting, eco design and efficiency, environmental management systems, and executive commitment to environmental issues.

Answer 9

ENVIRONMENTAL SUSTAINABILITY

Question 10

This includes codes of conduct and compliance, anti-corruption policies, corporate governance, risk and crisis management, strategic planning, quality and knowledge management, and supply chain management.

Answer 10

ECONOMIC SUSTAINABILITY

Question 11

This includes corporate citizenship, philanthropy, labor practices, human capital development, social reporting, talent attraction and retention, and stakeholder dialogue.

Answer 11

SOCIAL SUSTAINABILITY

Question 12

is the identification and evaluation of corporate stakeholders

Answer 12

STAKEHOLDER ANALYSIS

Question 13

STAKEHOLDER ANALYSIS

Answer 13

1. identify primary stakeholders
2. identify the secondary stakeholders
3. estimate the effect on each stakeholder group
   from any particular strategic decision.

Question 14

REASONS FOR UN ETHICAL BEHAVIOR

Answer 14

1. there’s no universal standard for ethical behavior in business
2. business people might be focused on making money, while others care more about things like fairness or community safety
3. the pressure to succeed and make money quickly can push some business people to bend the rules or even break them
4. people might not even realize they’re doing something unethical