Year Two

Question 1

What is a business?

Answer 1

A business refers to an organization, or an enterprising entity engaged in commercial, industrial or professional activities.

Question 2

What are the two meanings of business

Answer 2

1. Commercial activities of an individual or a group of persons engaging in some type of business or service
2. An organization that is formed to operate some type of service or commercial activities.

Question 3

What are business ethics?

Answer 3

Business ethics is the study of proper business policies and practices regarding potentially controversial issues such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibility
Business ethics can also be defined as a system of laws and guidelines by which business professionals and corporations operate in a fair, legal and moral fashion.

Question 4

What are the importance of business ethics

Answer 4

1. Enhanced reputations and goodwill
2. Reduced risks and cost
3. Protection from their own employees and agents
4. Stronger competitive positions
5. Increased profits

Question 5

What is corporate communication?

Answer 5

Corporate communication is the sharing of information within a business which facilitates organizational communication.

Question 6

What are the components or constituents of corporate communication?

Answer 6

1. Internal communication
2. Media relations
3. Public affairs
4. Investor relations

Question 7

What is corporate social responsibility?

Answer 7

Corporate social responsibility is the commitment of businesses to contribute to sustainable development by working with employees, their families, the local community and the society at large to improve their lives in ways that are good for business and for development.

Question 8

What are the core elements of CSR

Answer 8

1. Care for all stakeholders
2. Ethical functioning
3. Respect for workers rights and welfare
4. Respect for human rights
5. Respect for the environment

Question 9

What is crisis communication

Answer 9

It is the effort taken by a company to communicate with the public and it’s stockholders when an unexpected event occurs which could have a negative impact on the company’s reputation

Question 10

What are the types of crises that we have

Answer 10

1. Immediate crises. It often has to do with natural disasters
2. Emerging crises. They are those that are anticipated or expected, hence are minimized at the early stages
3. Sustained crisis. It involves crises that linger for years

Question 11

What are the ways of fighting crisis

Answer 11

1. Knowledge
2. Speed
3. Ownership