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Business Test 2
Ch.2, Ch.6
| Question | Answer |
|---|---|
| business ethics | application of moral standards to business situations |
| what types of things are legal not necessarily ethical | hostile takeover, selling tobacco, harsh working conditions |
| who determines the ethical climate? | the leader/owner. whoever writes code of conduct |
| What are the top 4 ethical issues | fairness and honesty (confidentiality), organizational relationships (dont take credit for others work), conflict of interest (professional and personal interests separate), communication (false advertising) |
| Factors affecting ethical behavior | Individual, social, opportunity |
| What are the individual factors affecting ethical behavior | personal goals, personal values, knowledge of an issue (ignorance is bliss) |
| what are social factors affecting ethical behavior | cultural norms, coworkers (peer pressure, if everyone does it, is it still bad) significant others, use of the internet (dont watch porn at work) |
| Why is being ethical important? | customers know a lot more about the company now because of transparency. Younger people are more interested to work for socially responsible companies |
| What external factors encourage ethical behavior? | Government has laws to ensure justice. Trade associations provide ethical guidelines for their members |
| What internal factors encourage ethical behavior | code of ethics and enforcing it. cultural training to ensure employees know the company values. whistle blowing |
| whistle blowing | informing the press about unethical practices within ones organization |
| what is social responsibility | recognition that business activities have an impact on society and consideration of that when making business decisions |
| caveat emptor | Latin for "let the buyer beware". happened back in the day when businesses were not socially responsible |
| the economic model | social responsibility is not their concern. main goal odf business is to make a profit. |
| Socio-economic model | places emphasis on the impact of business decisions on society. desire to be a good citizen , take pride in helping others, |
| Why do people argue to increase social responsibility | business cannot ignore social issues because it is a pat of our society. they have resources to tackle big problems. long term profitability. prevent governement intervention |
| why do people towards a more economic model | business owners have a responsibility to their stockholders and investors. time and money should be spent to maximize profits. government should solve the problems |
| consumerism | all activities undertaken to protect rights of consumers |
| 6 basic rights of consumers | right to safety,to be informed, to choose, to be heard, consumer education, to service |
| what is the purpose of consumer advocates and organizations | protect rights of consumers, educate consumers |
| How do business make sure employees are being treated equally and have a job | affirmative action program. training programs for the hard core unemployed |
| Effects of environmental legislation | promote clean air, water, land, and quiet work environment |
| who should pay for a clean environment | consumers pay a large part of the cost through taxes and higher prices for goods |
| How to develop a program of social responsibility | secure commitment of top executives, planning, appoint a director, social audit (report accomplishment) |
| How do you fund a program of social responsibility | consumers pay in higher prices. corporation pays as part of business expense (profit decreases). federal government pays |
| explain and give an example of how advertising can present ethical questions | like mcdonalds when they show their burgers delicious and fat but when you get it its flat and gross. misleading customer |
| how does opportunity influence the level of ethical behavior in the workplace? | the amount of opportunity to be unethical in the workplace (lots of free pens to steal). presence of an ethical code. does the company enforce the ethical code |
| how can government encourage ethical behavior of organizations | legislating more stringent regulations. (ex. Sarbanes-Axley Act of 2002 deter and punish corporate fraud and corruption) |
| what is trade associations role in encouraging ethics | provide ethical guidelines for their members |
| who protects the whistle blower | Whistlblower protection act of 1989. anonymous hotlines |
| What are the major forces in consumerism | individual consumer advocates and organizations, consumer education programs, consumer laws |
| what are some of the laws enacted to protect your rights as a consumer | Cigarette labeling act. childrens online privacy protection act. credit card accountability, responsibility and disclosure act |
| why did congress create the equal employment opportunity commission | to make sure that employers are not discriminating and sue firms that practice it |
| social audit | comprehensive report of what an organization is doing in terms of social issues. the program director should prepare this document |
| what is management | process of coordinating people and other resources to achieve goals of an organization |
| what are the four types of resources. what are they used for | material, human resources, financial resources, information. these are used to reach organizational goals |
| What are the basic management functions | Planning, Organizing, leading and motivating, controlling |
| what is the process to manage resources | planning |
| what are the steps to the planning process | strategic planing process. establish goals (long term) and objectives (short term to reach goals). identify SWOT (strengths, weaknesses, opportunities and threats) |
| Why is SWOT important for your company | identify the internal and external factors of your company so you can move forward with planning how to manage these issues effectively |
| what are the types of plans | strategic plan (long term 3-5 yrs), tactical plan (implement a strategy), operational plan (implement a tactical plan), contingency plan (back up plan) |
| What is the process for controlling | setting standards, measuring performance, taking coercive action, and then do it all again |
| What are the levels of management | top managers (develop mission) middle managers(implement strategies) first line managers (supervise employees) |
| key skills of successful managers | conceptual (see the vision), analytical (identify problems and solve them), interpersonal (deal with people), technical (know what your doing to train other people), communication (speak listen and write) |
| formal leadership vs. informal leadership | have authority and power in an organization vs. informal who has no authority but can still influence others and gain a following |
| Styles of leadership | autocratic, participative, entrepreneurial, servant |
| autocratic leadership | task oriented, no concern for employee opinion |
| participative leadership | work with employees and discuss options with them |
| entrepreneurial leadership | usually has a lot of passion and is constantly aligned with vision of company |
| servant leadership | job is to serve and support employees. customers are most important. teachers job is to help you get that A |
| what is the process for managerial decision making | identify the problem, generate alternatives, select an alternative, implement and evaluate the solution |
| total quality management | coordination of efforts directed at improving customer satisfaction, employee participation, partnership |
| benchmarking | process of evaluating products and management practices of another organization to improve quality |
| what is one tool used for total quality management | benchmarking (improve quality by evaluating products) |
| What are some areas of management specialization | financial , operations, marketing, human resources, administration, other(research and development) |
| Why do top management need to be strongly committed to TQM | foreign competition, more demanding customers, poor financial performance resulting from reduced market shares |
| what is an organization | group of 2 or more people working together to achieve a common set of goals |
| what are 4 basic steps of benchmarking | identify objectives. form a team. collect and analyze data. acting on results |
| how does one become effective in benchmarking | treat quality improvement as top priority. coordinate elements of TQM so that they are harmonious |
| what are the benefits of benchmarking | higher return on sales. use of premium pricing vs. competitive pricing (more expensive goods) |
| What speaker talked about Management process? What did he talk about? | Michael Dongieux of Fulcrum Corporations. more important to how you respond to adversity than what affects you. had to find developers to write code because he did not have the technical skills |
| What are ways to reach organizational goals? | Material resources, human resources, financial resources, and informational resources |
| what are informational resources | external forces like economy, technology, politics, and competition |
| what is the strategic planning process | establishing an organizations major goals and allocating resources to achieve them |
| Who handles the strategic plan? | top managers Board of directors and executives |
| who handles the tactical and operational plans | middle managers division leaders and department chairs |
| What are different styles of participative leadership | consultative leaders - discuss w/ workers but I have final say. concensus - discuss w/ workers and take the majority opinion. democratic -discuss w/ workers and they have the final say by vote |
| What guest speaker has an entrepreneurial style of leadership | Eddie O'Leary and Michael Dongieux |
| what is the old thinking vs. new thinking in Michael Porter's Ted Talk | old thinking is that business profits from causing problems. new thinking is business profits from solving problem. |
| why are businesses now becoming more socially responsible | more profit, good PR, and more importantly companies are now transparent and everyone can see the problems (patagonia displays the positive and negative aspects of their company) |
| What is a company that is very socially responsible? | Patagonia - fair labor practices, environmental safe on their clothes and manufacturing. safe working conditions. reduce transportation with supply chains to outside countries |
| What are the guidelines for making ethical decisions? | Listen and Learn. Identify the ethical issue. create and analyze options. identify the best option. explain your decision and resolve any differences |
| strategic plans | broad guide for major policy setting. designed to achieve long term goals. set by board of directors and top management |
| tactical plans | smaller scale plan to implement strategic plan. may be updated periodically. easier to change than strategic plans |
| operational plans | designed to implement tactical plans. plan is one year or less. deals with how to accomplish specific objectives |
| contingency plans | outline of action if other plans are disrupted or non effective. used in conjunction with strategic, tactical, and operational plans |
| what do operations managers do | manages the system that converts resources into goods or services |
Created by:
simmonsss
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