Intro to Business

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  1. Business ethics
    Standards of conduct and moral values regarding the right and wrong actions in the work environment
  2. Sarbanes-Oxley Act of 2002
    Punishment of corporate and accounting fraud and corruption to protect the interests of workers and shareholders
  3. Stages of Moral and Ethical Development
    1- Preconventional
    Individual looks out for their own interests and only follows rules out of fear of punishment or hope of reward
  4. 2- Conventional
    Interests and expectations of others are considered. Rules are followed because its a part of fitting into a group
  5. 3- Postconventional
    Individual follows personal principals for solving ethical dilemmas.
  6. Common Business Ethical Dilemmas
    • Conflict of Interest
    • Honest and Integrity
    • Whistle-Blowing
    • Loyalty vs. Truth
  7. Conflict of Interest
    Employee must choose between a business's welfare or personal gain
  8. Honesty and Integrity
    • Integrity- Adhering to deeply felt ethical principles in business situations.
    • Employees that have integrity are highly valued. Unfortunately, violation of honesty and integrity are all too common
  9. Loyalty vs. Truth
    Individual may have to decide between loyalty to the company or truthfulness in business relationships.
  10. Whistle-Blowing
    Employee snitching to its boss about illegal, immoral, or unethical practices committed by an organization
  11. How do organizations shape ethical conduct?
    (4 of them)
    • Ethical awareness
    • Ethical reasoning
    • Ethical action
    • Ethical leadership
  12. Ethical Awareness is practiced by:

    Code of conduct
    formal statement that defines how an organization expects its employees to resolve ethical issues
  13. Ethical Education
    firms instituting their own ethics training programs or hire organizations to teach ethics
  14. Ethical Action
    Firms providing structures and approaches that allow decisions to be turned into ethical actions
  15. Ethical Leadership
    Executives must demonstrate ethical behavior in their actions, as well as talk about it
  16. Stakeholders
    customers, investors, employees and the public affected by  or with an interest in a company
  17. Social Responsibility
    business's consideration of a society's well-being and consumer satisfaction, in addition to profits
  18. A business has a social responsibility to..
    • General public
    • Customers
    • Employees
    • Investors & financial comunity
  19. Business Social Responsibilities to the General Public
    Dealing with public health issues, protecting the environment (green marketing), and developing the quality of the workforce
  20. Corporate Philanthropy
    Organizations effort to make a contribution to the communities in which it earns profits
  21. Business Social Responsibilities to the Customers
    • The right to be safe (product liability- responsibility of the manufactures for injuries/damages caused by their products)
    • The right to be informed
    • The right to choose
    • The right to be heard
  22. Business Social Responsibilities to the Employees
    • Workplace safety
    • Quality-of-life issues (family leave- employees are allowed to take 12 weeks off because of birth, illness etc)
    • Equal opportunity on the job (no discrimination)
    • Safe from sexual harassment/sexism
    • EEOC
  23. Equal Employment Opportunity Commission
    Increase job opportunities for women and minorities and to help discrimination based on color, race, religion etc
  24. What are some of the factors that influence business ethics?
    • personal expecience
    • peer pressure
    • family
    • culture
    • religious standards
  25. Social Audit
    procedure that identifies and evaluates all company activities that relate to social issues such as conservation, employment practices, environmental protection and philanthropy
Card Set:
Intro to Business
2013-01-24 08:36:00


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