Fundamentals of Management, Chapter Three Notes
Fundamentals of Management, Chapter Three Notes MGMT 3202
Popular in Fundamentals of Management
verified elite notetaker
Popular in Business
verified elite notetaker
This 3 page Class Notes was uploaded by Carson Talbert on Tuesday February 9, 2016. The Class Notes belongs to MGMT 3202 at East Carolina University taught by Tiffany Woodward in Spring 2016. Since its upload, it has received 34 views. For similar materials see Fundamentals of Management in Business at East Carolina University.
Reviews for Fundamentals of Management, Chapter Three Notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 02/09/16
Chapter 3 Ethics- Values and morals a person believes in that influences actions and speech. Usually guides people to do the “right” thing. Three ways to be assessed Pre-conventional- guided by self-image. Conventional- guided by what society expects. Post conventional guided by our own values, will do something illegal if it goes against what the person believes. Ethical Dilemma- When you want to help someone but helping them goes against your values and principles. Ethics V.S Law: Laws can be ethical or unethical Neither are fixed values/principals Examples: Legal but unethical- CEO of Worldcom, Bernie Ebbers, appoints close personal friends to the Board of Directors. This makes it so that he can make decision on his own that everyone will agree with. This is unethical because he has full power now rather than being second questioned on his decisions. Illegal but ethical- Doctors in small towns agree to set their prices at below average to reduce patient costs. Stockholders- People that invest in the company to own a portion of it and helps the company with the resources needed to run. Want their investments to have a maximum return and by doing this they want the company to run ethically by not taking any risks or bad decision to harm it. Managers- responsible for making decisions on a company’s human resources and financial capital to maximize profitability. Have to manage many interests. Employees- company acts ethically so that their employees feel well treated to create efficiency in the work place. Suppliers V.S Distributors: Suppliers- expect to be paid the agreed upon price and at the agreed upon time. Distributors- expect to pay the agreed upon price for the expected quality of product. Customers- considered the most critical stockholder. Companies must produce effective and efficient products to ensure that there customers are satisfied. Community- this is the location of the company and the ethnic community it is surrounded or apart of. Utilitarian Rule- ethical decision that is the best decision to be made for the most amount of people. Examples: manager of a company with high labor costs must decide whether or not to restructure. Best for company= Restructuring: Improves efficiency and increases profitability Benefits stockholders and customers Benefits employees still working for better opportunity for competitive positions Not restructuring: Benefits employees and managers that keep jobs No increase in efficiency or profitability Hurts stockholders and customers Also hurts staffs competitive advantage for higher positions Moral Rights Rule- ethical decision that is made to protect people’s rights, freedom, life and safety, property, privacy, free speech. Example: a manager of an organization discovers that a product is potentially defective and must decide recall or not. Ethical decision= Recall: Maintain life and safety of customers Damage companies image and stock Potentially costly No Recall: Doesn’t maintain life and safety Saves company money Justice Rule- ethical decision that creates equal punishments for wrong doings and rewards for accomplishments. Example: a manager wants to implement a pay increase for employees and must decide how to allocate raises. Ethical= Raises based on performance: Objective criteria Will reward on performance regardless of anything Fair and unbiased Raises based on relationships: Subjective criteria Will reward on relationship with employee Unfair and biased Practical Rule- this is an ethical decision that is made and that would be comfortable to communicate with anyone. Unethical Workplace Behaviors: Sexual harassment and discrimination 2 Types of sexual harassment: Quid Pro Quo- asking or making an employee to do something sexual for a reward Hostile work environment- making sexual remarks or actions in the workplace, which in return makes someone uncomfortable. Sources of Diversity: The Law prohibits discrimination based on these. Age Gender Race Ethnicity Religion Disability No discrimination laws based on these. Sexual orientation Physical appearance Socioeconomic background
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'