MIE 201, Chapter 4 In Class Notes
MIE 201, Chapter 4 In Class Notes MIE 201
Popular in Intro to Management
Popular in Management
This 3 page Class Notes was uploaded by Jenna Loehrer on Wednesday September 21, 2016. The Class Notes belongs to MIE 201 at North Carolina State University taught by M.K. Ward in Fall 2016. Since its upload, it has received 3 views. For similar materials see Intro to Management in Management at North Carolina State University.
Reviews for MIE 201, Chapter 4 In Class 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: 09/21/16
Online Lecture Chapter 4 Notes Ethics in Contemporary Business ● Recent unethical actions in the financial industry contributed to global recession ○ Ex: Apple’s response to San Bernardino terrorist attack ● As a result, public confidence in banking ranks at its lowest in 20 years ● Majority of businesses are run by ethical managers and staffed by ethical employees What is Ethical Behavior? ● Ethics: rules or standards governing the conduct of a person or a group ● Ethical behavior involves: 1) Competing Fairly and Honestly 2) Communicating Truthfully a) Transparency: degree to which information flows freely in an organization between managers and employees, and outwardly to stakeholders 3) Not Causing Harm to Others a) Insider Trading: occurs when company insiders use confidential information to gain an advantage in stock market trading ● Ethical Business Behavior: ○ Influential Factors → ■ Organizational Behavior ● Related Terms: WhistleBlowing, Code (ex: code of conduct) ■ Knowledge ● Pay Attention ■ Cultural Differences ● Economic Globalization ○ Ethical Dilemma: situation in which one must choose between between two conflicting, but arguably valid sides ■ Common theme → conflict between two or more important groups of people ■ Ex: company must decide to continue to keep working with production factory when they are suspected, but not proven of unethical behavior ○ Ethical Lapse: individual makes a situation that is clearly wrong ■ Ex: company worker shares ideas with competitior Corporate Social Responsibility ● Corporate Social Responsibility: business has obligations to society beyond the pursuit of profits ○ Business and society need each other ○ Strategic CSR: social contributions that are directly aligned with the company’s overall business strategy Online Lecture Chapter 4 Notes ■ Makes more sense than philanthropy because: ● Business and society are mutually dependent ● More likely to be sustained over time ● Making big investments to few companies rather than lots of small investments is better ○ Philanthropy: donating money, employee time or other resources to various causes without regard for any direct business benefit ○ CSR Perspectives: ■ Minimalist: pay taxes and obey the law ■ Defensive: main objective is to avoid criticism ■ Cynical: promotion, not substance ● Company accused of irresponsible behavior, markets itself as responsible without actually changing their practices ■ Proactive: action from within ● Company leaders believe the have responsibilities beyond making profit ○ CSR: The Natural Environment ■ Efforts to conserve resources and reduce pollution ● CapandTrade System: tries to establish maximum allowable amount of particular pollutant that a group or company can emit ○ If company is less than emission allowances, they can sell or trade their remaining emission cap amount ■ Trend toward sustainability ● Sustainable Development: development that meets the needs of the present without compromising the ability of future generations to meet their own needs ○ Consumerism: movement that put pressure on companies to consider consumer needs and interests ■ The right to buy safe products ■ The right to be informed ● Consumers have the right to know what is in a product and what is in it (product labels) ■ The right to c hoose ■ The right to be heard ● Ex: toll free numbers to call to give feedback ○ CSR Toward Employees: ■ Equal Opportunity Online Lecture Chapter 4 Notes ● Civil Rights Act: established Equal Employment Opportunity Commission (EEOCregulatory agency that addresses job discrimination) ■ Affirmative Action: developed to encourage organizations to recruit and promote groups whose economic progress had been hindered ■ ADA: People with Disabilities ■ OSHA: set standards for safety and health ● Stakeholders: ○ Customers ○ Society ○ Community ○ Owners ○ Creditors ○ Environment ○ Employees ○ Suppliers
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'