notes BADM 490
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This 2 page Class Notes was uploaded by Michelle Notetaker on Sunday October 2, 2016. The Class Notes belongs to BADM 490 at Southern University at New Orleans taught by Dr. Alkhateeb in Fall 2016. Since its upload, it has received 5 views. For similar materials see Strategic management and business policy in Business Administration at Southern University at New Orleans.
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Date Created: 10/02/16
Michelle N. Ainey September 3, 2016 Chapter 3 Ethics and Social Responsibility in Strategic Management 1) Explain the difference between Milton Friedman's and Archie Carroll's approaches to the responsibilities of business. Friedman’s traditional view of a business firm: Argues against the concept of social responsibility o Primary goal of business is profit maximization not spending shareholder money for the general social interest Carroll’s four responsibilities of business: (in order of priority) o Economic o Legal o Ethical o Discretionary 2) What is stakeholder analysis? List the threestep process. Stakeholders have an interest in the business and affect or are affected by the achievement of the firm’s objectives. a. Primary stakeholders have a direct connection with the corporation and have sufficient bargaining power to directly affect corporate activities. b. Secondary stakeholders have an indirect stake in the corporation but are also affected by corporate activities c. Estimate is the effect on each stakeholder from a particular strategic decision 3) Discuss some reasons for unethical behavior by business people. a. Unaware that behavior is questionable b. Lack of standards of conduct c. Different cultural norms and values d. Behaviorbased or relationshipbased governance systems e. Different values between business people and stakeholders 4) What is moral relativism? Claims that morality is relative to some personal, social, or cultural standard and that there is not a method for deciding whether one decision is better than another. 5) Discuss Kohlberg's levels of moral development. a. Preconventional level: concern for one’s self b. Conventional level: considerations for society’s laws and norms c. Principled level: guided by an internal code of ethics 6) Discuss the three basic approaches to ethical behavior. 1 Copyright © 2010 Pearson Education, Inc. a. Ethicsthe consensually accepted standards of behavior for an occupation, trade, or profession. b. Morality the precepts of personal behavior based on religious or philosophical grounds. c. Lawis the formal codes that permit or forbid certain behaviors and may or may not enforce ethics or morality. 2 Copyright © 2010 Pearson Education, Inc.
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