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Week 3 notes MNGT

by: William Burkett

Week 3 notes MNGT MNGT-3100

Marketplace > Auburn University > Business > MNGT-3100 > Week 3 notes MNGT
William Burkett
Introduction to Business Management
Alex Smith Ritenbaugh

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Introduction to Business Management
Alex Smith Ritenbaugh
Class Notes
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This 6 page Class Notes was uploaded by William Burkett on Friday September 4, 2015. The Class Notes belongs to MNGT-3100 at Auburn University taught by Alex Smith Ritenbaugh in Fall 2015. Since its upload, it has received 11 views. For similar materials see Introduction to Business Management in Business at Auburn University.


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Date Created: 09/04/15
Chapter 6 MNGT Notes Ethics and Social Responsibility Social Responsibility 0 A business s intention beyond its legal and economic obligations to do the right things and act in ways that are good for society I It is often difficult to distinguish what is right from wrong I Examples Toms gives shoes as charity for all the shoes they sell Hiring special needs people Economic responsibility 0 The classical view I Management s only social responsibility is to maximize profits for its owners and shareholders I Social obligation not responsibility Legal responsibility 0 Defines what society deems important with respect to appropriate corporate behavior 0 Poor performers in this category gt organizations that knowingly break the lawrules 0 Examples I Intentionally selling defective goods Ford Pinto I Performing unnecessary repairs I Billing clients for work not done Socioeconomic view 0 Responsibility goes beyond making profits 0 Protecting and improving society s welfare Social responsiveness O Engage in social actions in line with trends in society I Ford supports a ban on texting while driving Green Management 0 Consider the impact of organizations on the natural environment I Sustainability How organizations go green 0 Legal light green approach I What is required 0 Market approach I If market demands for the change then the change is made 0 Stakeholder approach I Actions are taken to help the stake holders in the business 0 Activist approach I Taking actions to change the world or to become an supporter of an agenda Triple bottom line 0 Social performance 0 Environmental performance 0 Financial performance Ethics 0 Ethics principles values and beliefs that define right and wrong behavior 0 Values basic convictions about what is right and wrong 0 Development of ethical behavior 0 Ethical dilemma stage of moral development Individual characteristics Structural variables moderators Issue intensity Organizational culture ethicalunethical behavior I Stages of Moral Development 0 Preconvention level I Based on personal consequence 0 Follows rules to avoid punishment Acts in own interest Obedience for its own sake 0 Conventional level I Based on expectations of others 0 Lives up to expectations of others Fulfills duties and obligations of social system upholds laws 0 Principled level I Independent moral definitions 0 Follows selfchosen principles and justice and right Aware that people hold different values and seeks creative solutions to ethical dilemmas Balances concern for individual with concern for common good 0 Development of ethical behavior 0 Individual characteristics I Values 0 What you believe in What you consider right and wrong I Ego strength I Confidence level in decisions I Locus of control I Do you take responsibility for actions or blame external forces and try to shift blame 0 High take responsibility low shift blame O Org culture I What believes and behaviors does the company support I Company values I Which will it not tolerate 0 Behavior wise I Valuesbased management I What does the top management push on the lower members of the company How do they lead by examples and what values do they show 0 Global ethics 0 Ethical standards are not universal 0 Foreign corrupt practices act I Illegal to knowingly corrupt a foreign official I Token payments I Not black and white 0 If the US cannot make the small bribery payments then they are at a competitive disadvantage when they cannot make the small bribes 0 UN global compact 0 Encouraging ethical behavior 0 The values adopted by the organization are important and strongly in uence employee actions and decision making 0 Code of ethics and decision rules 0 Performance appraisal and reward system I Huge factor in the development of behavior I Make sure that employees don t feel they need to engage in unethical behavior to meet standards 0 Selection hiring system 0 Leadership 0 Emphasis placed on legal and professional standards 0 Pillars of an ethical organization 0 Individuals I Hiring of good employees 0 Leadership I Reward ethical behavior good examples form top management 0 Structures and systems I Reporting systems Strong HR Chief ethics officer 0 Ethical decision making 0 What is the ethical dilemma 0 Who are the affected stakeholders 0 What personal organizational and external factors are important in this decision 0 What are possible alternatives 0 What is my decision and how will I act on it 0 Ethical Dilemmas a situation that arises when all alternative choices or behaviors are considered undesirable because of potentially negative consequences 0 Values are in con ict 0 Right and wrong are not clearly identifiable 0 Ethical leadership 0 Managers bring specific personality and behavioral traits to the job that help shape their values I Background 0 Personal needs 0 Family in uence 0 Religious background I Personality I Ego strength I Selfconfidence 0 Strong sense of independence 0 Stage of moral development 0 Whistle blowing O Whistle blower individual who raises ethical concerns or issues to others 0 Often report wrongdoing to outsiders I Internal whistle blowing 0 Confidential hotlines I Need effective protective measures 0 2002 Sarbanes Oxley Act 0 Organizations need whistle blowers to maintain ethical standards Chapter 8 MNGT notes 0 Goal Setting and planning process 0 What is planning defining the organizations goals establishing strategies for achieving those goals and developing plans to integrate and coordinate work activities provides direction reduces uncertainty minimizes waste and redundancy establishes goals or standards 0 Types of goals Stated goals official statements of what an organization says and what it wants its various stakeholders to believe its goals are Real goals goals that an organization actually pursues as defined by the actions of its members Financial goals Strategic goals broad statements describes where the organization wants to be in the future 0 Goals apply to senior management 0 Relative to factors in the external environment Strategic plans plans that apply to the entire organization and establish the organizations overall goals 0 Action steps intends to attain strategic goals Operational plans plans that encompass a particular operational area of the organization 0 Developed at the lower levels of the organization 0 Narrow Longterm vs short term plans Specific vs directional plans Single use vs standing plans 0 Types of plans Breadth 0 Strategic 0 operational Time frame 0 Long term 0 Short term Specificity 0 Directional 0 Specific Frequency of use 0 Single use 0 Standing


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