Management: A Practical Introduction 7th Edition, Chapter 3 – Flashcards
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The Triple Bottom Line
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Represents people, planet, and profit (3 Ps) and measures an organization's social, environmental, and financial performance
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Social Audit
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A systematic assessment of a company's performance in implementing socially responsible programs, often based on predefined goals
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Two factors for achieving a meaningful life
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1. The ethical and social responsibilities of being a manager 2. Understanding the environment in which a manager operates- the community of stakeholders inside and outside the organization
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Stakeholders
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The people whose interests are affected by an organization's activities
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Internal Stakeholders
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Consists of employees, owners, and the board of directors (if any)
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Owners
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All the people in an organization who can claim it as their legal property
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External Stakeholders
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People or groups in he organization's external environment that are affected by it
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Task Environment
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Consists of 11 groups that present you with daily tasks to handle: customers, competitors, supplies, distributors, strategic allies, employee organizations, local communities, financial institutions, government regulators, special- interest groups, and mass media
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Customers
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Those who pay to use an organization's goods or services
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Competitors
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People or organizations that compete for customers or resources
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Supplier
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A person or an organization that provides supplies (raw materials, services, equipment, labor, or energy) to other organizations
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Distributors
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A person or organization that helps another organization sell its goods and services to customers
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Strategic Allies
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The relationship of two organizations who join forces to achieve advantages neither can perform as well alone
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Crowdfunding
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(Crowdsourcing) Raising money for a project or venture by obtaining many small amounts of money from many people
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Government Regulators
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Regulatory agencies that establish ground rules under which organizations may operate
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Special-interest groups
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Groups whose members try and influence specific issues
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General environment/Macroenvironment
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Include six forces; economic, technological, sociocultural, demographic, political-legal, and international
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Economic Forces
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Consist of the general economic conditions and trends- unemployment, inflation, interest rates, economic growth-that may affect an organization's performance
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Technological Forces
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New developments in methods for transforming resources into goods or services
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Sociocultural Forces
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Influences and trends originating in a country's, a society's or a culture's human relationships and values that may affect an organization
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Demographic forces
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Influences on an organization arising from changes in the characteristics of a population, such as age, gender, or ethnic origin
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Political-legal forces
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Changes in the way politics shape laws and laws shape the opportunities for ad threats to an organization
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International forces
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Changes in the economic, political, legal and technological global system that may affect an organization
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Ethical dilemma
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A situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal
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Ethics
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The standards of right and wrong that influence behavior
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Ethical behavior
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Behavior that is accepted as "right" as opposed to "wrong" according to those standards
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Value System
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The pattern of values within an organization
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Values
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The relatively permanent and deeply held underlying beliefs and attitudes that help determine a person's behavior
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Utilitarian Approach
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Guided by what will result in the greatest good for the greatest number of people
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Individual Approach
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Guided by what will result in the individual's best long-term interests, which ultimately are everyone's self-interest
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Moral-Rights Approach
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Guided by respect for the fundamental rights of human beings
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Justice Approach
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Guided by respect for impartial standards of fairness and equity
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Sarbanes-Oxley Act of 2002
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(SOX) Established requirements for proper financial record keeping for public companies and penalties for noncompliance
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Preconventional
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People tend to follow rules and obey authority
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Conventional
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People are conformist, generally adhering to the expectations of others
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Postconventional
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People are guided by internal values
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Ethical Climate
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Represents employee's perceptions about the extent to which work environments support ethical behavior
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Code of Ethics
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Consists of a formal written set of ethical standards guiding an organization's actions
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Social Responsibility
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A manager's duty to take actions that will benefit the interests of society as well as of the organization
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Corporate Social Responsibility (CSR)
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The notion that corporations are expected to go above and beyond following the law and making a profit
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Corporate Governance
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The system of governing a company so that the interests of corporate owners and other stakeholders are protected
