MGMT 303 Chapter 4 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Ethical Dilemma
answer
Quandry people find themselves in when they have to decide if they should act in a way that helps another person or group and is the right thing to do even if doing so goes against their own self interest
question
Ethics
answer
Inner guiding moral principles, values, and beliefs used to analyze a situation and decide how to behave
question
Neither laws nor ethics are fixed principles
answer
true
question
Stakeholders
answer
Supply a company with its productive resources and as a result have a claim/stake in the company.
question
Who are stakeholders
answer
Stockholders, managers, employees, suppliers & distributors, customers, and community, society, and nation-state
question
Stockholders as stakeholders
answer
Have a claim in company by buying stock/shares to become owners. They are interested in how a company operates because they want to maximize return on profit
question
Managers as stakeholders
answer
Responsible for using a companies financial, capital, and HR to increase performance and thus stock price. They have a claim on an org because they bring to it their skill expertise and experience. Decide which goals an org should pursue to most benefit of stakeholders.
question
Customers
answer
Most critical stakeholder group
question
Utilitarian Rule
answer
An ethical decision is a decision that produces the greatest amount of good for the greatest number of people.
question
Moral Rights Rule
answer
An ethical decision that best maintains the fundamental or inalienable rights and privileges of the people affected by it. ex: protect peoples rights to freedom, life, and safety, property, privacy, free speech, and freedom of conscience.
question
Justice
answer
An ethical decision distributes benefits and harms among people and groups in a fair, equitable, or impartial way.
question
Practical Rule
answer
An ethical decision that a manager has no hesitation or reluctance about communicating to people outside the company because the typical person in society would think its acceptable.
question
Trust
answer
Willingness of one person or group to have faith or confidence in the goodwill of another person even though this puts them at risk.
question
Reputation
answer
The esteem or high repute that people or organizations gain when they behave ethically
question
Societal Ethics
answer
standards that govern how members of a society should deal with one another in matters concerning fairness, justice, poverty, and the rights of the individual.
question
Occupational Ethics
answer
Standards that govern how members of a profession, trade, or craft should conduct themselves when performing work-related activities.
question
Individual Ethics
answer
Personal standards and values that determine how people view their responsibilities to other people and groups and thus how they should act in situation when their own self interests are at stake.
question
Organizational Ethics
answer
Guiding practices and beliefs through which a particular company and its managers view their responsibility toward their stakeholders.
question
Social responsibility
answer
A companies stance on this is the way its managers and employees view their duty or obligation to make decisions that protect, enhance, and promote the welfare and well-being of stakeholders and society as a whole
question
Obstructionist Approach
answer
Companies and their managers choose not to behave in a socially responsible way
question
Defensive Approach
answer
Indicates at least some commitment to ethical behavior. They stay within the law and abide by strictly legal requirements but make no attempt to exercise social responsibility beyond what the law dictates.
question
Accommodative Approach
answer
Acknowledges the need to support social responsibility. Agree org members out to behave legally and ethically and try to balance interest of different stakeholders
question
Proactive Approach
answer
Actively embrace socially responsible behavior.
question
Ethics Ombudsperson
answer
Ethics officer. Monitors ethical practices and procedures. Responsible for communicating ethical standards to all employees, designing systems to monitor conformity, and teacher mgrs and employees at all levels how to respond to an ethical dilemma. They have organization wide authority.
