Princp of MGMT: Ch. 5 – Flashcards
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Decisions that managers face that have a dimension of social responsibility are
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1. Employee relations, philanthropy, pricing, resource conservation, product quality & safety 2. And doing business in countries that violate 3. Human rights
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The classical view of social responsibility holds that management's only social responsibility is to
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Maximize organizational profits for stockholders
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The most outspoken advocate of the classical view of social responsibility is
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Economist and Nobel Laureate Milton Friedman
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According to the classical view corporate managers should
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Maximize value to stockholders
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A leading proponent of the classical view argues that anytime manager decide on their own to spend their organization's resources for the "social good" they are ________.
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Adding to the costs of doing buisness
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Proponents of the socioeconomic view of social responsibility believe that business organizations are
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Not merely economic institutions
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Ethical obligation argument is the belief that business' should be responsible because:
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Such actions are right for their own sake
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The argument/belief that business that help solve difficult social problems create a desirable community and attract and keep skilled employees is known as _______________
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The better environment argument for social responsibility
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The belief that the costs of social activity are passed on as higher prices to consumers is known as the ________________
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"cost" argument against being socially responsible
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Social obligation is the obligation of a business to meet its
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Meet its economic and legal responsibilities
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Social responsibility is defined as
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1. Business firm's obligation 2. Beyond that required by law and economics 3. To pursue long-term goals that are good for society
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The aspect that differentiates social responsibility from other similar concepts
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Is that it adds an ethical imperative
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In the United States, a company that meets federal pollution control and does not discriminate in hiring, promotion and pay is
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1. Meeting it's social obligation and nothing more 2. Because laws mandate these actions
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When a firm advertises that it only uses recycled parer products it is
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Being socially responsible
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The basic definition of ethics is
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1. Rule or principles that define 2. Right and wrong conduct
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The primary debate about ethics training programs is
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Whether ethics can be taught
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More than any other quality of leadership, employees crave ___________
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Honesty AXIM: There must be public disclosure
