Answer the Questions
1) what do the terms business ethics and social reponsibility mean? Cite an example of each. Who are the main constituents that businesses must consider?
Business ethics govern ethical rules applied in business settings, commercially for those who are engaged in busienss dealings. Business ethics can be divided in normative and descriptive type.
Social responsibility is an organization’s responsibility to conduct ethical values either by benefitting it or protecting it from threats and negative outcomes.
2) Identify and describe briefly the three stages in which individuals typically develop ethical standards. What are some of the factors that determine the stage of moral and ethical development an individual occupies at any given time?
Ethics, by definition, is simply knowing what is right and doing the right thing, says McNamara. It is started from moral values such as honesty, respects, fairness, responsibility, accountability, etc. These values guide how one should behave in the society.
In his review of the book of The Ethics of Development written by Miguel A. Martinez Saenz, Des Gasper describes that the three stages of developing ethics involves: 1) the variations between sets of beliefs and ideas about moral development; 2) the ways in which ethics enables the persons to propose and justify certain sets of beliefs; and 3) the study of the sets of beliefs and the issues associated with these believes.
3) What are the four most common ethical challenges that businesspeople face? Give a brief example of each.
These include belief, social responsibility, morality, and ethics is irrelevant. Many managers or leaders believe that ethics have to do with religion and for that reason it is irrelevant. They believe that ethics take away the real-to-life complexities in the way they lead the organization. Ethics is simply doing the right things may cause cynicism, righteousness, paranoia, and laughter. It involves too much preaching, says McDonald & Zepp in their article “What Should be Done? A Practical Approach to Business Ethics.” Some even consider ethics as too religious. For example, Should Bob steal from Jane? Or Should Jane lie to her boss?
4) What are the four levels of development of a corporate culture to support business ethics? Describe each briefly
There are several levels of development corporate culture to support business ethics, they are, according to McNamara, for example:
o Cultivate strong teamwork and productivity. This program “align employee behaviors with those top priority ethical values preferred by leaders of the organization.” Through on-going communication, employees and employers can align their values.
o Support employees’ self-growth and meaning. In the workplace, sometimes ethics can be both good and evil as employees are competing over jobs and resources. However, when employees are given the security, they have more confidence and loyalty to serve their employers.
o Insurance policy. There has been an increasing problem of insurance fraud in the organizations. According to McNamara, “It’s far better to incur the cost of mechanisms to ensure ethical practices now than to incur costs of litigation,” for example in the case of hiring new employees, evaluating, firing, etc.
o Manage values associated with quality management, strategic planning and diversity management. This program ensures that employees to uphold their values, avoid criminal acts, develop policies and procedures to ensure that employees behaviors are according to their values and provide employees’ training to enforce both individual and organizational values.
5) What basic consumer does the consumerism movement try to ensure? How has consumerism improved the contemporary business environment?
The basic consumer the consumerism movement tries to ensure is to keep the consumers or the employees from being harmed. Consumerism ideology often causes consumer to suffer because companies prioritize profit rather than safety. In case of employees or consumers who are harmed by corporation who fail to live by their responsibility, Glasbeek believes that inflicting harm on workers or individuals are an act of crime and the law should ensure that the employers or corporation should be held personally responsible for the harm done to employees and the public. WHIMS is one of the policy the consumerism improves the contemporary business environment or through workers’ compensation policy and procedure. They ensure that technology or products produced do not cause harm to the consumers.
6) Identify the major benefits of corporate philanthropy
Some of the benefits of corporate philanthropy as described by Angelica in her Managing at the Boundaries are:
Fostering social capital
Form of equity
Preservation and conservation
Gifts for the benefit of others
Stewardship and accountability for public and contributed funds
Other major benefits of corporate philanthropy are: tax incentives because they are free of monitoring and auditing, they can reach the lowest level of the society quickly due to their networking ability, and that they can fill in market void.
7) What are some of the responsibilities that firms have to their employees?
As good employers, firms are responsible for the safety and well-being of their employees. In order to foster employees well being, policies and procedures should be established such as good behaviors according to the code of conduct and values of both the individuals and the organization’s, provide training that would improve their understanding of ethics, provide a media for employees to address their grievances, and most importantly, managers should lead by example. Today, many managers are being taken to court for fraud and corruption. Therefore, as leaders they should live according to the values because to the employees, they are the story.
8) What are quality-of-life issues? How can companies best meet?
Quality of life has become a buzzword in the business world, in the nonprofit and government sectors. But many fail to understand the true purpose of the quality of life. Having quality of life does not necessary mean to be able to enjoy life, such as this buzzword mean to many people.
When a person is able to meet his or her basic needs, which employees can achieve by working in a company, at least they are achieving a good quality of life according to their own standard. Abraham Maslow theory of need indicates how employees can help the employees to meet this quality of life. The basic standards such as food, security or safety, and love are the basic needs. And as the person’s basic needs are fulfilled, he or she wants to achieve higher level of needs, of which social actualization. Promotion is one of the issue company can help the employee to achieve his or her self-actualization
9) What laws protect employees from age discrimination? From sexual harassment?
In Canada, the laws that protect employees from age discrimination is the Charter of Rights and Freedoms while that of the US is the Bill of Rights. The laws that protect employees from sexual harassment are Title VII of the Civil Rights Act and Sexual Harassment Act, which describes sexual discrimination and legal protections for workers. In the workplace, not all-sexual conduct is considered sexual harassment because too often, sexual harassment involves power.
10) In what ways are not-for-profit organizations substantial part of the US economy? What challenges will not-for-profits face in the next decade or two?
Since Reagan’s administration, not-for-profit organizations have played important role in the US economy. They fill in market void, say Shafritz & Russell, they can reach out to the society faster than the government can. They are being taken as the alternative delivery of public goods because of their not-for-profit characteristics. But they are also the most profit gambit and the most capitalists in our economic system. Today, cross sector collaboration makes the not-for-profit organizations are behaving business like and make profit. While competition is their greatest challenge, they pose a threat to the government. For example, in Indonesia and the US, they are on the move to take over the power and authority of government through collaboration or through public-private partnership.
11) Identify and describe the four basic inputs that make up factors of production. Give an example of each factor of production that an auto manufacturer might use.
The basic inputs that make up factors of productions are labor, capital, natural resources or land, and technology. For an auto manufacturer, this may include human resources or labor, financial resources manufacturing infrastructure or capital, technology, and entrepreneurship
12) What is a private enterprise system? What are the four rights that are critical to the operation of capitalism? Why would capitalism have difficulty functioning in society that does not assure these rights for its citizens?
Private enterprise system is a business that is beyond state control or non-government control enterprise. A little different from communism, capitalism believes that the property and rights of production are privately owned.
Capitalism is the argument that individuals have a right to private property and they can accumulate these properties by either coercion, fraud, or the like and trade them in the open market. The capitalists believe that they have the right to promote self-interest and believe that inequality would promote economy efficiency, and can bolster democratic capitalism by bolstering or conditioning the weak.
13) ?dentify the six eras of businesses in USA. How were businesses changed during each era?
Agriculture or farming in 1700s became the main production in the US. Begins in 20th century, technology was developed and farming products were mass produced. The US businesses in the farming industry expanded from farming into industrialization of household gadgets and farming products. Post industrialization, manufacturing, mining of natural resources, and technology were developed to aid in the production of these industries. Labor unions also began to spread to aid workers who were paid with very small compensation. Following the development of labor union, the country went into a great depression in 1900s. As it went through the depression, America economic system experienced change from socialism into capitalism and by the end of 1920s, America’s economic system was run by the stock market.
14) How might a supermarket chain use technologhy to assist in relationship management?
Information technology and use of computers can assist management to manage many task. *** Supermarket is kind of a store, where most products of a daily use and chores are available under one roof. majority of customers in developed countries are short of time and briskly want to move on.
developing relationship with customers through the use of technology is very much a requirement of current era. every single customer wants attention, ease and quick response. technology like bar code readers, computerized environment, customer’s security system, and ease in shopping is a good attraction and can enhance relationship between seller and the buyer. A supermarket chain can use technology to assist in relationship management through inventory management and service management. Goods can be delivered quickly to fill in the empty isle and customers’ order can also be ordered and delivered faster
15) ?dentify the major changes in the workforce that will affect the way managers build a world class workforce in the 21th century. Why is brainpower is so important?
there could be certain reasons for the development and implication of highly successive workforce:
a. Organizational structure.
b) alteration in Human resource policy, vigilance, quality of employees, their educational background, etc.
c) staff should be hired or transferred according to their expertise, education, experience and departments requirement.
d) technological structure needs to be improved and converted into worldclass and technologically advanced one.
as far as brain power is concerned, every staff should be mentally strong, educated, intelligent, hence the team should be a mixture of experienced and fresh employees.
16) What is meant by the term small business? What business sectors are most and least likely to be dominated by small firms?
small business refers to term, where a capital is invested in small quantity, which means, lower capital and lower risk. this type of business is mostly for rehabilitation of lower and medium classes.
small business sectors involves, small manufacturing industries, paper mills, small stores for selling general items, small and medium services company, etc.
17) What percentage of small businesses is likely to fail two, four, six and ten years after starting? Why are small businesses more likely to fail? Explain how poor management, inadaquate financing, and government regulations put small businesses at a disadvantage.
atleast 30 to 40 percent of small businesses are likely to fail after a certain period of time. reasons may vary due to the operational nature of business. Poor management is one of the main reasons, as small businesses earn small profits, sometimes they hire overstaff, among those, not many are mentally upto the mark, bad loans, unsupportive regulations laid down by different regulatory authorities of the government.
18) What are the benefits of a good business plan? ?dentify the major components of a business plan.
Good business plan is a one, containing policies regarding
19) What is the small business administration? How does it assist small companies, financially and in other specialized ways? What are business incubators?
Small business administration helps organizing and administrating business proccess and finances.
20) To what extent are small businesses creating opportunities for women today? Why have hispanics become the nations largest group of minority business owners? To what extent are other minority groups including immigrants taking advantage of opportunities to start and run their own businesses?
More than half of the world’s population is women. Small businesses are now creating many opportunities for women to work and run their own business. Women who owe their business in minority groups like Hispanics have large number of women in business. Small business needs small investment and small organization set up that woman can run.
21) What are a sole proprietorship, a partnership and a corporation? How are they different? What are the advantages and disadvantages of each organizational form?
Sole propietorship stand for sIngle ownership, the liabilit is limited, the course of action is also limited and it does not require and agreement.
Partnership can occur between two individuals or 20 people, the liabilty is unlimited, it has a fair larger opportunity and capital can be increased with increased number of parnters.
Corporation: Corporation stands for a joint stock company, usually very large companies with massive capital and limited liability to each share holders act as corporation. Corporation must be registered with chamber of commerce and stock exchange.
22) What is a management hierarchy?in what ways does it help organizations develop structure? ?n what ways could it be considered obsolate?
23) What are the three basic types of skills that managers must possess? Which type of skill is most important at each management level?
Decision making and problem solving
Managers must be able to take important decisions at crucial step and solve problems in a wise manner
One of the main goal of management is the ability to lead and make employee do what needs to be done.
Planning and implementing plan wisely is an important step to success.
Effective communication between management and other staff is a crucial step in managing things.
24) ?dentify and describe the four basic functions of managers.
Major functions of management are
A manager must be able to identify the main goals and objectives to make a plan with a proper scheduling of tasks and their deadlines for the completion of a project. Planning must be done at several important steps. ?t includes overall busienss plan, individual project planning, marketing plan, strategic plan and so on.
An important basic function of management is to organize resources in order to complete a task in an optimum environment
An important function of management is to set goals and objectives and then set directions for individual employees and groups to carry out specified tasks in specific time frame. Manager must have the ability to direct others and make them follow the directions.
This includes controlling and controlling different projects, processes and coordinating different tasks at various stages of organization development.
25) Why is clear vision particularly important for companies that have numerous operations around the country or around the world? Cite an example.
Clear vision is important because large companeis have huge investment and large number of share holders. Visions must be clear and well defined. Pascale, Millemann ; Gioja or Weick ; Sutcliffe once said that leaders without vision is leading an organization through turbulence and uncertainties. Vision indicates direction. Clear vision does not necessary help a company to be successful in foreign countries. For example GM wants to be the first auto maker enterprise to operate in the developing countries successfully but what it did was actually dumping its obsolete products.
26) Which type of planning is most far-reaching? How this type of planning affect other types of planning?
Cost-effective and detailed plans have far better results. But it should be divided in small portions and achievements must be checked regularly. The most far-reaching type of planning is the strategic planning. This type of planning affects almost every phases of planning. For example, in the government system, strategic planning involves politics, economics, environmental, human aspects, and the management aspects. All these are interrelated and when they are applied into the program strategically, they gives sustainability.