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Chapter 3 Business Power
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- 1PowerThe force or strength to act or to compel another entity to act.
- 2Business PowerThe force behind an act by a company, industry, or sector.
- 3LegitimacyThe rightful use of power. Its opposite is tyranny, or the exercise of power beyond right.
- 4Surface LevelBusiness power is the direct cause of visible, immediate changes, both great and small.
- 5Deep Levelcorporate power shapes society over time through the aggregate changes of industrial growth.
- 6What are the levels of business power exercised in spheres corresponding to the seven business environments?Economic power, technological power, political power, legal power, cultural power, environmental power, power over individuals.
- 7Economic PowerAbility of the corporation to influence events, activities, and people by virtue of control over resources, particularly property.
- 8Technological PowerAbility to influence the direction, rate, characteristics, and consequences of physical innovations as they develop.
- 9Political PowerAbility to influence governments.
- 10Legal PowerAbility to shape the laws of society.
- 11Cultural PowerAbility to influence cultural values, habits, and institutions such as family.
- 12Environmental PowerThe impact of a company on nature.
- 13Power Over IndividualsIs exercised over employees, managers, stockholders, consumers, and citizens.
- 14Dominance TheoryThe view that business is the most powerful institution in society, because of its control of wealth. This power is inadequately checked and, therefore, excessive.
- 15Pluralist TheoryThe view that business power is exercised in a society where other institutions also have great power. It is counter-balanced and restricted and, therefore, not excessive.
- 16Power EliteA small group of individuals in control of the economy, government, and military. The theory of its existence is associated with the American sociologist C. Wright Mills.
- 17Pluralistic SocietyA society with multiple groups and institutions through which power is diffused.
- 18What are the four major boundaries on managerial power?Governments and laws, social interest groups, social values, and markets and economic stakeholders.
- 19Governments and LawsIn all countries regulate business activity.
- 20Social Intrest GroupsRepresent every segment of global society and have many ways to restrict business, including boycotts, lawsuits, picket lines, media campaigns, and lobbying for more regulation.
- 21Social ValuesAre transmitted across generations, reflected in public opinion, and embedded in the law.
- 22Markets and Economic StakeholdersImpose strong limits which influence corporate decisions.
- 23James DukeStarted a company of then-novel product the cigarette. His career illustrates the power of commerce to shape society.
- 24John D. RockefellerFounder of Standard Oil Company. He dominated the oil industry with organizational genius, audacity, and ruthless, methodical execution.
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- Business/Economics Fichas sobre Chapter 3 Business Power, creado por Casey Coltran el 06/02/2019.
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