ADM1101- Social Context of business

Hanin Lewa
Flashcards by Hanin Lewa, updated more than 1 year ago
Hanin Lewa
Created by Hanin Lewa about 5 years ago


ADM1101- Social Context of business at uottawa with joseph audi

Resource summary

Question Answer
Unilever Eco-effeciencies- what did they do and what did it result in? They saved energy, water, materials used, they used less carbon and less waste disposal, and it resulted in 26% of a higher revenue. They avoided 395M dollars in costs.
what percentage of water will farmers need by 2015, and why? Farmers will need 19 percent more water by 2050 to meet increasing demands for food.
What is needed to reach moderate business as usual? rapid reduction in water, food, energy, etc.
Talk about Tesla Motors and it's accomplishments? Who is the CEO? CEO- Elon Musk - 1st Electric car to win for Motor Trend’s Car of the Year in 2013 -voted best in class for engineering, design, efficiency, safety, value and performance
What is Freitag and who are the 2 men who came up with this companies idea? They use anything that can be reusable to make fashionable bags. Markus and Daniel. They recycle anything in production process.
What did McDonalds UAE do? Reused recycled vegetable oil for their fleet trucks. This cut 80% of greenhouse gas emissions.
Define ethics of business? the rules, standards and codes that provide guidance for morally appropriate behavior in managerial decision making. Includes CSR, Triple Bottom Line, corporate sustainability, corporate citizenship, corporate governance, and environmental stewardship.
What is integrity? Corporations behavior and adherence to moral guidelines acceptable to society such as honesty, fairness and justice.
Stakeholder is defined as? Anything that influences or is influenced by the achievement of an organizations purpose.
CSR is? balancing social, economic and environmental responsibilities.
corporate sustainability is..? corporate activities with the inclusion of economic, social and environmental responsibility to ensure survival of the organization to have less impact on stakeholders. this integrates structure, policy and operations of the organization.
Triple bottom line is..? Triple E bottom line- evaluation of a corporation's performance according to social, ethical, economic and environmental value the corp. adds or destroys. Triple P bottom line- planet, profit, people.
corporate citizenship is? a corporation demonstrating its' role in economy, society and environmentally.
Integrity results in..? a responsible corporation. (undertaking responds to social, ethical, environmental and economic responsibilities)
What is the economic system? Arrangement using land, labor and capital to produce, distribute and exchange goods and services to meet needs and wants of society. objective is using society's resources to meet society;s needs.
what is capitalism? an economic system allowing private ownership (land labor and capital) assumes economic decisions are made by individuals or enterprises making decisions to make profit.
free/private enterprise system is? characterized by private property, profit motive, a competitive market system, and limited involvement in the government.
Laissez- faire capitalism? economic system with minimum govt interference in business affairs. Govt involvement is limited to police and security only.
what is responsible enterprise system? economic system that is a free enterprise system but incorporates accountability. business is responsible to society as cause, agent or source of something (held accountable)
stakeholder capitalism is..? economic system that works towards benefit of shareholders as well as stakeholders, and corporations have great social responsibility
Clean capitalism is..? association of capitalism w/ social responsibility. economic system incorporating social, economic and ecological costs and benefits into marketplace activities and prices we pay.
What types of owners are there? Direct ownership (e.g., shareholders); or Indirect ownership (e.g., mutual fund holders)
What are boards of directors? Elected by shareholders Must fulfill legal and fiduciary obligations
What are managers? Elected by shareholders Must fulfill legal and fiduciary obligations
What is legitimacy? belief in the rightness of an institution, in this case the appropriateness of our business system to supply the goods and services wanted by Canadian society.
What is social license? It is the privilege of operating in society with minimal formalized restrictions based on maintaining public trust by doing what is acceptable to stakeholders in the business and society relationship.
What are factors influencing attitudes towards business? Business wrongdoing • Allocation of resources • Inequities in society • Standard of living • Self-interest • Decentralized decision making • Business cycle • Globalization • Unemployment • Innovation • The Media • Government
What are the 3 approaches to ethical thinking? • Deontological or rule-based theories • Teleological or consequential theories • Virtue ethics
What is deontological ethics? - an approach that determines goodness or rightness from examining the acts rather than from the consequences of the acts. -rules guide decision making and behavior
What is Teleological ethics? Approach focuses on outcomes and results of actions. -max benefit and min harm. considers all stakeholders
What is Virtue ethics/ consequential theory? -based on individual's character or identity -focuses on being instead of doing. -decision is good if end result is good. -if individual has good virtues, decisions will be good and ethical
List 2 examples of theorists for each of the ethics theories? D- John Locke and John Rawls T- John Stuart Mill and Jeremy Bentham V- Aristotle, Plato
What are the 6 responsibilities for a manager? 1. Identify stakeholders 2. Understand how corporation currently views stakeholders 3. Examine how each stakeholder will or might influence firm 4. Assess opportunities and threats 5. Rank stakeholders by influence 6. Prepare programs or policies detailing how to cope with stakeholders
What is issues management? a systemic process in which a corporation can identify, evaluate and respond to economic, social and environmental issues in a corporation.
What are the 6 steps (process) for issues management? - identification of issues -ranking and prioritizing of issues - formulating issue response - implementing issue response - monitoring/ evaluating issue response
Please draw the Matrix chart for stakeholder threats and the strategies? 1- supportive: stategy- involve 2- marginal- monitor 3- nonsupportive- defend 4- mixed blessing- collaborate
What is stakeholder engagement? efforts by a corporation to understand and involve individuals or groups by considering their moral concerns in strategic initiatives
Why is stakeholder engagement important? - important for CSR and corporate sustainability. This involves giving stakeholders value.
What are the 6 points to make a good relationship with stakeholders? - creating a foundation -organizational alignment - strategy development - building trust - evaluating - repeating the process
what is social capital? any aspect of a corporations organizational arrangement that facilitates the actions of stakeholders within and external to the corporation.
What are the 6 stages of crisis management? 1- avoiding the crisis 2- preparing to manage the crisis 3- recognizing the crisis 4- containing the crisis 5- resolving the crisis 6- profiting from the crisis
What are the 2 stakeholder approaches that help consider moral concerns in strategic and operational initiatives? social capital and stakeholder collaboration
What is a civil society? Composed of the voluntary, community and social organizations or institutions that help in the functioning of society without or in not relation to the government.
What are NGO'S? and what is an example of and NGO? Non- governmental organizations that work for the benefit of society and are usually non for profit. EX- Red cross & PETA AND KFC- people for the ethical treatment of animals, actionaid, save the children. - A group that shares values and confronts society about it, advocating for changes.
What are the most prominent issues raised by NGO's? - animal rights, environment, capitalism, human/workers rights, religious activism, gay rights, social development, gender rights.
What are the 4 ingredients to a successful partnership between NGO and a CORP.? - both NGO and Corp must show leadership -commitment -being open to ideas/change - both partners must have a shared goal.
What are the 6 benafits from partnership with NGO's? innovation ideas expertise trust and reputation identifying opportunities and risk influence on public opinion employee engagement
What are the principles of CSR? -business and society are interwoven - expectation on business due to 3 roles- intitutional, organizational and individual -legitimacy, public responsibility, managerial descretion
What are the 3 social responsibility theories? amoral: corporations are profit making entities. personal: corperations are like people and should be held accountable for behaviors. social: social corporations come with social responsibility
What is pyramid of CSR? 1. Philanthropic- good quality of life 2. ethical- fair, just, right 3. legal- follow rules 4. economic- be profitable
sustainability journey? pre compliance compliance beyond compliance integrated strategy purpose/passion
What 7 elements does social auditing measure? employee community environment international operations shareholder supplier customer
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