Strategic Exam Chapter 10

Skyler Milkovich
Flashcards by Skyler Milkovich, updated more than 1 year ago
Skyler Milkovich
Created by Skyler Milkovich about 5 years ago


Chapter 10

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Question Answer
Social Responsibility actions an organization takes beyond what is legally required to protect or enhance the well-being of living things
Sustainability the extent that an organization’s operations and actions protect, mend, and preserve rather than harm or destroy the natural environment
Business Ethics principles of conduct within organizations that guide decision-making and behavior
7 Principles of Admirable Business Ethics
Code of Business Ethics To ensure that the code of ethics is read, understood, believed, and remembered, periodic ethics workshops are needed to sensitize people to workplace circumstances in which ethics issues may arise
Whistle-Blowing refers to policies that require employees to report any unethical violations they discover or see in the firm
Bribery the offering, giving, receiving, or soliciting of any item of value to influence the actions of an official or other person in discharge of a public or legal duty is a crime in most countries of the world, including the United States
Workplace Romance Workplace romance can be detrimental to morale and productivity ► favoritism complaints can arise ► confidentiality of records can be breached ► reduced quality and quantity of work ► personal arguments can lead to work arguments ► whispering secrets can lead to tensions ► sexual harassment charges may ensue ► conflicts of interest could arise
Social Responsibility Ralph Nader proclaims that organizations have tremendous social obligations. Milton Friedman asserts that organizations have no obligation to do any more for society than is legally required.
Social Policy concerns what responsibilities the firm has to employees, consumers, environmentalists, minorities, communities, shareholders, and other groups
Environmental Sustainability Importance Employees, consumers, governments, and society are especially resentful of firms that harm rather than protect the natural environment Conversely people today are especially appreciative of firms that conduct operations in a way that mends, conserves, and preserves the natural environment
Changing Lack of Standards Uniform standards defining environmentally responsible company actions are rapidly being incorporated into our legal landscape It has become more and more difficult for firms to make “green” claims when their actions are not substantive, comprehensive, or even true
Environmental Strategies developing or acquiring green businesses divesting or altering environment-damaging businesses striving to become a low-cost producer through waste minimization and energy conservation pursuing a differentiation strategy through green-product features
Reasons Why Firms Should Be Green 1. Consumer demand for environmentally safe products and packages is high. 2. Public opinion demanding that firms conduct business in ways that preserve the natural environment is strong. 3. Environmental advocacy groups now have over 20 million Americans as members. 4. Federal and state environmental regulations are changing rapidly and becoming more complex. 5. More lenders are examining the environmental liabilities of businesses seeking loans. 6. Many consumers, suppliers, distributors, and investors shun doing business with environmentally weak firms. 7. Liability suits and fines against firms having environmental problems are on the rise.
Proactive > Reactive A proactive policy views environmental pressures as opportunities and includes such actions as developing green products and packages, conserving energy, reducing waste, recycling, and creating a corporate culture that is environmentally sensitive.
ISO 14000 Refers to a series of voluntary standards in the environmental field
ISO 14001 A set of standards adopted by thousands of firms worldwide to certify their efforts of conducting business in an environmentally friendly manner
Environmental Management System (EMS) a set of processes and practices that enable an organization to reduce its environmental impacts and increase its operating efficiency. Includes ISO 14001.
Major Requirements of an EMS Show commitments to prevention of pollution, continual improvement in overall environmental performance, and compliance with all applicable statutory and regulatory requirements Identify all aspects of the organization’s activities, products, and services that could have a significant impact on the environment, including those that are not regulated Meet environmental objectives that include training employees, establishing work instructions and practices, and establishing the actual metrics by which the objectives and targets will be measured Conduct an audit operation of the EMS Take corrective actions when deviations from the EMS occur
3 Policies Covered by EMS (1) prevention of pollution (2) continual improvement (3) compliance
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