Chapter 4 + Chapter 5

Question 1

Doing What’s Right - 4 Elements

Answer 1

Business law, ethical decision making, core values, corporate social responsibility

Question 2

Business Law

Answer 2

Labor laws, uniform commercial code (UCC), environmental protection, industry specific regulations

Question 3

Ethical Decision Making

Answer 3

“What should happen” vs. “what does happen”
Does: internal/external factors
Should: moral awareness, judgement, intention

Question 4

Ethical standards

Answer 4

Utilitarianism, individualism, moral rights, justice, impartial opinion, full disclosure

Question 5

Core values

Answer 5

Underlying norms of behaviors/actions expected of employees; must be reinforced by example and action

Question 6

Corporate Social Responsibility (CSR)

Answer 6

Business recognizes and proactively responds to needs of stakeholders

Question 7

Stakeholders include:

Answer 7

Customers, suppliers, distributors, employees, communities

Question 8

Drivers of economic value for a business

Answer 8

Profitability and growth
Profitability : ability to generate long term positive cash flow
Growth: rate of increase in net cash flow year over year

Question 9

How to create growth

Answer 9

1. Existing products/services to current customers
2. Gaining new customers and retaining current one
3. New products/services to current and new customers
4. Selling existing products/services into new markets

Question 10

How to successfully innovate

Answer 10

AI, technology platforms, collaborative ecosystems

Question 11

Collaborative ecosystems

Answer 11

Multiple orgs. working together to enable dvpmt of new technologies, products, services
-Collecting/using data
-Access to IP
-Merging physical and digital marketing
-Advancing new technology

Question 12

How do large businesses create successful new ventures?

Answer 12

-Top leadership commitment
- Limited target areas aligned to core competencies of the business
-Overcome typical obstacles
-Create separately funded organizations (?)
-Use innovation tools
-Terminate unsuccessful ventures

Question 13

National Labor Relations Act

Answer 13

Gave workers the right to collectively bargain, and strike

Question 14

Fair Labor Standards Act

Answer 14

40 hour work week and minimum wage established, child labor made illegal

Question 15

Social Security Law

Answer 15

Retirement income for 65+ years

Question 16

Equal Pay Act

Answer 16

Gender wage gap made illegal

Question 17

Occupational Health and Safety Act

Answer 17

Protected health and safety of workers

Question 18

Sarbanes-Oxley Act

Answer 18

For publicly traded companies - senior executives must confirm accuracy of financial reports

Question 19

Securities and Exchange Commission (SEC)

Answer 19

Monitors financial transactions of the banking industry

Question 20

James Rest ethical decision making model

Answer 20

Moral awareness, moral judgement, moral intention, action/implementation

Question 21

Uniform Commercial Code (UCC)

Answer 21

Creates equal regulations across all 50 states

Question 22

Intrapreneurship

Answer 22

Developing new business processes through creative methods