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BUS 201 > Midterm > Flashcards

Midterm Flashcards

1
Q

Porter’s 5 Forces

A
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Customers
  3. Threat of New Entrants
  4. Threat of New Substitutes
  5. Competitive Rivalry
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2
Q

SWOT Analysis

A

Internal:

  • Strengths
  • Weaknesses

External:

  • Opportunities
  • Threats
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3
Q

Trigger Point

A

The point in which your risk becomes a reality and you must enact the mitigation. The trigger MUST be a number.

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4
Q

Applied Ethics

A

Applying ethical theory to real life.

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5
Q

Normative Approach to Theory

A

Explores what ought to be, and what one should do.

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6
Q

Utilitarianism

A

Utility (maximization of well-being and the absence of pain) is the desired moral outcome. Pursuit of your own self interest at the expense of others is not permitted.

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7
Q

Deontological Theory (Kant)

A

Concerns itself more with the nature (rightness/wrongness) of an act itself, not so much with the consequences to yourself or others.

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8
Q

Universalizability

A

The maxim is considered in all situations.

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9
Q

Hypothetical Imperative

A

Permissible in non-ethical decisions. If one wants x, one should do y.

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10
Q

Categorical Imperative

A

Command one must obey in all moral considerations. One must do y.

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11
Q

Social Contract Theory

A

Society has to be based on principles that treat people fairly so that everyone has access to the best possible life.

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12
Q

State of Nature (Rowls)

A

State before social, political, and economic institutions.

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13
Q

Original Position (Rowls)

A

The state of nature wherein individuals don’t now their situation, are behind a veil of justice. Internal biases are not considered when making a decision.

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14
Q

Theory of Justice (Rowls)

A

Social contract ought to ensure the primacy of justice in all political, social and economic agreements. Principles of justice are more important than details and rules.

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15
Q

Fundamentals of Justice (Rawls)

A

Maximize Liberty: Everyone deserves all basic liberties.

Minimize Inequality: Inequalities must be justified by benefiting the least well-off, i.e. benefiting if everyone benefits.

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16
Q

Legal Theory

A

Natural Law: There is a necessary relationships between law and morality.

Positivism: There is no necessary connection between law and morality.

Law and Economics Theory: Humans are economic actors and will make decisions based on being rational self-maximizers.

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17
Q

Milton Friedman

A

Traditional view of corporate responsibility.

Argues that business’ responsibility is to themselves, no social responsibilities

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18
Q

Compliance Based Ethics

A

Law regulates behaviour of societal actors through reward or punishment.

Moral content may only become apparent when law is disregarded.

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19
Q

Moral Reasoning

A

6 stages in 3 levels:

  1. Pre-Conventional
  2. Conventional
  3. Post-Conventional
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20
Q

Level 1: Pre-Conventional

A
  1. Obedience and punishment orientation (How can I avoid punishment?)
  2. Self interest orientation (What’s in it for me? Paying for a benefit)
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21
Q

Level 2: Conventional

A
  1. Interpersonal accord and conformity (Social norms; the good boy/good girl attitude)
  2. Authority and social-order maintaining (Law and order morality)
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22
Q

Level 3: Post-Conventional

A
  1. Social contract orientation (What company cultures tell you to do)
  2. Universal ethical principles (Principled conscience; your own moral compass)
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23
Q

Stakeholder Theory

A

In order to succeed and be sustainable over time, executives must keep the shareholders aligned and going in the same direction.

24
Q

Stakeholder Analysis

A

Helps managers make good decisions for the company and its stakeholders.

25
Q

Stakeholder Management

A

Addresses the needs of those who affect and are affected by the business.

26
Q

Corporate Social Responsibility (CSR) Theory

A

Corporations have broader obligations to the social problems they create. Focus goes from internal stakeholders to government and civil society.

27
Q

Social Contract Theory (Business)

A

Government needs to handle severe problems globally. Ethical responsibilities are not necessarily honoured just by satisfying stakeholders.

28
Q

Triple Bottom Line

A

Measure of sustainability or sustainable growth of a business. Three dimensions:

  1. Social (People)
  2. Environmental (Planet)
  3. Financial (Profits)
29
Q

Window Dressing

A

Putting on a front that you are being socially responsible when really you are taking advantage of consumers.

30
Q

Greenwashing

A

Promotion of green-based initiatives/images/products that actually operate in a way that is damaging to the environment.

31
Q

Principle of Shared Value

A

Creating economic value that also creates value for society.

32
Q

Strategic Shared Value Approach

A

Emphasizing company/community value creation instead of focusing on citizenship, philanthropy and sustainability.

33
Q

Justice in Teamwork

A

Distribution of work.

34
Q

Responsibility in Teamwork

A

Assigning individual tasks, crediting work or accepting blame.

35
Q

Reasonableness in Teamwork

A

Equal participation, achieving consensus, and conflict resolution.

36
Q

Honesty in Teamwork

A

Avoiding deception, impropriety, or corruption.

37
Q

Ethical Awareness

A

When you accept that your actions affect others’ interests, welfare and expectations, and recognize that you have a choice in the matter.

38
Q

Primary Traps of Unethical Behaviour

A

Tyranny of goals: Disregards anything in the way of goals.

Small steps: Do little by little so it doesn’t seem as bad.

Indirect/group responsibility: As a group it is easier.

Faceless victims/contempt for victims: When you don’t see who you are hurting, it is easier to hurt them.

39
Q

Contextual Factors of Unethical Behaviour

A

Organizational Culture: Beliefs, values and assumptions that influence daily conduct.

Rewards: Bonuses/pats on the back may influence ethical behaviour.

40
Q

Defensive Traps of Unethical Behaviour

A

Reduction words

Renaming

Comparison

Everybody does it

As long as we don’t get caught

Minimizing

Self-serving bias

41
Q

What makes a good ethical argument?

A

Plausible (factual then ethical)

Relevant

Sufficiently support its conclusion

42
Q

Fallacies (Faulty Arguments)

A

Straw man: distort the other’s argument

Ad hominem: criticizes the person, not the argument

Argument from tradition: long standing beliefs are valued as right

Argument from popularity: beliefs are popular, therefore must be right

False dilemma: only 2 options to choose from, when there may be multiple

43
Q

Cognitive Biases

A

Framing effect: how a question is framed may shape the response

Confirmation bias: Seek out information that agree with us, filter out information that doesn’t

False consensus effect: overestimate how many people agree with us

In-group bias: preferential treatment to those who we like

Moral luck: credit or blame others as a result of events that were out of their control

44
Q

Combatting Bias

A

Recognizing your tendencies.

Try to get a variety of information before making a decision, and avoid jumping to conclusions.

45
Q

Enhancing Ethical Awareness

A
  1. Create a strong ethical culture
  2. Provide ethics training, dialogue, and ethical leadership
  3. Questions current practices
46
Q

Improving Ethical Decision Making

A

Routine decisions: Analyses based on familiarity.

Non-routine decisions: Analyses that requires more thought.

47
Q

Globalization

A

Any kind of business transactions across international borders.

  • Importing and Exporting
  • International movement of money
  • International movement of investment
  • International movement of people
  • International movement of ideas
48
Q

Politics in Globalization

A

Politics are the major threat to globalization.

Politicians are blaming foreign workers for the economic problems.

49
Q

Globalists and Populists

A

The tension between globalists and populists (anti-globalists) is the most important part of understanding trade internationally.

50
Q

Old View of Globalization

A

Globalization can hurt and exploit poorer people in poorer countries.

Wealthier countries were concerned for the wellbeing of poorer countries.

51
Q

New View of Globalization

A

Globalization can hurt our people in our country.

Wealthier countries are threatened by foreign workers taking their jobs, both domestically and internationally.

52
Q

Populism

A

Short-term protection without regard to long-term cost.

Demand for Populism: Direct effect through decline in economic security and trust in political parties.

Supply of Protectionism: Checks and balances are weak and political fragmentation high.

Non-populist parties accommodate platforms, magnifying the effect.

53
Q

Urban Populism

A

Urban consumers tend to like globalization.

Economic growth, development, etc. are happening in cities, not really in rural areas.

Usually “everywhere” people.

54
Q

Rural Populism

A

Rural consumers do not like globalization.

These areas have significantly less economic weight.

Usually “somewhere” people.

55
Q

Automation

A

The threat of technology (artificial intelligence, other advancements) is even bigger than globalization.

Indispensable automation will eventually replace humans in repetitive, non-innovative jobs.

BUS 201 (1 decks)

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