Reviewer Flashcards
(31 cards)
A very general term that describes businesses that are attempting to enter industries or create new market
BUSINESS ENTERPRISE
Individual or group of people that collaborate to achieve certain commercial goal
BUSINESS ORGANIZATION
Types of business organization
Sole proprietorship
Partnership
Corporation
Limited liability company
An organization or enterprising entity engaged in commercial, industrial or professional activities
BUSINESS
Types of business
Service
Retail
Transportation
Technology
Reflect the share values within the organization that impact employee morale, communication, and ultimately success
ORGANIZATIONAL CULTURE
Purpose of establishing business enterprise
- Community volunteer
- Fairness to employee
6 ways to Manage business enterprise
- Lead with knowledge
- Delegate effectively
- Hire the right employee and manage them with care
- Motivate and train your employee
- Meet the needs of your customer
- Market your company effectively
Is a moral obligation of each and every individual, institutions, business and organization.
Social responsibility
3 P’s
Profit
People
Planet
- Seriously considering the impact of the company’s actions on society
- Concept that has developed an emerging prevalence around the globe
Social responsibility according to BAUER
According to him “ business can exist as long as it was used for the good of the community”
St. Thomas Aquinas
Machines were introduced
Industrial revolution
- People believe that business and wealthy people should do business to the community as part of the public or social service
- Greeks and Romans treated businessman next to slaves.
Ancient and Medieval Period
CSR is now given serious attention by more companies as they realize their success lies in earning confidence and respect of the society
After the period of Depression (1930’s - present)
3 phases according to Prof. Robert Harry & Ed Gray
Profit maximization management
Trusteeship management
Quality of life management
Primary responsibility of a business is profit maximization
The obligation of the manager is to satisfy stock holders to their investment
Economic freedom and free enterprise
CLASSICAL VIEW
Does not emphasize profit maximization and stock holders interest
Balance the interest of the employee, customers, supplier and community.
MANAGERIAL VIEW
Establishes harmony with both business operations and public interest
Includes the needs & interest of the society in contrast with classical and managerial view
PUBLIC VIEW
Excess wealth should be given to less fortunate
Based on the teaching of Jesus Christ as taught in the Bible
CHRISTIAN VIEW
1962 - 1973
FRIEDMAN MODEL
1976
ACKERMAN MODEL
1991
CARROLL MODEL
View business as active members of the communities in which they operate and encourage them to engage in socially responsible practices
CORPORATE CITIZENSHIP MODEL
