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Fourth Edition ESSENTIALS BUSINESS Ronald J. Ebert & Ricky W. Griffin Copyright ©2003 Prentice Hall, Inc. PART 1 . . . . . . . . . . . . . . . . . . . . . . . . Understanding the Contemporary Business Environment

Conducting Business Ethically:

Conducting Business Ethically Business Essentials Chapter 3

“The more I help others to succeed, the more I succeed.” Ray Kroc, Founder, McDonald’s:

“The more I help others to succeed, the more I succeed.” Ray Kroc, Founder, McDonald’s

Key Topics :

Key Topics Individual codes of ethics and the importance of ethics in the workplace Key terms Social responsibility in U.S. business Environmental issues and stakeholder relationships Approaches and implementation Implications for small business

What Is Ethical Behavior?:

What Is Ethical Behavior? Ethics: Right and wrong, good and bad, in actions that affect others Ethical Behavior: Conforming to generally accepted ethical norms

Ethical Considerations :

Ethical Considerations Regarding a particular act… Utility: Does it optimize what is best for those who are affected by it? Rights: Does it respect the rights of the individuals involved? Justice: Is it consistent with what we regard as fair? Caring: Is it consistent with people’s responsibilities to each other?

Company Practices and Business Ethics:

The Coca Cola Scare Case Company Practices and Business Ethics Best Approach: Open, Honest, Responsive! The Tylenol Scare Case

How Much Privacy Does Your Employer Owe You?:

Email Internet Cellular Phones How Much Privacy Does Your Employer Owe You?

Formalizing the Commitment to Ethics:

Formalizing the Commitment to Ethics Adopting Written Codes Instituting Ethics Programs

Principles, Ethics, and Corporate Policy:

Strategies & Practices (Revised Frequently) Principles, Ethics, and Corporate Policy Organizational Objectives (Changed Infrequently) Core Principles Organizational Values (Unchanging) Core Principles & Organizational Values

Social Responsibility: Balancing Commitments to Stakeholders:

Social Responsibility: Balancing Commitments to Stakeholders Stakeholders: Groups, individuals, and organizations that are directly affected by the practices of an organization Employees Investors Local Communities Customers Suppliers CORPORATION

The Evolution of Social Responsibility:

The Evolution of Social Responsibility Contemporary Social Consciousness Era of Social Activism The Great Depression Entrepreneurial Era

Responsibility Toward the Environment:

Air pollution Water pollution Land pollution Toxic waste Recycling Responsibility Toward the Environment

Responsibility Toward Customers:

Responsibility Toward Customers Consumer Rights Unfair Pricing Ethics in Advertising

Responsibility Toward Employees:

Responsibility Toward Employees Legal & Social Commitments Whistle-blowers

Responsibility Toward Investors:

Responsibility Toward Investors Improper financial management Check kiting Insider trading Misrepresentation of finances

Approaches to Social Responsibility:

Level of Social Responsibility Approaches to Social Responsibility Defensive Stance Obstructionist Stance Accommodative Stance Proactive Stance Lowest Highest Actively Avoids Responsibility Does Legal Minimum Responds to Requests Actively Seeks Opportunities to Contribute

Managing Social Responsibility Programs:

Social Responsibility Managing Social Responsibility Programs Social Audit Appointment of Director Strategic Planning Top-Management Support

Ethics, Social Responsibility, and the Small Business:

Ethics, Social Responsibility, and the Small Business Do small businesses face different issues with regard to ethics and social responsibility?

Chapter Review:

Chapter Review Discuss how individuals develop their personal codes of ethics. Explain why ethics matter in the workplace. Distinguish social responsibility from ethics. Show how social responsibility applies to environmental issues and to relationships with customers, employees, and investors. Identify four approaches to social responsibility. Describe the four steps a firm must take to implement a social responsibility program. Explain how social responsibly and ethics affect small business.

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