Business Roles, Ethics, Professionalism, Creative Thinking, and Problem Solving

Flashcards for review based on lecture notes about Business Roles, Ethics, Professionalism, Creative Thinking, and Problem Solving.

Ethical Behaviour

Set of values that are morally acceptable when conducting business.

Ethical Business Practices

Using fair advertising, pricing goods affordably in rural areas, ensuring timely tax payments, paying fair wages, and operating within the law.

Unethical Business Practices

Unfair advertising, inflated prices in rural areas, tax evasion, unfair wages, and disobeying the law.

Professional Behavior

A standard of behavior adhering to an ethical code of conduct, suitable for a job or profession done for payment, including showing respect and taking responsibility.

Professional Business Practices

Good use of work time, treating all people equally, using polite language, and keeping client details confidential.

Unprofessional Business Practice

Abuse of work time, not treating everyone the same, using rude language, and disclosing client information for personal gain.

Ethical Behaviour

Refers to principles of right and wrong in society, conforming to morally acceptable values.

Professional Behaviour

Refers to what is right or wrong in a business, applying a code of conduct, upholding reputation, and following guidelines on appearance and communication.

Transparency (King Code Principles)

Regular audits, accurate reports, open business deals, and transparent processes to prevent dishonesty and corruption.

Accountability (King Code Principles)

Appointing auditors, presenting accurate annual reports, regular communication with stakeholders, and ensuring ethical implementation.

Responsibility (King Code Principles)

Develop and implement programs to protect communities and the environment.

Ways to Conduct Ethical Business Practices

Avoid using other businesses' protected ideas, include equality and respect in the mission statement, treat employees equally, and respond fairly to discrimination.

Unfair/Dishonest Advertising

False or misleading advertising that misrepresents a product.

Strategy to Deal with Unfair Advertising

Adhere to Advertising Standards Authority (ASA) codes, ensure honesty and legality in ads, and avoid discriminatory content.

Prices of Goods in Rural Areas (Unethical)

Businesses in rural areas exploit customers by inflating prices.

Strategy to Deal with High Prices in Rural Areas

Charge fair prices, attract customer loyalty, investigate cost-effective transport, and collaborate with suppliers.

Tax/Tax Evasion

Not declaring all income to SARS, falsifying financial records.

Strategy to Deal with Tax Evasion

Submit tax returns on time, pay the correct amount, keep accurate records, and ensure audits.

Sexual Harassment

Promises of benefits in exchange for sexual favors, violating human rights through gestures and remarks.

Strategy to Deal with Sexual Harassment

Implement complaint procedures, educate on harassment, formulate policies, and report serious cases.

Unauthorized Use of Workplace Funds

Misuse of money without authorization, using company assets for personal gain.

Strategy to Deal with Unauthorized Use of Funds

Conduct regular audits, limit access to funds, implement fraud prevention, and educate employees.

Abuse of Working Hours

Arriving late, leaving early, taking long breaks, and using work hours for personal gain.

Strategy to Deal with Abuse of Working Hours

Speak to employees, set clear rules, conduct training, monitor tasks, and structure flexible hours.

Business Ethics

Ideas about what is morally correct applied in a business situation.

Ethical Behaviour

Acting in ways consistent with good values.

Business Practice

A procedure followed by a business to achieve its objectives.

Professionalism

Internationally accepted standards of conduct and competence in the workplace.

Tax Evasion

Not declaring all income to SARS to pay less tax.

Corporate Governance

Ethical leadership towards good performance, control, sustainability, and profitability.

Accountability

Holding directors responsible for their decisions.

Transparency

Operating in a manner easily understood by stakeholders.

Responsibility

The legal and moral obligation of a business to the environment.

Problem Solving

Analyzing a situation to identify strategies for change, requiring creative thinking.

Decision Making

A choice made using one's judgement to find the best solution to a problem.

Problem-Solving

Analyzing a situation to identify change strategies.

Decision Making

Choosing the best solution.

Steps in the Problem-Solving Process

Identify the problem, define the problem, identify alternative solutions, evaluate solutions, choose the best solution, formulate an action plan, implement the plan, evaluate the plan.

Force Field Analysis (Problem-Solving Technique)

Considering supporting and opposing ideas for change.

Brainstorming (Problem-Solving Technique)

Generating new ideas aloud in large groups.

Delphi Technique

Invite experts to research complaints, use questionnaires, summarize responses, and choose the best solution.

Force Field Analysis

Describe current and desired situations, list driving and restraining forces, and allocate scores.

Brainstorming

State the problem, set a time limit, write ideas down, and don't judge.

Nominal Group Technique

Define the problem, divide employees into groups, and have them silently brainstorm.

Advantages of Delphi Technique

Clear ideas for improvement, honest opinions, reduced noise, and avoided conflict.

Disadvantages of Delphi Technique

Expensive, time-consuming, and experts may not be interested.

Advantages of Force Field Analysis

Employees feel included, informed decisions, and a visual summary.

Disadvantages of Force Field Analysis

Requires participation, time-consuming, and is dependent on skill level.

Advantages of Brainstorming

Motivates employees, stimulates creative thinking, and develops better solutions.

Disadvantages of Brainstorming

Some members may dominate, may result in conflict, and is time-consuming.

Advantages of Nominal Group Technique

Time to think in silence, anonymous voting, and prevents group pressure.

Disadvantages of Nominal Group Technique

Minimizes discussion, may not be creative, and is time-consuming.

Creative Thinking

Ability to think of original and innovative ideas.

Advantages of Creative Thinking

Better ideas, solves problems, competitive advantage, and increased productivity.

Ways to Promote Creative Thinking

Emphasize importance, make time for brainstorming, place suggestion boxes, and train staff.

Creative

To be original, inventive, or resourceful.

Generate

To produce or create.

Creativity/Innovative

Ideas featuring new and original methods.

Creative thinking

The ability to think of original, varied new ideas or new approaches

Decision-making

Process of analysing a situation to identify strategies to bring about change.

Problem

Experiencing uncertainty or difficulty in achieving what we want to achieve.

Problem-solving

Gathering facts that include problem findings and problem shaping.

Problem-solving techniques

Various problem-solving techniques which businesses used to solve business-related problems.