management chaper 3

What is the difference between Ethics and Legality?

Ethics reflects proper relations and how people treat others; legality is narrower and refers to written laws protecting people from harm.

Define Ethics.

The standards of moral behavior; behavior accepted by society as right versus wrong.

What is an Ethical Dilemma?

A situation where you have to choose between two unsatisfactory situations.

What are the 3 questions to ask when facing an ethical dilemma?

1. Is it legal? 2. Is it balanced/fair? 3. How will it make me feel about myself?

What are Compliance-Based Ethics Codes?

Ethical standards that emphasize preventing unlawful behavior by increasing control and penalizing wrongdoers.

What are Integrity-Based Ethics Codes?

Ethical standards that define guiding values, support ethical behavior, and stress shared accountability among employees.

Who are Whistle-blowers?

Insiders who report illegal or unethical behavior within an organization.

What is Corporate Social Responsibility (CSR)?

The business's concern for the welfare of society, going beyond ethics to a commitment to integrity, fairness, and respect.

What is Corporate Philanthropy?

Charitable donations to nonprofit groups of all kinds.

What are Corporate Social Initiatives?

Enhanced forms of corporate philanthropy directly related to the company's core competencies.

What is Corporate Responsibility?

Acting responsibly within society, such as hiring minority workers, making safe products, and minimizing pollution.

What is Corporate Policy?

The position a firm takes on social and political issues.

What is a Social Audit?

A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs.