MNG 3203: Business, Society & Ethics - Business, Politics, and PR

This set of flashcards covers Topic 6 of MNG 3203, detailing the interaction between business and government, Guyanese legislation, Public Relations functions, and the 12 pillars of Global Competitiveness.

The Executive, The Legislature, and The Judiciary

The three arms of government described as the central stakeholders in business that establish the rules of the game.

Government as a Regulator

The role of government in setting the legal and institutional framework through regulation, taxation, and subsidies.

Direct Participation

The role of government as a buyer or supplier of goods and services to ensure pertinent goods reach certain sections of society.

BIARTISAN CAMPAIGN ACT OF 2002

A United States law that regulates the financing of political campaigns, including donation limits and disclosure of donors.

Nepotism

The practice among those with power or influence favouring relatives, friends, or associates.

Lobbying

The activity of firms whose sole purpose is to influence public policy and decisions and actively participate in the Government's legislative arm.

Lobbying Disclosure Act

The specific legislation that provides for lobbying activities within the laws of America.

Corporate Social Advocacy (CSA)

A business ploy where companies or executives become vocal on social issues outside the scope of their business to further an agenda.

Howard Schultz

The Chief Executive Chairman of Starbucks who stated, "you can't create emotional attachments if you stand for nothing."

Partnerships

A mutually beneficial relationship where government outsources work to private businesses through tender or contracts.

PRIVATE SECTOR COMMISSION and THE GEORGETOWN CHAMBER OF COMMERCE

Stakeholder organizations through which companies in Guyana may have their voices heard by the government.

Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act 2009

Legislation that prescribes measures to prevent money laundering and provides for unlawful proceeds to be identified, frozen, and forfeited.

Securities Industry Act 1998

An act intended to ensure persons engaged in securities business are subject to the regulatory control of the Guyana Securities Council.

Local Content Act 18 of 2012

A law that prioritizes Guyanese nationals and local companies while promoting the procurement of local goods and services.

Public relations

A strategic communication process companies use to build mutually beneficial relationships with the public to maintain a favorable reputation.

Media Relations

A PR function involving the preparation of position papers, handling publicity, and tracking media coverage.

Guest Relations

A PR function involving guest reception, visit agendas, university tours, and preparing communication materials for visitors.

Marketing Publicity

A PR function focused on announcing new products or enhancements through editorial channels and marketing events.

Global competitiveness

The set of institutions, policies, and factors that determine the level of productivity and prosperity of a country.

First pillar: Institutions

The legal and administrative framework within which individuals, firms, and governments interact to generate wealth.

Second pillar: Infrastructure

The framework that reduces the effects of distance by connecting markets through transport, electricity, and telecommunications.

Third pillar: Macroeconomic environment

The stability of an economy that ensures sustainable growth and prevents damage from high fiscal deficits or inflation.

Fourth pillar: Health and primary education

The provision of health services and basic education to ensure a healthy and efficient workforce.

Fifth pillar: Higher education and training

Factors crucial for move forward in the value chain by producing workers capable of complex tasks and rapid adaptation.

Sixth pillar: Goods market efficiency

The positioning of a country to produce the right mix of products with minimal government intervention and excessive controls.

Seventh Pillar: Labor market efficiency

The flexibility to facilitate the exchange of workers between activities, rewards for meritocracy, and equal opportunities for genders.

Eighth pillar: Financial market development

The allocation of resources to the most productive uses and investment projects via a reliable and transparent banking sector.

Ninth pillar: Technological readiness

The agility with which an economy adopts existing technologies, specifically information and communication technologies (ICT).

Tenth pillar: Market size

The scale of the market which allows companies to exploit economies of scale, often expanded through international trade.

Eleventh pillar: Business sophistication

The quality of a country's business networks, clusters, and the individual operations and strategies of companies.

Twelfth pillar: Innovation

The pillar measuring technological advances and investment in research and development to improve long-term well-being.