Intro to Business Review: Chapter 4

What is the difference between corporate philanthropy and corporate responsibility to the community? Which do you think is better? Why?

Corporate philanthropy is when a company donates goods and money as well helping out employees money wise. Corporate responsibility focuses more on the business rather than donating. I think that corporate philanthropy is better because it focuses on donating good as well as helping out employees.

How do relative ethics compare to universal ethical standards? Should ethics ever be relative? Provide a rationale for your response.

Relative ethics apply to mainly you and your family while universal ethics apply to everyone across a broad spectrum of situations. Yes ethics should be relative. Because it very important what you do right and what you do wrong.

Define sustainable development. What are 3 examples of successful companies that have pursued sustainable development programs?

Doing business to meet the needs of this generation without harming the environment or the ability of future generations to meet their needs. McDonald's ships orange juice in concentrate rather than ready to serve container helping out with less garbage. Dell became fully carbon neutral and became the greenest technology on the planet. Patagonia markets outdoor clothing using one hundred percent organic cotton and natural fibers.

What are the 4 consumer rights originally outlined by President Kennedy in the early 1960s? How would you rank those rights in terms of importance? Why?

The Right to be Safe, The Right to Be Informed, The Right to Choose, The Right to Be Heard. I think it should be the right to be safe, the right to be informed, the right to be heard, and the right to choose. I think these rights are very important because they affect the employees job and personal life.

Define the concept of planned obsolescence. Is this strategy ethically unsound? Why or why not?

The concept of planned obsolescence is to design a product to fail so that the consumer has to pay back what they said in a shorter time. Yes, it is ethically unsound because it is costing the consumer more money in a shorter amount of time.

Compare the role of the individual and the role of the organization in ethical decision making. How can business promote an ethical climate?

The individual role comes with making decisions that will affect you, your family your religion. The organization role affects people who work for the organization and ultimately the people who make the decisions reputation. For instance getting a private jet for 20 grand as apposed to just flying first class for a couple hundred dollars.

When might the need for social responsibility conflict with the need to maximize profits? When the needs conflict, how should a firm decide which path to pursue?

The two might conflict when the business is not doing to well and they need to maximize their profits. But at the same time they haven't contributed anything in a long time. They have to make the decision whether they want to keep the money and maximize profits or contribute.

How can domestic companies that outsource manufacturing to foreign factories ensure that their vendors adhere to ethical standards?

They can monitor, enforce, and commit to finding solutions that work for all parties involved.

What is an ethical dilemma? Give 3 examples of ethical dilemmas that workers or managers might face in a business setting.

When whatever you might do will have negative consequences. Forcing you to choose among bad options. 1) If someone was to ask you if he should go to another job, but you need him to complete a job. So you have to make the decision to tell him to go or stay. 2) If your boss tells you that you will get a raise but only if he was to fire your friend at work that will affect him and his family. And you have to make the decision to fire him or get the raise. 3) If an office was wanting a new copy machine at the office and asks you to take it out of your pay or do some extra work and he will take it out of your friend at works pay.

Do you believe that employers should respond to employee needs for work-life balance? Why or why not? What are the trade-offs?

Yes I believe they do. Because employees have families that they need to take care of. Whether it be that they need to provide for their families health care or just spend some time with them. By providing employees with this they are losing money and time that their employees work.