SM 131 Mega Quizlet Final

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3 formulations of categorical imperative

"Act only according to that maxim by which you at the same time will that it should become a universal law." Principle of ends: "treat humanity as an ends and not a mean" Principle of autonomy: rational beings do not need god to decide what is right

bandwagon effect

"Copy-cat" behavior. People often do things just because other people do them

test of common sense (smell test)

"Does the action I am getting ready to take really make sense?" If proposed action stinks, dont do it

Where Does Data to Analyze People Come From?

- Data from HR Information Systems• Headcount, tenure, performance ratings, salary, turnover, demographics - Data from Company Operations• Revenue, assets, net income, operating expenses, ROA - Data from Company Surveys• Commitment, job satisfaction, psychological safety, team effectiveness - Data from Communication Platform• Chat, email, text messaging, Slack

If there is no ethical framework

-Desires, moods, unconscious mind, group dynamics, social norms take over -Decisions become expedient & reactive (System 1), instead of deliberate & proactive (System 2) -The decisions you make are not based on the true you -Big Four may take over: Greed, Speed, Laziness and Haziness

Two dimensions of the five forces

-The Power of Buyers, Suppliers, and Industry Rivalry determines who gets the profits that the industry could potentially generate -The Threat of Entry and Threat of Substitutes determine whether the industry value chain can generate any profits at all

2 symptoms associated with lazy management

1) a tendency for managers to blame low performance and turnover on employees, rather than on oneself or on the organization, and 2) a tendency for managers to look for quick fixes to complex retention problems.

System thinking

1. Compare options instead of guessing individually 2. Think about how society should structured without knowing your status in it

What to do if team is showing signs of lazy management

1. Consider if management is doing something wrong .Collect data like surveys and gather evidence .By simply singling to employees, they will be more inclined to stay 2. Use managerial tools 3. Consider whether lazy management is contributing to the problem, and take a look at selection and promotion processes

Three key elements that must exist if an ethical organizational culture is to developed and mainintianed:

1. Continuous practice of ethical leadership reflected by BOD, C Suite, managers 2. Existence of core ethical values infused with policies , processes, practices 3. Formal ethics program that includes code of ethics, ethics training

1. Recognize an ethical issue

1. Could this decision or situation be damaging to someone or to some group? Does this decision involve a choice between a good and bad alternative, or perhaps between two "goods" or between two "bads"? 2. Is this issue about more than what is legal or what is most efficient? If so, how?

A strong organizational culture benefits managers

1. Degree of social control over employees 2. A social glue that connects employees together 3. Helps employees makes sense of organizational events

4 components of CSR

1. Economic 2. Legal 3. Ethical 4. Philanthropic

Lesson 3: You can make a difference

1. Ethics isn't philosophical gibberish its everyday, practical & relevant to all 2. Can become better decision makers both alone & in groups 3. Reject apathy & embrace passion

Lesson 2: The more business things change, the more they stay the same

1. Financial reporting isn't dead → still rely on non-financial reporting 2. Most customers are king → need marketing in consumer's real interest 3. Big data, small data, it all matters. Must use data to solve real, meaningful problems (paying attention to privacy & associated rights)

Three types of organizations

1. Had ethics problems 2. Having ethics problems 3. Will have ethics problems

Cheating has shot up in today's society because of 4 essential reasons:

1. Higher levels of inequality 2. Today's widespread insecurities 3. Failure of oversight 4. America's individualistic culture

Good decision making

1. Identify problem 2. Establish decision criteria 3. Weight decision criteria 4. Generate alternatives 5. Evaluate the alternatives 6. Choose the best alternatives 7. Implement the decision 8. Evaluate the decision

○ Product life cycle

1. Introduction 2. growth 3. Maturity 4. Decline

Ethics check

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

Ethics Quick Test

1. Is the action legal? 2. Does it comply with our values If you do it, will you feel bad? How will it look in the newspaper? If you know it's wrong, don't do it If you're not sure, ask Keep asking until you get an answer

3 imperatives for social programs

1. Protect & support communities 2. Protect and renew the environment 3. Sustainable practices for business and planet's future

Making Ethical Decisions 5 Steps

1. Recognize an ethical issue 2. Get the facts 3. Evaluate alternative actions 4. Make a decision and test it 5. Act and reflect on the outcome

Metaphors for perceiving codes

1. Rule book- clarify expected behavior 2. Signpost: consult other individuals 3. Mirror: confirm behavior 4. Magnifying glass: note of caution 5. Shield: challenge and resist unethical 6. Smoke detector: convinces others and warn them of wrong actions 7. Club: comply with code with enforcement

Lesson 1: Business is too important to be left to business people

1. Stakeholders and society are important to the trajectory and impact of business choices 2. Regulation isn't a bad thing 3. Embrace long term & support sustainability for all

Operations process

1. Task 2. Decision 3. Waiting Time 4. Flow

A strong organizational culture benefits employees

1. Understand what is expected of them 2.. Establishes a common language 3. Experience social belonging

Porter's Five Forces

1. threat of entry 2. Threat of substitutes 3. Buyer power 4. Supplier power 5. Industry rival

Why minds have you fooled

2D-3D world Context Perspective Expectations Haziness/Complexity

We use System 2

5% of the time

A factory produces 60 units per hour and wants 360 units in 8 hours. What is its capacity utilization?

60 units per hour * 8 hours = 420 units 360/420 = 75%

According to the HBR article, "Don't let lazy managers drive away your top performers", managers have to see themselves as: A. Behavioral Scientists B. Test Pilots C. Retention Specialists D. Analytic Superstars E. Motivational speakers

All of the followings are ethical approaches grounded in philosophical thinking that we discussed in the lecture, EXCEPT A. Moral approach B. Common good approach C. Rights approach D. Virtue approach E. Utilitarian approach

Elizabeth Holmes supposedly created the technology to test and pre-diagnose illnesses with only a few drops of blood. The company she started was called Theranos. She was so confident in her technology that she was able to raise millions of dollars from investors. However, she never allowed the scientific community to test her product and ultimately it was revealed that the technology did not work and her company committed fraud. Investors in her business fell victim to which type of cognitive bias? A. Pro-innovation bias B. Zero-risk bias C. Information bias D. Information bias E. Bandwagon bias

Freeman told a story about how his son asked him, "which is more important, your family or your job?" What was he illustrating with this story? A. It's important to accept a challenge to our values as important in what we do B. How he can compromise with his son and go on a trip and be involved in family activities? C. It's impossible to balance the interests of the stakeholders D. It's important to spend time with his son playing basketball E. He should get involved more with his son's activities

Humans sometimes behave unethically out of self-interest. This phenomenon is called: A. Motivated blindness B. Bounded rationality C. Attribution bias D. Irrationality E. Risk avoidance

In Accounting, what is the formula used for a Balance Sheet? A. Assets = Liabilities + Equity B. Assets - Liabilities = Gross Income C. Revenue - Liabilities = Gross Income D. Assets + Liabilities = Equity E. Liabilities = Assets + Equity

In the Ted Talk, 'business is about purpose', Edward Freeman states there are 3 flaws in the story of the purpose of business. Which of the following is not one of them? A. Purpose needs Profits B. Business and ethics are contradictions C. Money is the purpose D. People are not simple beings about self interest

In the movie Star Trek, Dr. Spock was always stoic but logical. He always approached every problem with critical thinking. In this way, Dr. Spock following what system of thinking? A. System 2 Thinking B. Efficient Thinking C. Affective Thinking D. Intuition Thinking E. System 1 Thinking

Making ethical decisions is hard because: A. There can be many contextual factors that interfere in the decision making process B. We face too many ethical dilemmas in our everyday lives C. Most of us cannot agree on what is right and what is wrong D. The human mind is not designed to make thoughtful decisions E. We are not used to making decisions

Packaging must perform the following functions, except: A. Be made of recyclable material B. Attract the buyer's attention C. Protect the goods inside D. Describe and give information E. Explain the benefits of the good inside

The ___________ product is the product layer composed of elements such as Brand, Quality, Style, Packaging and Design. A. Actual B. Finished C. Visual D. Augmented E. Core

The basic objectives of marketing communication are the following EXCEPT: A. Serve B. Inform C. Remind D. Persuade

The emergence of management has converted this from a social ornament and luxury into the true capital of any economy: A. Knowledge B. Unskilled labor C. Financial instruments D. Skilled labor E. Credit cards

The number of SDGs is: A. 17 B. 21 C. 7 D. 14 E. 12

What are some of advantages to US companies manufacturing themselves as opposed to outsourcing/offshoring the Supply Chain? A. Companies can have more control over their operations B. Companies can pay lower wages C. Companies can expand their markets D. Companies can lower the investments needed E. Companies can have fewer regulations to worry about

What is it called when we no longer see the ethical implications of our business decisions? A. Ethical fading B. Blind Spots C. Greenwashing D. Bounded ethicality E. CSR

What is strategy from an organizational perspective? A. The activities that coordinates all the firm's functions B. The agreed upon approach for employees to best achieve short-term goals C. The discipline that analyzes the drivers of profit D. The course of actions that the shareholders want implemented E. The collective vision of the board and executive team

When training people in the art and practice of GVV, one should emphasize the followings, EXCEPT: A. The opportunity to concentrate on pre-decision making B. A focus on positive examples C. An emphasis on the importance of finding an alignment between one's individual sense of purpose and that of the organization D. The opportunity to construct and practice responses E. The opportunity to build commitment by practicing delivering responses

Which of the following about primary and secondary stakeholders is true? A. Secondary social stakeholders advocate for people B. Government can only be a secondary stakeholder C. Animals can be considered primary social stakeholders if their lives are in danger. D. Primary social stakeholders always have a lot of power E. Future human generations are always secondary stakeholders

Which one is not a basic category of stakeholders ? A. Human rights groups B. Employees C. Owners D. Community E. Consumers

Shanice's hair salon is one of the best salons in town. However, Shanice is the only person working in the salon and the process for getting a haircut involves shampooing, cutting and then styling. If it takes Shanice 10 minutes to shampoo, 15 minutes to cut and 20 minutes to style hair, how many haircuts can Shanice do in one 8 hour-shift (assuming that she works continuously, and stops after 8 hours)? A. 10 haircuts B. 11 haircuts C. 24 haircuts D. 32 haircuts E. 48 haircuts

A 10+15+20 = 45 min 8 * 60 min = 480 480/45 = 10.6

Duty of Loyalty

A duty that a partner owes not to act adversely to the interests of the partnership

Slippery Slope

A fallacy that assumes that taking a first step will lead to subsequent steps that cannot be prevented

Sarbanes-Oxley Act

A law passed by Congress that requires the CEO and CFO to certify that their firm's financial statements are accurate.

Test of Purified Idea

Am I thinking this action or decision is right just because someone with appropriate authority or knowledge says its right?

Accounts Payable

Amounts to be paid in the future for goods or services already acquired

Stake

An interest or a share in an undertaking

Honorary director

Any person who has any time been chairman, president, or vice chairman of aboard

Blind spot

Areas in which one fails to exercise discrimination

Cost of Quality to the Firm

As appraisal and prevention costs are increased, the level of quality improves and internal and external costs decrease

Which is a characteristic of system 1 thinking?

Automatic Thinking

System 1 thinking

Automatic, fast, little or no effort, no sense of voluntary control

How to implement GVV

Awareness Analysis Action

According to Drucker, the one valid definition of business purpose is to create a customer. According to Drucker, which of the following best described what customers value? A. Getting the highest quality product B. Maximizing the utility that the product provides them with C. Getting what they want before they know they want it D. Getting low priced goods and/or services for their money E. Something that provides them with social status

According to Drucker, which of the following allowed low-wage countries to become efficient enough to compete with higher-wage countries? A. Trade-unions B. Training C. Research and Development D. Information Technology E. Automation

According to Drucker, which of the following is most responsible for the sacrifice of long-range wealth-producing capacity to short-term gains? A. Innovation B. Hostile takeovers C. National culture D. Lack of common goals and shared values E. Labor unions

According to Porter's economic model of industry profit, which industry is an example of "perfect competition"? A. Mobile telecom industry B. House cleaning services C. Airlines industry D. Supermarket retailing E. IT consultancy

According to the Forbes articles, the Business Round table's recent affirmed: A. Maximizing shareholder value is the sole purpose of a corporation. B. Maximizing social impact is the purpose of a corporation. C. Changing from GAAP to IFRS is in the best interest of American businesses. D. Generating the best quarterly income statements is sole purpose of a corporation. E. Milton Freidman's belief that corporations should put social good ahead of profit.

All of the following are correct limitations of the SWOT analysis EXCEPT: A. SWOT does not tell us much about internal drivers of profits B. SWOT is not widely used in strategy analysis C. strengths can also be weaknesses D. SWOT does not tell us much about external drivers of profits E. sensible, thoughtful, well-informed people can draw completely different SWOT analyses

Ethical tests are useful to clarify what the most prudent course of action should be. All the followings are ethical tests, EXCEPT: A. Gag Test B. Sins test C. Big four test D. Common sense test E. Purified idea test

From the perspective of an employee, what is a benefits of a strong organizational culture: A. The organization has a sense of control over how employees interact B. Feel comfortable enough to thrive in the organization C. Have strong mentorship programs D. Knowledge that there are promotional opportunities E. The ability to take advantage of educational opportunities

In GVV, Gentile advocates that people should ask the following question: A. How do I get everyone to change their positions? B. How will I act on my values? C. How do I know if I am wrong? D. How do I select what is the right thing to do? E. How can I convince everyone I am right?

In Operations, what does "Cheap" mean in the phrase "Good Stuff Cheap"? A. The product is sold at a low price B. The product is produced using the fewest resources C. The product satisfies the customers wants and needs D. The product is produced using low cost materials E. The product is produced with low cost labor

The goal of the virtue approach to ethics is to: A. Make sure people are not affected unfairly B. Make sure that I live up to my best self C. Take the actions that does infringe on others' rights D. Create the most benefits over harm for the most stakeholders E. Make sure that society is benefits

The underlying trust that Netflix places in its employees, no matter when they hired, is an example of which of the following elements of Culture: A. legends B. shared assumptions C. stories D. language E. shared values

To encourages organ donation in some European nations, authorities have decided to enroll citizens in the system automatically, and then let them opt out if they wish. The program increased the proportion of people agreeing to be donors from less than 30% to more than 80%. This is example of what psychological effect: A. Opt-in effect B. Nudge effect C. Thinking slow effect D. Risk aversion E. Trade-off effect

What are the three possible mechanisms to ensure long-term profitability of the firm? A. Increase profits, lower prices, or improve quality B. Increase prices, increase quantity, or lower costs C. Corner the market, decrease number of competitors, or retain more customers D. Increase quantity, improve quality, or lower costs E. Lower costs, increase market share, or decrease defective products

What is it called when even if we try to behave ethically, it is difficult to do so based on many reasons? A. Ethical fading B. Bounded ethicality C. Greenwashing D. CSR E. Blind Spots

What is the goal of strategy in practice? A. to enable the organization to devote most its capital to shareholder-maximizing activities B. to enable organizations to achieve the greatest possible profit C. to achieve operational efficiencies that minimize waste D. to achieve long-term environmental sustainability E. to achieve the largest market share relative to competitors

When a company advertises "Our car goes 0-60 miles per hour in 6.1 seconds" they are promoting: A. Product attributes B. Rational benefits C. Emotional benefits D. Values E. All of the above

When a firm attempts to achieve a sustainable competitive advantage by preserving what is distinctive about the firm (selecting the customers it will serve, deciding what different activities to perform), which of the strategy frameworks would be most helpful? A. Segmentation analysis B. Competitive Positioning Analysis C. Five Forces Analysis D. A SWOT Analysis E. 5-C analysis

When examining Organizational Culture, pictures on walls, the office décor, and formal or informal dress code within an office are all examples of which element: A. Shared assumptions B. Artifacts C. Conscious beliefs D. Implicit mental models E. Unconscious beliefs

Which is not a managerial competency needed to manage people? A. Interpersonal skills B. Trainings skills C. Analytical thinking skills D. Strategic insights skills E. These are all needed managerial competencies

Which is true of corporations? A. They are the most common type of business in the US B. They can draw large amount of capital from many investors C. They represent a small amount of business activity in the US D. They have simple governance structures E. They come with large personal risks for investors

Which of the following is NOT a characteristic of business objectives? A. They determine who you compete against B. They determine the future of the business C. They determine the key activities that must occur D. They determine how people are allocated to tasks E. They determine the structure of a business

Which of the following is NOT one of the seven Pillars of GVV A. Purpose B. Self-Awareness C. Reasons & Rationalization D. Voice E. Choice

Which of the following is the first and most crucial question to be asked in defining the purpose and mission of a business? A. What does the customer buy? B. Who is our customer? C. Who are our competitors? D. Where is our budget? E. What is our business?

Which of the following not a typical management failure we experience at work? A. Our voices are not heard B. Most leaders think they are not inspiring C. Cannot persuade my colleagues D. Most employees think leaders are not inspiring E. Teammates don't care enough

Which statement is not true? A. Perception mistakes are predictable B. Perception mistakes are limited to visual illusions C. Perception mistakes can stem from our expectations D. Perception mistakes can be driven by context E. Perception mistakes can stem from visual complexity

anchoring bias

Being over reliant on the first piece of info you hear

inside directors

Board members who are generally part of the company's senior management team; appointed by shareholders to provide the board with necessary information pertaining to the company's internal workings and performance.

Current Liabilities

Borrowing due within a short time, usually within a year

Amazon, the most valuable brand in the world, is worth about: A. $2 Billions B. $2,000 Billions C. $200 Billions D. $200 Millions E. $20 Billions

An ethical framework should meet all of the following criteria, EXCEPT: A. Be authentic B. Make sense C. Be dynamic D. Be practical E. Be consistent

Bex works in a law office as a receptionist and is confronted with an ethical dilemma. She was recently exposed to someone who tested positive for COVID-19 but she does not suffer from any symptoms. She fears getting tested because she would rather not receive bad news. In terms of the 20 cognitive biases that get in the way of good decision-making, this is an example of: A. Zero-risk Bias B. Placebo Effect C. Ostrich Effect D. Confirmation Bias E. Conservatism Bias

Competition is greatest in which stage of the product life cycle: A. Introduction B. Growth C. Maturity D. Decline E. Both A&B

Having channels intermediaries: A. Always drives costs up for consumers B. Does not create value for consumers C. Reduces the number of transactions in the market D. Increases the power of manufacturers E. Is old fashioned and on its way out

Most ethical dilemmas fall in the following categories or patterns, Except: A. "Truth versus loyalty" B. "Money versus people" C. "Individual versus community" D. "Short term versus long term" E. "Justice versus mercy"

On an Income Statement, what are the costs of running a company called? A. Depreciations B. Entitlements C. Expenses D. Debt E. Liabilities

SDG stands for: A. Subsided Direct Grants B. Simple Decision Guide C. Sustainable Development Grants D. Sustainable Development Goals E. Sustainable & Desirable Governance

Studies have shown that the number 1 driver impacting unethical behavior in organizations is: A. Ethical norms in the industry B. Formal organization policy C. Behavior of superiors D. Behavior of peers E. Society's moral climate

The SDG compass is: A. A guide for compliance to UN regulations. B. A system that brings companies together. C. A guide to help companies measure and manage their contribution to SDG's. D. A system of do's and don't for companies to adhere to. E. A system that "points" companies to global opportunities.

The goal of the common good approach to ethics is to: A. Make sure people are not affected unfairly B. Create the most benefits over harm for the most stakeholders C. Make sure that society is benefits D. Make sure that I live up to my best self E. Take the actions that does infringe on others' rights

What are the 3 A's of GVV process? A. Action, Appearance and Analysis B. Analysis, Awareness and Attraction C. Awareness, Analysis and Action D. Action, Analysis and Attraction E. Awareness, Appearance and Activity

What does cost of sales represent? A. The expenses incurred by a company to receive revenue for their product or service B. The dollar amount of markdowns applied when items are discounted C. The direct cost of goods provided to customers D. The cost (salaries + expenses) of sales people E. The operational expenses related to running the business during a specific period of time

What does the "stake" in stakeholder mean? A. A defined set of rules governing who legally can determine outcomes B. A barrier to entry in an industry C. A person who has interest, right or ownership position in something D. Rights of employees, customers and owners only E. A preference for one way of doing things

What is arguably the most basic/simple strategy tool? A. Cost-Benefit analysis B. Scenario planning C. SWOT analysis D. Competitive positioning analysis E. Five Forces analysis

Which marketing element has the least impact on the firm expenses? A. Product B. Place C. Price D. Promotion E. They all have comparable impact on expenses

Which of the following categories would a stakeholder be in who is high potential for threat and cooperation? A. Supportive B. Marginal C. Mixed-blessing D. Non-supportive E. Ally

Which of the following forces is NOT one of Michael Porter's Five Forces: A. Threat of Substitutes B. Threat of entry C. Labor power D. Buyer power E. Industry rivalry

Which of the following is NOT a suggestion for managers who want to use cultural fit in a more productive way: A. Fit should be based on data driven analysis of what types of values, traits and behaviors predict on the job success B. Require limits on how much 'fit' can influence hiring C. Make sure the definition of the right candidate is closely aligned with managers' personal values D. Create formal procedures for measuring fit E. Communicate and clear and consistent idea of what the organization's culture is

Which of the following statements is true? A. Segmentation divides a market into smaller segments of heterogeneous customers B. Segmentation is always done based on demographic characteristics C. Targeting is about selecting the best potential segment D. Positioning is about finding the optimal store/shelf location for a product E. All of the above are true

Which one is NOT one the basic competitive strategies identified in Porter's competitive positioning framework? A. Cost leadership B. Differentiation C. Price leadership D. Focused differentiation E. All four are competitive strategies identified in Porter's framework

Which one is not an example of middle management? A. Plant managers B. Division managers C. Supervisors D. Department managers E. These all are examples of middle management

Which statement is true: A. GVV is rational and theoretical ethics B. GVV is emotional and theoretical ethic C. GVV is rational and practical ethics

The copy center has a job order that requires 500 pages of white paper and 200 pages of pink paper. The copying rate is 25 pages per minute, the overall setup time is 5 minutes, and the color change time is 2 minutes. How many jobs like this one can the Copy Center complete in 1 (one) hour? (Assume that the setup must be done for every job of this type). A. Less than 1 job per hour B. 1 or more job per hour, but less than 1.5 jobs per hour C. 1.5 or more jobs per hour, but less than 2 jobs per hour D. 2 or more jobs per hour, but less than 2.5 jobs per hour E. 2.5 or more jobs per hour

C 700 pages/25 pages per minute = 28 minutes + 2 min + 5 min = 35 min 60 minutes/35 min = 1.7

Small Business LLC has $25,000 in cash, $275,000 in long term assets, and they owe $200,000 for a mortgage. How much do they have in equity? A. $225,000 B. $250,000 C. $100,000 D. $175,000 E. $75,000

C A + L + E (25K + 275K) = 300K = 200K + X = 100K

Which of the following is true?

CV creates societal and economic impact

Trend line

Calculate each ratio over a large number of reporting periods, to see if there is a trend in the calculated information. The trend can indicate financial difficulties that would not otherwise be apparent if ratios were being examined for a single period. Trend lines can also be used to estimate the direction of future ratio performance.

Industry comparison

Calculate the same ratios for competitors in the same industry, and compare the results across all of the companies reviewed. The industry comparison approach is used for sector analysis, to determine which businesses within an industry are the most (and least) valuable

Return on assets

Calculates the ability of management to efficiently use assets to generate profits. A low return indicates a bloated investment in assets

Gross profit ratio

Calculates the proportion of earnings generated by the sale of goods or services, before administrative expenses are included. A decline in this percentage could signal pricing pressure on a company's core operation

Net profit ratio

Calculates the proportion of net profit to sales; a low proportion can indicate a bloated cost structure or pricing pressure

Industry turnover

Calculates the time it takes to sell off inventory. A low turnover figure indicates that a business has an excessive investment in inventory, and therefore is at risk of having obsolete inventory.

Capacity Utlization

Capacity required/capacity available

Acid Test Ratio

Cash, current investments, and accounts receivable divided by current liabilities; measures the availability of liquid current assets to pay current liabilities .5-1 is okay, higher is worse

Industry or professional level ethical challenges

Challenges in profession or industry

Nudge decision

Change the default choice decision makers face

Data from Communication Platform

Chat, email, text messaging, Slack

The most important negotiations

Cleaning value for yourself and creating value for both parties

What is the company's top most focused SDG goal according to Professor Brunel? Gender Equality Responsible consumption and production Decent work and economic growth Climate Action

Climate Action

Data from Company Surveys

Commitment, job satisfaction, psychological safety, team effectiveness

Rousseau

Common good, good attainable only by the community, yet individually shared by its members

Strong ethical cultures were where managers and supervisors

Communicated ethics as a priority Set a good example of ethical conduct Kept commitments Provided info as to what's going on Supported following rules

What are the 4 Structure considerations of an organization that will assist in managing people? A. Promotion, Challenge, Incentives, Culture B. Power, Incentives, Control, Culture C. Communications, Incentives, Promotion, Challenge D. Incentives, Autonomy, Professional Development, Environment E. Communication, Power, Incentives, Culture

Communication, Power, Incentives, Culture

Who prepares the financial statements for a company?

Company Management

Current ratio

Compares current assets to current liabilities, to see if a business has enough cash to pay its immediate liabilities

Price earnings (PE) ratio

Compares the price paid for a company's shares to the earnings reported by the business. An excessively high ratio signals that there is no basis for a high stock price, which could presage a stock price decline

Debt to equity ratio

Compares the proportion of debt to equity, to see if a business has taken on too much debt

Two thoughts about supply chains

Competition is becoming less about company vs. company and more about supply chain vs. supply chain. Companies may have to take ethical responsibility for the actions and errors of their supply chain.

Survivorship bias

Concentrating on the people or things that "survived" some process and inadvertently overlooking those that didn't because of their lack of visibility.

People who favor prior evidence over new evidence or information that has emerged have what type of bias?

Conservatism Bias

4. Make a decision and test it

Considering all these approaches, which option best addresses the situation? If I told someone I respect which options i have chose, what would they say?

What is competitive advantage?

Cost Leadership Differentiation

Businesses exist to

Create a customer/market

External Failure Costs

CustomerComplaintAdjustment • ReturnedMaterials-Restockingand Reshipping • WarrantyCharges • Allowances for Defective Materials • LostBusiness

Which one of these is not part of the 7 pillars of GWV

Customers

Marketing Analysis (5 C's)

Customers, Company, Competitors, Collaborators, Context

According to the video you watched on the Stroop effect, which of the following statements is true? A. Reading is not automatic B. You can avoid the Stroop effect by reading everything that is right in front of you C. To avoid the Stroop effect, you should watch something or someone as opposed to just listening to them D. Squint to see more clearly E. Assume that more information is better

Accounting can be described as an 'information system' that does all of the following, EXCEPT: A. Supports efficient allocation of capital B. Measures business activities C. Communicates results to decision makers D. Is mainly preoccupied with tax issues E. Processes data into financial statements

All of the following are classes of consumer goods, EXCEPT: A. Convenience goods B. Shopping goods C. Specialty goods D. Support goods E. Unsought goods

As part of positioning, marketing managers should consider: A. What the competitive set for the product/brand is B. What distinguishes the product/brand from the competitors C. How consumers should think about the product/brand D. How the company will impact consumers' thinking about the product/brand E. All of the above

CSR can achieve all of the following, EXCEPT: A. Provide access to investment and funding opportunities B. Attract, retain, and maintain a satisfied workforce C. Improve results by lowering operational costs D. Decrease customer retention E. Enhance relationships with suppliers

Ethics are all the followings, EXCEPT: A. How you behave when nobody is looking B. Standards of conduct generally accepted that govern society C. Unwritten rules we have developed for our interactions with one another D. Legal guidelines of acceptable conduct E. Virtues in action such as honesty, fairness, and justice

For "Acting on your values", all of the followings are true, EXCEPT A. You need a strategy B. It requires thought and engagement to develop C. It doesn't require poking holes in others' successes D. You need to persuade others E. Your goal is to have the opposing party understand your position

Gabriel was driving on a highway when all of the sudden, he noticed a car moving into his lane. Gabriel quickly swerved into the lane to his left to avoid the collision. Lucky for him, he avoided a terrible collision. We can say that Gabriel engaged in: A. Effortful Thinking B. Critical Thinking C. Deliberative Thinking D. System 1 Thinking E. System 2 Thinking

Generating economic value by in a way that also produces value for society by addressing its challenges would be advocated by which thinker? A. John Stewart Mill B. Milton Friedman C. Ed Freeman D. Michael Porter E. Friedrich Hayek

In the Netflix documentary called "Tiger King"; we are introduced to Joe Exotic, a zoo owner who breeds tigers and lions for show in order to make a profit. We are also introduced to Carole Baskin, a woman who wants to save the tigers and lions from captivity through her non-profit "Big Cat Rescue ". "Big Cat Rescue" is what type of stakeholder? A. Primary Social Stakeholder B. Primary Non-Social Stakeholder C. Secondary Social Stakeholder D. Secondary Non-Social Stakeholder

In the United States, what is the name/acronym for the rules we use for Accounting? A. IFRS B. US-IFRS C. US-ACC D. GAAP E. IRS

The followings are historical eras in the development of the marketing discipline: EXCEPT A. The production era B. The selling era C. The customer relationship era D. The service era E. The marketing concept era

Tiffany cheated on her first biology exam by getting a copy of last semester's exam from her roommate who had taken the class. Tiffany received an A on the first exam. Judging from the outcome of her first exam, Tiffany decided to ask her roommate for copies of the other two exams. In terms of the 20 cognitive biases, this is an example of: A. Anchoring B. Salience C. Survivorship D. Outcome Bias E. Recency

What are the 5Cs in marketing management analysis? A. Channels, Consumers, Competitors, Company, Context B. Customers, Channels, Competitors, Collaborators, Context C. Customers, Consumers, Competitors, Company, Collaborators D. Customers, Company, Competitors, Collaborators, Context E. Customers, Channels, Collaborators, Company, Context

What does ESG stand for? A. Environmental special goals B. Extra societal goals C. Enriching social goals D. Environmental social governance E. Earnings

What is greenwashing? A. A new generation of laundry detergent developed by Unilever. B. Shareholders allowing for lower corporate value if companies are environmentally friendly. C. New energy and water conversation standards for laundry appliance. D. Seeking to convey the image of CSR when it is not true. E. Giving money to political ecological organization.

What is the main goal of the Porter's 5-Forces Analysis? A. To determine the intensity of one's rivals and its impact on profit B. To analyze supply chain forces' contribution to profit C. To determine how product, people, place, processes and strategic processes impact profit D. To analyze expected industry profitability E. To analyze the impact of company, customers, competitors, collaborators and context on profit

When they are different from your peers, an employee will: characteristic of the culture: A. Fit in faster B. Have less potential for conflict C. Be more satisfied D. Be more creative E. Be drawing from a similar knowledge base

Which of the following is NOT a reason Walmart is effective in managing their supply chain? A. Vendor managed inventory B. Leader in logistics and supply chain technology C. Point of use delivery D. Closely guarded demand data for competitive advantage E. The delivery dot

Which of the following is a key question you should respond to when thinking about "Reasons and Rationalizations" in GVV? A. How can I benefit from this decision? B. What levers can I use with people who agree with me? C. Do I need to tell everyone my decision? D. What is at stake for key parties who may be impacted by this decision? E. What are the supporting arguments I will get?

Which of the following is a symptom of "Lazy Management"? A. Tendency for managers to look for key employees to solve problems quickly B. Tendency for managers to blame organizational problems on lack of resources C. Tendency for managers to overlook key cultural artifacts that would help build community D. Tendency for managers to look for quick fixes to complex retention problems E. Tendency for managers to blame low performance on lack of training

Which of the following is not a common mistake in Talent analytics? A. Keeping a metric live when it has no clear business reason for being B. Relying on just a few metrics to evaluate employee performance C. Failing to monitor changes in organizational priorities. D. Accepting less than 100% accuracy on data collected E. Using analytics to hire lower-level people but not when assessing senior level

Which of the following is not a key Take-a-way from the lecture: A. Diverse and Inclusive workplaces require cultures that celebrate differences B. Organizational Culture has many elements, which shape how employees do their work C. Leaders can balance and achieve multiple goals by designing optimal organizational structures D. Managing people is mainly common sense, we just need to practice more E. Managers today need more than interpersonal skills they need strategic thinking and analytical skills.

Which of the following is true? A. Balance sheet and income statements both tell "what happened" B. Income statement tells both "where the company is" and "what happened" C. Balance sheet tells both "where the company is" and "what happened" D. Balance sheet tells "where the company is" and Income statement tells "what happened" E. Balance sheet tells "what happened" and income statement tells "where the company is"

Which of these SDGs is NOT a top 4 priority for US businesses? A. Decent work and economic growth B. Responsible consumption and production C. Gender equality D. Industry, Innovation and Infrastructure E. Climate action

Which of these represent Carroll's components of CSR? A. Legal, societal, philanthropic, and moral. B. Economic, legal, societal, and personal. C. Economic, ideal, moral, and spatial. D. Economic, legal, ethical, and philanthropic. E. Philanthropic, legal, individual, and reportable.

Modular design manufacturing comapny

Decompose complex system into simpler bits

Assessing comparative advantage

Determines how to allow each person or organization to use time where it can create most value

Michael Porter

Developed CSV

Profits

Dividends (profit the company gives stakeholders) and Leftover Profit (considered an equity investment)

According to Drucker, which of the following is the single largest reason for the decline of existing organizations: A. Lack of marketing B. Lack of scientific management C. Lack of available skilled workers D. Lack of logic and statistical analysis E. Lack of innovation

According to Freeman, what is the 'So What?' of the emerging story about business? A. Business is about purpose B. Get the purpose right profits will follow C. Business is about working together to create value together D. Create value for stakeholders without making tradeoffs E. All of the above

According to the TED talk by Dan Ariely called "Our Buggy Moral Code", which of the following statements is TRUE? A. People cheat less when they see members in their in-group cheat more B. Our intuition is always right C. Incidence of cheating goes down when we are reminded of our mortality D. People cheat less when they see members in their out-group cheat more E. Two of the above are correct

According to the reading, what percentage of companies are impacted by SDG's? A. About 33% B. About 50% C. About 66% D. About 75% E. About 100%

Companies often make supply chain decisions based on which criteria: A. Labor costs B. Labor regulations C. Environmental standards D. Tax laws E. All of the above

Creating shared value calls for all the followings, EXCEPT: A. Investments that address social objectives B. Redefining productivity in the supply chain C. Enabling local cluster development D. Recreating products and markets E. Investments in short term competitiveness

Customers will usually buy which product? A. the one with the lowest cost B. the one with the most features C. the one with the lowest price D. the one with the most benefits E. the one with the highest value

Drucker believes that the business enterprise only has two basic functions. They are: A. Finance and innovation B. Production and marketing C. Innovation and production D. Research and development, and production E. Innovation and marketing

Drucker would be more likely to believe that: A. The BU Hub is a waste of time B. Studying business skill is what matters most for leadership success C. That the humanities arts such as ethnography or history have little to offer to managers D. That philosophy has no role in business E. Balancing a professional education with humanities/liberal arts is critical

Financial accountants do the following, EXCEPT: A. Prepare financial statements B. Assess risks and benefits of investments C. Analyze financial statements D. Analyze new opportunities for the business E. Review systems, process, controls, and the numbers

GVV pillars 4-6 (Normalization, Self Knowledge & Alignment, and Voice) are most closely aligned with which of the 3 A's of Business Ethics process A. Activity B. Analysis C. Apathy D. Awareness E. Action

Georgia's boss, Stanley, recently turned her down for a promotion at work because he assumed that as a woman, Georgia would prioritize her role as a wife and mother over a high-paying career. In this way, Stanley has engaged in the cognitive bias known as: A. Conservatism Bias B. Confirmation Bias C. Information Bias D. Bandwagon effect E. Stereotyping Bias

It is important to consider what is at stakes for the parties you are trying to influence in the GVV approach. Which is the question you should consider? A. What is important to them? B. Who has a stake in the outcome of your decision? C. What are the motivations of each stakeholder? D. How much power does each hold? E. All of the above are aspects to be considered?

Marish Manwani (Unilever) advocated for a program that did what? A. Free glasses and eye exams for people in India B. Provided clean water C. A low-cost SARS test D. Low cost incubators for babies in developing countries E. Provided soap for hand-washing

Operational effectiveness can be a source of competitive advantage via improvement in the following activities, except: A. Selling processes B. Delivery processes C. Creation processes D. Production processes E. Communication processes

Sustainable business practices should produce results which are: A. Viable B. Equitable C. Sustainable D. Bearable E. All of the above

The copy center has a job order that requires 500 pages of white paper and 200 pages of pink paper. The copying rate is 25 pages per minute, the overall setup time is 5 minutes, and the color change time is 2 minutes. Suppose the copy center only did jobs exactly like this one (500 white, 200 pink). What would the cycle time be? Assume that different people work in each of the three work centers. A. 20 minutes B. 28 minutes C. 30 minutes D. 33 minutes E. 35 minutes

The profits realized by a firm become: A. Revenue B. Dividends C. Equity D. Assets E. Dividends and/or equity

The responsibilities a firm has toward its stakeholders can be all of the followings, EXCEPT: A. Legal B. Philanthropic C. Ethical D. Economic E. Welfare

To be successful a company must realize all the following, EXCEPT: A. A need can usually be solved by many types of products or services B. Customers must be willing to pay for the product or services C. Innovation must solve needs or relieves a pain point better than competing alternatives D. Innovation success is predicated on having the right business model E. Marketing innovation principles only apply to tangible product

To recognize an ethical issue, once must ask the following question: A. Does this decision involve more than what is legal? B. Does this decision involve a choice between a good and bad alternative? C. Does this decision involve a choice between two goods alternatives? D. Does this decision involve a choice between two bad alternatives? E. All of the above are potential ethical issues

Triple bottom line is often also called: A. Product, Payout, Pension B. Product, People, Planet C. Profit, Payout, Promises D. Product, People, Profit E. Profit, People, Planet

What does cycle time mean in terms of Process Analysis? A. The time required for a job to go from start to finish B. The time of the bottleneck process C. The time required to complete a task D. The time waiting where there is no value E. The time between completion of successive tasks.

What is the best way to create customer value? A. Decreasing costs B. Increasing benefits C. Decreasing cost and benefits D. Increasing benefits and cost E. Both A or B can do it

When making ethical decisions, one should remember: A. System 1 thinking requires you to slow down and be more deliberate with your thinking B. System 2 thinking requires you to make decisions in the moment and quickly C. Using the GVV framework allows you to make more rational and practical ethical decisions D. One often knows what the right decision is, how to act on it is the difficulty E. Two of the above are correct when making ethical decisions

Which company is an example of Focused Cost Leadership according to the Competitive Positioning framework? A. Kia, a popular Korean automaker competing on price and design B. Greyhound, the leader in intercity bus transportation in the US C. Starbucks Reserve, 12 new Starbucks locations, serving only the rarest, most extraordinary coffees D. Ikea the largest furnishing retailer, inspired by Swedish design E. A discount, business-class only airline that operates between London and New York only

Which is true about strategy? A. Profitability is based on a firm's ability to make its rivals look "bad" B. The best internal decisions are based on external factors only C. Internal factors must be weighed against rivals before setting prices D. External environments are always unpredictable E. Both external environments & internal environments affect profits

Which of the following is NOT a potential lever that can be used in crafting your GVV. A. Assume the audience is pragmatic B. Consider an ally C. Consider the firm's wider purpose D. Provide actionable alternatives E. Position yourself as a conservative agent

Which of the following is NOT one of the Five Key questions of Stakeholder management? A. What responsibilities does the firm have toward its stakeholders? B. Who are our organization's stakeholders? C. What strategies or actions should the firm take to address their challenges? D. What are our stakeholders' stakes? E. Why do the stakeholders want to be involved with the firm?

Which of the following is not a Managerial Responsibility? A. Retention B. Compensation C. Motivation D. Recruiting E. They are all managerial responsibilities

Which of the following leadership principles is not a leadership principle at Walmart? A. Swim upstream B. Control your expenses better than your competition C. Listen to everyone in your company D. Share profits with your associates E. Lower customers' expectations

The copy center has a job order that requires 500 pages of white paper and 200 pages of pink paper. The copying rate is 25 pages per minute, the overall setup time is 5 minutes, and the color change time is 2 minutes. The second Task for the job calls for stapling and the third Task is three-hole drilling (in that order). The time standards are 35 minutes for Task 1 (copy), 10 minutes for Task 2 (staple) and 20 minutes for Task 3 (3 hole drilling), If the job has to wait in queue at the copy work center for 24 minutes, at the stapling work center for 43 minutes, and at the three-hole drilling work center for 17 minutes, what is the throughput time for this job? (These queue times apply only to this question!)

E 35+10+20+24+43+17 = 149

The copy center has a job order hat has 3 Tasks: Task 1 requires 500 pages of white paper and 200 pages of pink paper. The copying rate is 25 pages per minute, the overall setup time is 5 minutes, and the color change time is 2 minutes. The second Task for the job calls for stapling and the third Task is three-hole drilling (in that order). The time standards are 35 minutes for Task 1 (copy), 10 minutes for Task 2 (staple) and 20 minutes for Task 3 (3 hole drilling), respectively. If labor cost is charged on the basis of total standard time multiplied by $6.00 per hour, estimate the cost of this job. A. $2.80 per job B. $3.00 per job C. $5.80 per job D. $6.00 per job E. $6.50 per job

E 60 min/6.00 = (35+10+20) = 65 min/x X = 6.50

Hyun and Asha have started a Fruit Stand business in a rented store front. For this year, they bought fruits for $400,000, they ran ads in the local paper for $5,000. During the same period, they sold $600,000 of fruits and paid $100,000 in payroll for the two of them? What is their operating income? A. $95,000 B. $100,000 C. $195,000 D. $200,000 E. Not enough information to determine.

E. (Rented)

Which one of these is not 1 of the 5 ethical approaches?

Economic

Which one of these is an internal stakeholder?

Employees

Mastering data analytics

Enterprise, Leadership (most important), Targets, Analysts

Bounded ethicality

Even when we try to behave ethically, it is difficult due to a variety of organizational pressures and psychological tendencies

Stroop Effect

Explains the decreased speed of naming the color of ink used to print words when the color of ink and the word itself are of different colors. People are bad at ignoring information in front of them We process information even if it is irrelevant, misleading or even wrong it is automatic

Test of Ventilation

Expose your proposed action to others and get their thoughts on it.

As you improve quality

External/internal failure cost decreases and prevention/appraisal cost increases

blind spot bias

Failing to recognize your own cognitive biases is a bias in itself. People notice cognitive and motivational biases much more in others than in themselves.

A software company will usually have a lot fewer current assets than long term assets? True False

False

Branding, Advertising campaigns, and online strategies are the main components of marketing.

False

Companies in the same industry tend follow the same supply chain design approach. True False

False

Damien has a wedding invitations printing yes business. He made a typo on the invitation for Alejandro and Kendra's wedding. He only saw the mistake while inspecting the order before mailing out the 100 invitations on behalf of the couple. Consequently, all 100 invitations had to be scrapped (thrown away in the recycle bin) and he had to redo everything. Scraping the 100 invitations is an example of prevention costs for quality management. True False

False

During an accounting audit, the auditors spends many hours checking every financial transaction in the company. True False

False

For jobs involving complex decisions and creativity, teams who are similar and share interest and values typically out-perform those who are diverse. True False

False

GVV is a proactive approach to ethics for large organizations True False

False

GVV seeks to help people figure what the ethical choice should be True False

False

In CSR, social programs and business activities are integrated and embedded. True False

False

It is always a bad idea to try to be more than one thing in consumers' mind. True False

False

One goal of an ethical framework is to make more expedient and faster decisions. True False

False

Optimal cost of quality is reached when prevention costs and appraisal cost are at their lowest point. True False

False

Product price should be set based on product variable cost. True False

False

Shared assumptions are surface artifacts of organizational culture True False

False

Stakeholder Perspectives is based on creating different levels between stakeholders. True False

False

The income statement shows information at one point in time.

False

Typically, operating income is greater than gross profit True False

False

We use System 2 thinking 10% of the time.

False

You wait in line at Starbucks for 5 minutes. It takes 2 minutes for you to place your order of a tall mocha with the cashier and pay. It takes 4 minutes for the barista to make the mocha. The bottleneck in this process is your wait time of 5 minutes. True False

False

How to use cultural fit

First, communicate a clear and consistent idea of what the organization's culture is (and is not) to potential employees. Second, make sure the definition of cultural fit is closely aligned with business goals. Third, create formal procedures like checklists for measuring fit, so that assessment is not left up to the eyes (and extracurriculars) of the beholder.

Salience

Focus on the most easily recognizable features of a person or concept

What rule states "to treat people the way you wanted to be treated"?

Golden Rule

What makes a product good?

Good, stuff (physical product/service), and cheap (means more efficient product, not inferior)

Why is it hard to make ethical decisions?

Hard to integrate lots of data Ir is hard to optimize multiple goals Contextual factors (time pressure, fatigue, stress, etc.) There can be too many solutions/options

Societal and global ethical challenges

Hardest to make a difference in, removed from managers actions

Primary Stakeholders

Have a direct stake in the organization and its success

Data from HR Information Systems

Headcount, tenure, performance ratings, salary, turnover, demographics

Operations:

Help us understand what a customer value and often linked to what they want and need in a product/service, so operations take that info from marketing and manifest the value

Internal auditors

Hired by organizations to provide in-house, independent, and objective evaluations of financial and operational business activities, including corporate governance

5. Act and Reflect on the Outcome

How can my decision be implemented with the greatest care and attention to the concerns of the stakeholders? How did my decision turn out and what have I learned from this specific situation?

The common good approach in business

How do I benefit from society (legal, public care, healthcare)? Who benefits from my action. By benefiting society did I help others progress a wells as myself?

Action

How do i most effectively give voice to my values?

Test of Making Something Public (Disclosure Rule)

How would I feel if others knew I was doing this? How would I feel if I knew that my decisions or actions were going to be on the news?

Organizational Structures

Incentive structure Power structure Communication Structure

How to Shape Organizational Culture

Incentives, Power, Communication, Culture

Appraisal Costs

IncomingInspection • In-ProcessInspection • FinalInspection • TestingDevices • DestructiveTesting • Inventory Safeguarding

One possible way to achieve the goal of strategy is to..

Increase Price Decrease Cost Increase quantity sold

Appraisal cost

Inspection

What quality is most sought after leaders?

Integrity

Four categories of costs

Investment: prevention, appraisal Expense: internal, external failure

Test of One's Best Self

Is this action or decision I'm getting ready to take compatible with my concept of myself at my best?

Awareness

Is this an ethical issue?

Managerial and organizational ethical challenges

Issues in roles as managers and employees that have consequence for the organizations

Statement on the Purpose of a Corporation

It places shareholder interests on the same level as those of customers, employees, suppliers and communities

Non-current assets

Items that a business owns and which it expects to retain for one year or longer.

Rawls

Justice, fairness, equity

throughput time

Length of entire process

In JustCapital's 2020 survey, what was the largest issue among stakeholders?

Livable/fair wage

3. Evaluate

Make an appraisal by weighing up the strengths and limitations.

Who prepares reports and who reviews?

Management prepare reports and auditors review

Success in corporate world relies on

Managerial and interpersonal skills

Low threat, low cooperation

Marginal, monitor

customization manufacturing company

Marketing and manufacturing technique that personalizaes mass production

What does Milton Friedman believe businesses should do?

Maximize profit

Accounting is an information system

Measures businesses activities, processes data into reports and financial statements, communicates results to decision makers

The only group that has a more claim on the corporation is the people who own shares of the stocks" can be best attributed to: A. Milton Friedman B. Michael Porter C. Edward Freeman D. Michael Sandal E. Peter Drucker

Milton Friedman

High threat, high cooperation

Mixed blessing, collaborate

What is an advantage of having diversity on a team?

More creative

The justice approach in business

Most widely used in western civilization. Who are the stakeholders? What factors determine stakeholder's similarities and differences (social status, wages). Are all stakeholders being affected fairly vis a vis the relevant factors?

Return on Equity

Net Income / Average Stockholders' Equity

Return on Sales

Net Income/Sales

High threat, low cooperation

Non supportive, defend

Pillars 4-6 of GVV

Normalization, self-knowledge & alignment, voice; acting on your values; requires a strategy; acting on your values is possible; doesn't require poking holes in others' successes; requires thought and engagement to develop; not so much about persuading others you are right as it is about accomplishing your goal of having the opposing party understand your position

Which of the following is a liability on the balance sheet? Accounts Receivable Goodwill Notes Payable Retained Earnings

Notes Payable

Purpose

Our North Star and reason for being

availability heuristic

Overestimating the importance of info available to you

Overclaiming Credit

Overrating the quality of our own work and our contributions to the groups and teams we belong to

What is an advantage of operating a sole propreitorship?

Owner has complete control Easy to set up

What are the 4Ps of Operations?

People, Place, Partnerships, Proceses

Supply Chain 4 Ps

People: workforce Place: physical location, capacity Processes: tech, innovation, execution Partnerships: rely on several suppliers

two pillars of leadership

Perceptions of the manager both as a moral person and a moral manager

Supermarkets stocking more expesnive products at eye level to increase visiblity to customers is an example of...

Place

What are the components of the Marketing Mix or 4Ps?

Price, Place, Promotion, Product

Duty of Care

Principle that organizations should take all steps that are reasonably possible to ensure the health, safety, and well-being of employees and protect them from foreseeable injury.

Marketing Mix (4 P's)

Product, Price, Place, Promotion

The building blocks of an ethical framework are A. Principles, trust and integrity B. Purpose, trust and integrity C. Trust, values and integrity D. Integrity, values, and purpose E. Purpose, values and principles

Purpose, values, and principles

Pillar 7

Reasons and rationalizations What is at stake for the key parties, including those who disagree with you? • What are the main arguments you are trying to counter? • What arguments or levers can you use to influence those who disagree with you? • What is your plan of action? What are the main arguments you are trying to counter? • That is, what are the reasons and rationalizations you need to address? • Objections you hear • Unspoken assumptions of the organization • What about your own internalized rationalizations and other concerns you might be struggling with? What arguments or levers can you use to influence those who disagree with you? • Check your own motivation and biases • Understand motivations of others • What is your most powerful lever? What is your plan of action? Implementation of the plan • Your decision • To whom should your plan of action be conveyed? • Your levers • When and in what context?

Contemporary Questions on Managers' Minds

Recruiting, Training, Motivating, Compensating, Retention

System 2 thinking

Reflective thinking that is slow, deliberate, and conscious. Often less charged with emotions.

Data from Company Operations

Revenue, assets, net income, operating expenses, ROA

What was John Locke's Ethical Approach?

Rights

What ethical approach(es) did Apple consider when refusing the FBI's request to unlock a terrorist's iPhone?

Rights Approach Justice Approach Utilitarian Approach Common Good

Locke

Rights, right to life, liberty, and pursuit of happiness

Income Statement

Sales/Revenue (-)Cost of Sales ⇒ For manufacturing companies, this is how much it costs to produce or outsource the goods ---------------------- =Gross profit ⇒ Direct amount of money company makes, selling their products (-)Operating Expenses ------------------------------- =Operating Income ⇒Goes to the government (Taxes), banks (Interest), Shareholders (dividends) (-)Interest and Taxes ---------------------------- Net Income/Loss ⇒ 'Normal' net income would be 5-10% of total revenue

Internal Failure Costs

Scrap • Rework • Retesting • Downtime-Capacity • YieldLosses • Managing Defective Materials

Internal failures

Scrap, defective materials

Strategies to improve stroop

Self awareness Reduce info/squint Make judgement free from other influences Focus on what matters

Notes Payable

Short-term or long-term liabilities that a business promises to repay by a certain date.

Personal Level ethical challenges

Situations we face in our personal lives outside our jobs

Incrementalism

Small changes in policy over long periods of time; usually in reference to budget-making--that th ebest indicator of this year's budget is last year's budget plus a small increase

Zero-risk bias

Sociologists have found that we love certainty - even if it's counterproductive. Eliminating risk entirely means there is no chance of harm being caused.

Competing rights

Some rights will outweigh others in certain cases. Approach: eliminate conflict by reframing it and decide what is "more right"

Framework must meet 4 standards

Stable Makes sense Be Practical- can be applied in practice and with consistency Be authentic- ring true

Primary audience for accounting info

Stockholders, creditors

Low threat, high cooperation

Supportive, involve

Talent Supply Chain

Talent supply chains apply supply chain principles to talent management where individual talent represents the products that are moved through the supply chain with the value-added process being training and education.

Gucci designs their products to appeal to 18-40 women. This is a strategy of Primary Marketing Target Marketing Branding Focus Group Selection

Target Marketing

What is marketing?

The activities that sellers perform to facilitate mutually satisfying exchanges

Boeing is selling aircraft to Jet Blue and Pacific. Which is not a primary social stakeholder? Shareholders Employees The government Customers

The government

Deontological Ethics

The idea that actions are right and wrong in themselves independently of any consequences (focus on duties) Categorical imperative is a major, argues that duty arises from reason and rationality

maximum sustainable goodness

The level of value creation that we can realistically achieve

selective perception

The phenomenon that people's beliefs often guide what they pay the most attention to and how they interpret events.

Rolled Throughput Yield

The product of the yields of each step in a process

Pro-innovation bias

The tendency to have an excessive optimism towards an invention or innovation's usefulness throughout society, while often failing to identify its limitations and weaknesses.

information bias

The tendency to seek information even when it cannot affect action.

Aretaic Ethics

The theory that the basis of ethical assessment is character rather than in actions or duties

Individuals have a comparative advantage when

They perform a task at a lower opportunity cost than others can

Potential Levers (GVV)

Think in the long run as well as the short run • Consider the firm's wider purpose • Consider competitive advantage • Position yourself as an agent of continuous improvement • Provide actionable alternatives • Consider an ally • Consider the costs to each affected party • Assume the audience is pragmatic • Share good examples

Dividend payout ratio

This is the percentage of earnings paid to investors in the form of dividends. If the percentage is low, it is an indicator that there is room for dividend payments to increase substantially

Positive Rights

Those rights that require overt government action, as opposed to negative rights that require government not to act in specified ways. Examples of positive rights are those to public education and, in some cases, to medical care, old age pensions, food, or housing

Capacity

Time available/cycle time

task time

Time required to complete a task. Task Time = Run Time + Setup Time

Rawl's Theory of Justice

To give the greatest benefit to the least advantaged in every decison making process. Closing the GAP, not knowing if you will come out on top or bottom. Is an unbiased approach to social justice.

Debt to owners' equity ratio

Total liabilities/owners equity

A process's bottleneck time is also its cycle time.

True

Bounded ethicality is the idea that even when we try to behave ethically, it is difficult due to a variety of organizational pressures and psychological tendencies. True False

True

Effective management involves companies having a "Values Statement" that incorporates its stakeholders. True False

True

Ethics is not following culturally accepted norms. True False

True

In light of COVID-19, fast-food retail establishments are using their websites for mobile orders as opposed to using workers for in-person service. This is an example of a change to Processes as it relates to the 4Ps of Operations. True False

True

Most employees would forgo a pay raise if the tradeoff was seeing their boss fired. True False

True

On a Balance Sheet, Assets are things purchased by the company. True False

True

Strategy requires you to choose what not to do True False

True

The point of industry analysis is to understand the underpinnings of competition and the root cause for profitability True False

True

Unethical decisions are usually costly for you, your community, or your business.

True

Values conflicts in the workplace often appear in the form of reasons and rationalizations for pursuing a particular course of action True False

True

When a company is able to harvest its own materials, assemble products and sell them directly to the consumer, this is known as vertical integration. True False

True

Suppose you are operating a machine that produces only one type of part and the part is produced every 30 seconds (its cycle time). The capacity of your machine in units per hour is 120 units/hour. True False

True 60 min * 60 sec. = 3600 sec 3600/30 = 120

What attributes of stakeholders determine whether managers pay attention to them?

Urgency, legitimacy and power

Goal of Strategy

Value creation and capture

7 Pillars of GVV

Values Purpose Choice Normalization Self-Knowledge & Alignment Voice Reasons & Rationalizations

Pillars 1-3 of GVV

Values, purpose, choice awareness, analysis; What are the facts?; What are the critical issues? What should you consider? Think broadly about your objectives, get outside advice, think about them one by one; What are the alternatives? Think broadly about possible outcomes, look at them together, build scenarios and approaches; What are the consequences of each alternative? Short-term and long term; make a decision

Aristotle

Virtue ethics, what person should i be?

Confirmation bias

We listen to info that only confirms our preconceptions

Motivated Blindness

We overlook the unethical behavior of another when it's in our interest to remain ignorant.

The rights approach in business

What are my rights? Is my action respecting everyone's moral, legal, and contractual rights? Take the action that does not infringe on others' rights

The virtue appraoch in business

What are my virtues? Will my actions enforce the kind of character i value in myself? Can i live with my decisions and the affects it has?

Human capital facts

What are the key indicators of my organization's overall health?

Income statement

What happened to the company over time? Tells the "story" over a period of time

analysis

What is right or wrong in this situation?

Rawl's Veil of Ignorance

What would decision be if decision makers knew nothing about their identities or status?

ASSETS - LIABILITIES= EQUITY

What you own - what you owe = how much you're worth

revenue-expenses=profit

What you sold customers - cost to run company=what's leftover for company owners

Values

What's good, the things we strive to protect

Principles

What's right, the lines we will never cross

Paradox of Progress

When advancements in technology, medicine, and communication have created more problems, instead of making life easier.

Balance sheet

Where are they now? Picture of the company

The Rights Question

Which option best respects the rights of all who have a stake?

The Common Good Question

Which option best serves the community as a whole, not just some members

The Virtue Question

Which option leads me to act as the sort of person I want to be?

The Justice Question

Which option treats people equally or proportionally?

The Utilitarian Question

Which option will produce the most good and do the least harm?

Analytical HR

Which units, departments, or individuals need attention?

ethics orientation

Within a company, an orientation program, contrasted with compliance orientation, that focuses on ethical behavior

Is gross profit always greater than operating income?

Yes (True)

Are ethical dilemma's rare in life?

Yes. Critical issues, but rare

As you increase investment

You decrease expenses

Competitive Position

a firm has achieved profits higher than the industry average

Dodd-Frank Act

a law enacted in the aftermath of the financial crisis of 2008-2009 that strengthened government oversight of financial markets and placed limitations on risky financial strategies such as heavy reliance on leverage

Business Judgement Rule

a presumption that in making a business decision, the directors of a corporation acted on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the company.

high/low pricing

a pricing strategy that relies on the promotion of sales, during which prices are temporarily reduced to encourage purchases

bounded rationality

a process of making decisions by constructing simplified models that extract the essential features from problems without capturing all their complexity

Role Morality

a tendency to use different ethical standards for different roles in life

Quality

ability of product to meet or exceed customer expectations

Talent value model

addresses questions like "Why do employees choose to stay with our company?" A company can use analytics to calculate what employees value most and then create a model that will boost retention rates.

Revenue

amount received for providing goods and/or services

Horizontal Analysis

analysis of financial statements that compares account values reported on these statements over two or more years to identify changes and trends

Three Critical Competencies for Managing People

analytical thinking, interpersonal skills, strategic insights

Compensatory Justice

argues that individuals should be compensated for the cost of their injuries by the party responsible, and individuals should not be held responsible for matters over which they have no control

Principles Approach to Ethics

based on the idea that employees and managers desire to anchor their decisions and actions on a more solid foundation than that provided with the conventional approach

outside directors

board members who are not employees of the firm, but who are frequently senior executives from other firms or full-time professionals

Current Assets

cash and other assets expected to be exchanged for cash or consumed within a year

To make more ethical decisions

compare options rather than evaluate them singly; disregard how decisions would affect you personally; make trade- offs that create more value for all parties in negotiations; and allocate time wisely

Operations management

concerned with designing, controlling, and improving the process of the good/service

Pure service retailers

conduct business transactions not involving merchandise

Total product offer

consists of everything consumers evaluate when deciding whether or not to buy something

Classifications of goods and services

convenient, shopping, specialty, unsought

Inventory Turnover

cost of goods sold/average inventory

Expenses

costs you incur in doing business activities

Role of operations

create and deliver value to businesses

compliance orientation

creates order by requiring employees to identify with and commit to specific required conduct

Stereotyping

creating an oversimplified image of a particular group of people, usually by assuming that all members of the group are alike

○Product differentiation

creation of real or perceived product differences (ex: brands of water)

Current Ratio

current assets divided by current liabilities

External failure

customer complaint, returns

Positioning

developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general

Green marketing

development + marketing of products that are presumed to be environmentally friendly

negative rights

duties others have to not interfere in certain activities of the person who holds the right

Strategy as a practice

enable orgs to achieve the greatest possible organizational performance

Viral marketing

encourages people to pass on the marketing message

Non Social Stakeholders

entities such as animals, the environment and generations of people who haven't yet been born

threats

external, negative

opportunities

external, positive

servant leadership

focuses on increased service to others rather than to oneself

Influencer Marketing

focuses on leveraging individuals who have influence over potential buyers + orienting marketing activities around these individuals

Test of the Big Four

greed, speed, laziness, haziness

Secondary Stakeholders

groups that have a less formal connection to the organization, such as environmentalists, special interest groups, and the media

overconfidence bias

holding unrealistically positive views of oneself and one's performance

SWOT analysis

identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)

Gag Test

if you gag at the prospect of carrying out a proposed course of action, don't do it.

social stakeholders

include people and organizations involved in your business

Audit Reports

independent entity that comes to judge records and status of a company Disclosure of non financial elements, eg: ESG reports

Weaknesses

internal, negative

Strengths

internal, positive

outcome bias

judging the decision based on the outcome rather than how exactly the decision was made in the moment

How is efficiency and effectiveness achieved?

knowing customer's needs, understanding technology, innovation, deploying and coordinating resources

5 Factors of Production

land, labor, capital, entrepreneurship, knowledge

Bonds Payable

long-term liabilities that represent money lent to the firm that must be paid back

Cycle time

looks at time between one customer and another

Government auditors

maintain and examine records of government agencies and of private businesses or individuals performing activities subject to government regulations or taxation

Steps in customer analysis

market segmentation, market targeting, market positioning

Assets

money and other valuables belonging to an individual or business

basic earnings per share

net income after taxes/number of common stock shares outstanding

Indirect Blindness

occurs when one holds others less accountable for unethical behaviors when they are carried out through third parties

conservatism bias

people favor prior evidence over new evidence or informaion

Triple Bottom Line

people, planet, profit

Operational Effectiveness

performing the same tasks better than rivals perform them, easily emulated and copied

Auditors

person authorized to review and verify the accuracy of financial records and ensure that companies comply with tax laws

KP encourages employees to donate and deliver books to children in need is an example of what CSR?

philanthropic

Surface artifacts of organizational culture

physical structures, language, rituals and ceremonies, stories and legends

Keyword marketing

placing messages in front of users based on the specific keywords or phrases that are using to search

Biases

prejudice in favor of or against one thing, person, or group compared with another, usually in a way considered to be unfair.

psychological pricing

pricing goods and services at price points that make the product appear less expensive than it is

Prevention Cost

process control, quality planning, information, reporting

Proliferation of rights

refers to the accumulation of multiple claims about what people's rights are to the point that they are indistinguishable from claims about what people want

Vertical Analysis

reporting an amount on a financial statement as a percentage of another item on the same financial statement

Days sales outstanding

reveals how efficiently managers are collecting revenue from customers to pay expenses

penetration pricing

setting a low initial price on a new product to appeal immediately to the mass market

Deeper elements of organizational culture

shared values and shared assumptions

3 Types of Businesses

sole proprietorship, partnership, corporation

Forensic auditors

specialize in crime and are used by law enforcement organizations

Human capital investment

spending on training and education which allows workers to be able to produce more output in the future

skimming price strategy

strategy in which a new product is priced high to make optimum profit while there's little competition

Relationship marketing

targets consumers precisely + creates loyalty programs

cycle time formula

task time / number of servers

External auditors

tasked with providing an objective, public opinion concerning the organization's financial statements and whether they fairly and accurately represent the organization's financial position

clustering illusion

tendency to see patterns in random events

Distributed product development

term used to describe handling off various parts of your innovation process

overconfidence bias

the bias in which people's subjective confidence in their decision making is greater than their objective accuracy

Ratio analysis

the calculation and interpretation of a financial ratio

ostrich effect

the decision to ignore dangerous or negative information by "burying" one's head in the sand, like an ostrich

Distributive Justice

the perceived degree to which outcomes and rewards are fairly distributed or allocated

placebo effect

the phenomenon in which the expectations of the participants in a study can influence their behavior

Segmentation

the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics

Targeting

the process of evaluating each market segment's attractiveness and selecting one or more segments to enter

fundamental attribution error

the tendency for observers, when analyzing another's behavior, to underestimate the impact of the situation and to overestimate the impact of personal disposition

in-group favoritism

the tendency for people to evaluate favorably and privilege members of the in-group more than members of the outgroup

moral equilibrium

the tendency for people to keep an ethical scoreboard in their heads and use this information when making future decisions

framing bias

the tendency of decision makers to be influenced by the way a situation or problem is presented to them

Conformity Bias

the tendency people have to take their cues for ethical behavior from their peers rather than exercising their own independent ethical judgment

Recency

the tendency to weigh recent events more than earlier events

Teleological Ethics

theory of morality that derives duty or moral obligation from what is good or desirable as an end to be achieved (focuses on consequences). Utilitarianism is a major example

In general, stakeholders have a claim on the business because the business has a potential to harm or benefit them True False

true

Guerilla marketing:

unconventional, creative, intended to get maximum results from minimum resources

People Analytics

use of data to advance how organizations make decisions about people, and help managers operate based on evidence rather than intuition

Bentham

utilitarianism; greatest good for greatest number

Non-current liabilities

value of debts of the business that will be payable after more than one year

Brand equity

value of the brand name + associated symbols

Overvaluing Outcomes

we give a pass to unethical behavior if the outcome is good

Ill conceived goals

we set goals and incentives to promote a desired behavior, but they encourage a negative one

Strategy as a research

what determines long-term organizational performance

workforce forecasting

when to staff up or cut back

Choice-supportive bias

when you choose something, you tend to feel positive about it, even if that choice has flaws

The utilitarianism approach in business

who are the stakeholders? How can the stakeholders be benefited or harmed by my actions? Goal: create the most value over harm for stakeholders

Giving Voice to Values (GVV)

you don't improvise ethics in the moment. You need to rehearse and train yourself on how to react if certain situations were to happen

Prevention costs

• Design(Prototyping,FieldTesting) • EducationandTraining • ProcessControl • Information • Reporting • QIP,QIT • SupplierInvolvement

2. Get the facts

• What are the relevant facts of the situation? • Do I have sufficient information to make a decision? • Which individuals and/or groups have an important stake in the outcome? • Have I consulted all relevant persons and groups?

Unilever TED Talk. Run businesses that are

■ Profitable ■ Competitive ■ Consistent ■ RESPONSIBLE

What STRATEGY or ACTIONS should the firm take to best address stakeholders

○ Do we deal directly or indirectly with stakeholders? ○ Do we take the offense or the defense in dealing with stakeholders? ○ Do we accommodate, negotiate, influence, or resist stakeholder overtures? ○ Do we employ a combination of the above strategies or pursue a singular course of action? ○ Do we do it alone or do we build a coalition?

What RESPONSIBILITIES does the firm have toward its stakeholders?

○ Economic ○ Legal ○ Ethical ○ Philanthropic

Power Structure

○ How is power or authority distributed within your group?

Incentive Structure

○ How to motivate people? ○ How to measure and reward performance?

5 Types of Environments within businesses

○ Macro Environment ● The comprehensive societal context in which organizations reside ○ Social Environment ● Focuses on demographics, lifestyles, culture, and social values of the society ○ Economic Environment ● Addresses the nature and direction of the economy ○ Political Environment ● Focuses on the processes by which laws get passed and officials get elected ○ Technological Environment ● The total set of technology-based advancements taking place in society and the world

4 Principles of Businesses

○ Seeking a higher purpose ○ Using a stakeholder orientation ○ Embracing conscious leadership ○ Promoting a conscious culture

Milton Friedman

○ The only group that has a moral claim on the corporation is the people who own shares of the stock/the shareholders ○ Goal of business is to maximize profit ○ Within the law ○ Without violating social standards

Steps of stakeholder management

○ Who are the firm's stakeholders? ○ What are the stakeholders' stakes? ● An interest ● A right ● Legal right ● Moral right ● Ownership

Communication Structure

○ Whose voice is heard? ○ How to handle tough conversations? ○ How to provide/seek feedback?

● Factors that affect a business/organization's moral climate

● Behavior of superiors - the number one influence on moral climate. ● Behavior of one's peers - the second influence; people do pay attention to what their peers in the firm are doing. ● Industry or professional ethical practices - ranked in the upper half; these context factors are influential. ● Personal financial need - ranked last.

Units of Competitive Advantage

● Creating ● Producing ● Selling ● Delivering a product

How to create shared value?

● Enable local cluster development. Activate supply chain in order to enable growth and productivity ● Redefine productivity in the value chain. Improve resource efficiency and reduce cost and operations and its impact ● Recreate products and markets. Grow revenue through new or improved products and services to address social issues

Edward Freeman

● Father" of the Stakeholder Approach (only since 1984) ○ Identify stakeholder group → Make decisions that takes them into account

Lesson 4: Reframing Pressure- stress can be helpful

● Going to face ever-growing amount of pressure throughout life → make it positive ● How to reframe stress: ○ Don't look for external fixes → requires personal resilience skills ○ Use cognitive reappraisal to change stress into motivation

SWOT analysis framework

● Identify factors that may impact future firm profits ● Categorize the factors appropriately ● Use the factors as inputs to navigate future strategic action of the firm

Management Failures People Experience at Work

● Their team doesn't care enough to do things. ● They cannot persuade their colleagues. ● Their voices aren't heard. / They don't know what colleagues want. ● Leaders are uninspiring and unmotivating.

Levels of Management

● Top management: president, CEO, executive vice presidents ● Middle management: plant managers, division managers, department managers ● First-line management: foremen, supervisors, office managers

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