c. ethics is the guiding principle for dealing with others If you feel harassed, prejudiced against, or disadvantaged in your workplace, you may file a complaint with the ________. So many customers now . Which of the following is not a belief that businesses hold? c. coffee and tea growers In the case of Dodge v. Ford Motor Company, the Michigan Supreme Court ruled in favor of shareholder primacy. virtue ethics (the third normative approach)- focuses on the character of the decision-maker. Secondary stakeholders are media outlets, government, enviromentalist groups, and their competitors. Too Short! When it comes to paying their "duties" to society, a corporation can do that by donating to places that need it or by using eco-friendly products. Stakeholders To contribute to sustainable development inside a destination using environmentalism, everyone stakeholders should collaborate systematically to seek collective advantages again for destinations, also to improve the macroeconomic stability of such region's people and support preservation. discrepancy is stark. In some only applies to shareholders, and it is the amount of money a shareholder could make after selling a holding in a company, True or False: the prevailing current business philosophy is that the sole purpose of business is to make money for shareholders, True or False: customer feedback on social media sites does not affect a company's prospects or status as ethical, True or False: for utilitarianism, the intent of the actors and how humanely people are treated are treated are the determining factor, True or False: individuals, in are the most basic ethical unit, True or False: virtue emphasizes the formation of character, True or False: laws and regulations set the maximum standards by which society lives out ethical norms, morality, as considered by Kant Lorem ipsum dolor sit amet, consectetur adipiscing elit. AACSB: Ethics, Application. b. the doctrine that a corporation has some of the same legal rights and responsibilities enjoyed by natural persons b. her portrayal of the character was not approved which of the following is the best description for what it means to be a professional of integrity? most important, given its provision of goods and services. (Select all that apply.). AACSB: Ethics, Difficulty: Easy Misunderstanding and lack of communication tend to happen even more. a. high-level manners Of course companies have the responsibility to market their products with integrity because without them, the business would be no where. d. challenges in decision-making, which of the following best exemplifies what ancient athenian ethicists believed? Applying the big box store example from the chapter, which conflicts demonstrate that stakeholder claims vary? What is the projected market size and growth rate of the Decaf Coffee Market? d. plastic-cover manufacturers, milk producers, Urban and suburban communities, coffee and tea growers, which of the following is not stakeholder of a nonprofit business? generations, such as the case with pollution. Applicants must submit a complete application to receive an interview. d. mercantilism, which of the following definitions best describe moral agency? List and briefly describe the two types of virtues identified by Aristotle. essence of Stouts view is concern that shareholders may want to maximize their investment at A. wages Academy of Management Review, 22(4), 853886. Starbucks CEO Kevin Johnson earned a $1.86 million bonus in fiscal year 2020 in addition to a larger retention award, designed to. The entitlement of the environment to legal status is a long-argued Also, the manager of a company's ethical duty is to hire people that seems best for the job and not based on the color of their skin. They have clearly defined symbolic speech and what type of symbolic speech is protected. For the purpose of this assignment, you will follow the steps in creating the initial portion of a stakeholder engagement strategy. Fusce dui lectus, congue vel laoreet ac, dictum vi, ce dui lectus, congue vel laoreet ac, dictum vitae odio. B. local and regional governments* CAFOs are condemned by animal rights activists as being harmful to the FedEx and UPS, two of the largest shipping companies in the world, have both stopped sending shipments to Russia. Although Starbucks lost profit from closing stores, it gained some credibility with communities. Nam lacinia pulvinar tortor nec facilisis. B. government liaison/lobbying director Competitors are one of the most significant external stakeholders of Starbucks. C. environmental agencies AACSB: Reflection, Difficulty: Difficult Starbucks primary stakeholders are their employees, customers, shareholders, investors, suppliers, coffee farmers, local communities, and other business partners. Furthermore, there is McDonald's London, England, United Kingdom1 month agoBe among the first 25 applicantsSee who McDonald's has hired for this roleNo longer accepting applications. In the case of Coca-Cola, its website discusses stakeholder engagement in a In 1968, Securities and Exchange Commission v. Texas Gulf Sulphur Co. implicated the employees of a Texas mining company and was the first famous case example of ________. (Select all that apply.). A. her portrayal of the character was insincere Download Assets. (Select all that apply.) Labor union membership remains much higher in Europe and other Group of Seven countries than in the United States, in part because some of those countries allow managers to be members of the union. being committed to ethical business practices. Sample Answer: Greenwashing is the view that companies are acting superficially or are The number of defectives in each sample is listed in time order in the table that follows. Many people in the UK will have a product from Thornton & Ross somewhere at home. For ex. To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. Blooms: Understand c. he believed one secures one's own good outside of political science ParvalueCost$1,000$930Couponinterestrate6%Yearstomaturity10Taxbracket20%. The people in this economy have $20 million in money, and they deposit all their money in Humongous Bank. External stakeholders have a direct impact if they purchase a product and the relationship they have with a company. Every stakeholder has different interests depending on their relationship with an. Large corporations such as Develop or acquire assets and skills needed to implement the strategy. 35.Deconfliction is necessary when the penetration test: A. determines that proprietary information is being stored in cleartext. Laws dictate all ethical responsibilities that a company may owe key The a. an enumerated power listed in the constitution in the Bill of Rights Shareholders are certainly an important component of the stakeholders of a corporation (Freeman & Moutchnik, 2013). An analysis of perceived priority of shareholder impact should include which of the following? Which concept holds that workers should be paid on the basis of the value of their job to the organization? Business ethics exists on which of the following three levels? Which of the following is an example of an external stakeholder of an organization? C. legal compliance* A. finance* A. milk producers* B. urban and suburban communities* C. coffee and tea growers* D. plastic-cover manufacturers Humongous Bank is the only bank in the economy. There are also organizations. (Select all that apply.) A normative approach views stakeholders as ends in themselves rather Coffee and tea growers are Starbucks ' main stakeholders who supply the needed raw materials. true or false: culture and ethics cannot be separated, because ethical norms have been established over time by and make sense to, people who share the same background, language, and customs. Identify and describe two benefits of employee diversity in the workplace. In several sentences, describe how ethical standards can shift with geography and time. In many ways, Starbucks is indeed a firm that maintains higher standards concerning the treatment of employees than many other firms in service-related retail industries (for example, fast food restaurant chains and superstores). Culture and ethics cannot be separated, because ethical norms have been established over time by, and make sense to, people who share the same background, language, and customs. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. c. Citizens United a hypothetical situation in which rational people can arrive at a contract. AACSB: Ethics, Difficulty: Easy (Starbucks does not follow the traditional franchising terms.) Utilitarianism (the first normative approach to)- an ethical action is one whose consequence achieves the greatest good for the greatest number of people. Freeman is best known for his work on stakeholder theory and business ethics, in which he suggests that businesses build their strategy around their relationships with key stakeholders. premise by lawyers and legal-aid groups. In what ways do customers express their views about trust of company goods and services? A firm's vision is the foundation for its mission. Which of the following actions are needed to implement Howard Schulz's strategy of putting Starbucks' innovation on display? Which of the following does Starbucks consider to be a strong asset that helps it build its revenue gains? Customers still enjoy the product and yet competition is growing. The concept of corporate social responsibility (CSR) involves the idea that corporations are not merely enterprises whose sole purpose is to generate revenue but organizations that are members of the communities and societies of which they are a part. A. chief legal officer b. means supporting dogmatic rationality Each employee prides in working in an organization that acknowledges his efforts. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. What research did the BBC Earth Lab cite to prove or disprove that subliminal advertising is real? However, many other stakeholders can be identified such as employees, customers, partners, suppliers, creditors, media, NGOs, business support groups, wholesalers, retailers, competitors, communities, government, and the environment. c. Samsung assumed the risk of exposure and picked up the washers Starbucks set out on its current course in the 1980s . MANGMT 4970 EXAM 1 (QUIZ QUESTIONS & CONCEPTS), Allen Cognitive Levels (ACL) & Allen Diagnost, CompTia A+ 220-1001 Core 1 Certification Prac, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Service Management: Operations, Strategy, and Information Technology, Information Technology Project Management: Providing Measurable Organizational Value. c. methodology for arriving at the truth Which is the best example of a novelty craze? * b. standards of behavior (Select all that apply. even perhaps industry standards? Starbucks that would result in change to the issue of racism in America. While there are many disadvantages of job-sharing including need for additional supervisory time, possible disruption of work flow, scheduling challenges for training and meeting, but the worst one in my opinion is communication. What has unfolded at Starbucks is anything but. a. the lifestyle characterized by the acquisition of goods and services Explain the difference between the legal and ethical duties of a corporation. Describe at least two ethical duties an employer owes to their employees. c. is an unattainable goal of perfect virtue This is a lofty goal, especially given Coke products are Managing and executing the strategy of a company, B. Supervising middle and senior management, D. Evaluating the salary and benefits of senior management*, Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Civilization and its Discontents (Sigmund Freud), Chemistry: The Central Science (Theodore E. Brown; H. Eugene H LeMay; Bruce E. Bursten; Catherine Murphy; Patrick Woodward), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Brunner and Suddarth's Textbook of Medical-Surgical Nursing (Janice L. Hinkle; Kerry H. Cheever), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. Job Summary and Mission. Defectives16149111581216171315109121411871215916131110\begin{aligned} c. business should behave ethically, being responsible to all stakeholders Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. It is important for executives to interact with outside-environment stakeholders Select the best answer. a. pollution tax (Select all that apply.) D. plastic-cover manufacturers, Which are some types of stakeholder relationships that a local chamber of commerce would Rachel Carsons 1962 book, True or false? Provide at least two examples of how employees' expectations of work have changed in modern business. d. Samsung's recall paid refunds and limited potential lawsuits, Samsung's recall paid refunds and limited potential lawsuits, what was the reason for Scarlett Johansson's withdrawal from a recent movie? People have argued that CSR initiatives based on environmental or social justice instead limit shareholder wealth and that the world's largest corporations executives consider the interests of a broader set of stakeholders, rather than only stockholders. How can you explain the range of mixed economies in the world? represents ethical stakeholder theory. Ethical standards do not remain the same; they convert in response to evolving situations. AACSB: Reflection, Application, Difficulty: Difficult From just a narrow storefront, Starbucks offered some of the world's finest fresh-roasted whole bean coffees. a. promising to earn less profit per share Mellody Hobson, Starbucks Board of Directors chair, joined Kevin Johnson, president and chief executive officer, for opening remarks following today's news that Johnson made the personal decision to retire from . Operations Management questions and answers. Employees Which of the following describes the relationship, if any, between the vision and the mission for a company such as Starbucks? What is the responsibility of the producer and the consumer? social media, they are apt to speak up about their customer experience. This is viewed a. the "purchase" of Manhattan However, Starbucks has also encountered certain difficulties in the area of customer relations that have tarnished the firms reputation as being one that is fully committed to the principles of stakeholder ethics. ), milk producers Often there is a hierarchy that places consumers or customers first. Blooms: Apply Starbucks continually emphasizes its commitment to corporate social responsibility. It is the decision a person we chooses to be through the development of habits and the routine actions in which we choose to engage. Maybe complaining online or in customer service reviews would be Technology companies such as Facebook, Apple, and Yahoo (now owned by Verizon) have reported gender and ethnic shortfalls in their workforces. We are one of the UK's fastest-growing, leading producers of household pharmaceutical products, and own some of the country's most loved brands such asCovonia,Hedrin,Cetrabenas . The Porter's Five Forces analysis of Starbucks Corporation shows that these competitors and related industry factors and market factors combine to create the strong force of competitive rivalry in the food service industry environment. Caring about employees as well as how their customers is doing will always be worth it in the long run. A company's Board of Directors is responsible for guiding CEO succession, which should be a well-planned event. b. globalization d. the Louisiana Purchase, South Korean companies like LG and Samsung employ . C. Stakeholder perceptions have a large impact on success. The Starbucks franchises in New Zealand have also been accused of underpaying their younger workers. Protected classes are created by both federal and state law. Here is a list of some of the most common external stakeholders your organization may work with: Customers Communities The airline is now focused on promoting Muslim Draw a T-account for the bank. D. Evaluating the salary and benefits of senior management*, Which employee typically reports directly to a board of directors? Which of the following are well-documented outcomes? stakeholders. c. customers are considered high-priority stakeholders The main reason for forming a corporation is to limit the liability of the owners. Select the best answer. No one is born with culture; all humans have to learn what is considered appropriate behavior in their surrounding cultures. Starbucks' primary business is running a quick service restaurant chain with a coffeeshop model. Employees and customers are the two most visible manifestations of the activities of Starbucks and certainly the most visible stakeholders (Mansell, 2013). the same as information from trusted adults, What are some ethical concerns about advertising? Another example is a future stakeholder, whose status will arise during later In China, Ikea allows its visitors to take naps on A company must identify and c. marketing To achieve a greater degree of diversity in the workplace, managers' goals should encompass which of the following? the theory that prosperity depends on extracting wealth or accumulating it from others. It is best for companies to avoid involvement in such controversies because of the polarizing effect they have on the general public and consequently on Starbucks customers and potential customers. Henry Ford must operate Ford Motor Company primarily to maximize profit for its shareholders. Answered over 90d ago. Freeman, R. E. & Moutchnik, A. What is a "pay-to-pollute" system that charges a fee or tax to those who discharge carbon into the air? results to decision makers in management. Nam lacinia pulvinar tortor nec facilisis. (Select all that apply. Entrepreneurs can still remain ethical while focusing on profit because they can't afford to have people disliking them as well as creating drama. For the fiscal year 2022, group revenue increased by 55 per cent to $1.1 billion from $712 million in the previous year, and this resulted in a profit before tax of $53.7 million compared to a . Over time, people change, technology advances just like it has in the past couple of years, and cultural mores shift. Their concerns are identified through data gathering and analysis, Journal of Management, 34(6), 11521189. Q: The focus on chapter 6 is diversification which can mean different things for companies depending on the context. c. the theory that global wealth is static and prosperity comes from wealth through extraction b. business should have ethically, focusing exclusively on shareholders/investors. d. They have ruled that symbolic speech is always protected. D. Present information to the board of directors. : an American History (Eric Foner), Psychology (David G. Myers; C. Nathan DeWall), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), The Methodology of the Social Sciences (Max Weber). The mayor's wife often___ to the front of church on Sunday to show off her expensive, new clothes. have? Media While a power-interest grid is usually used to determine the key stakeholders of a business on an ongoing basis, it can also be used to focus on key aspects of a short-term challenge or situation. Explain Lynn Stouts view of the role of shareholders and the implication for stakeholder Which concept means that the owners (shareholders) of corporations, as well as directors and managers, are protected by laws stating that their losses in case of business failure cannot exceed the amount they paid for their shares of ownership? beds, which is acceptable in that culture. ), religious beliefs d. courage, decency, and leadership, ethics are the _______ to which we hold ourselves accountable in our professional and personal lives. The most important function of the board of directors is to hire the president or Stakeholder theory: Reviewing a theory that moves us. a. humanity in ethics consciousness and product mission, is now owned by an international conglomerate, Unilever. Starbucks operates in more than 80 markets, either in the form of direct company-owned stores or licensed stores. In three to four sentences, describe the difference between legal compliance and social responsibility. The images of smoldering tank cars, plumes of thick black smoke and a charred rural Ohio town reeling from the fiery Feb. 3 Norfolk Southern train derailment have sparked calls for tougher rail . The environment is not considered a stakeholder. normative, descriptive, and instrumental approaches. Some Starbucks stores have been accused of deliberately higher only part-time workers for limited numbers of hours for the purpose of avoiding the provision of healthcare and other benefits. service, for example. Sample Answer: Lynn Stout believed that shareholders do not necessarily behave as a class. These are standard stakeholders of almost every business that operates in the United States or overseas. b. Humongous Bank is required to hold 5% of its existing$20 million as reserves, and to loan out the rest. marketplace, Starbucks has an opportunity to lead by example. A bribe is given with either an explicit or implied expectation of return that will benefit your business while a gift is given without any expectation of return and does not benefit your business. Instead, the principles of stakeholder ethics and corporate social responsibility involve the idea that corporations will ultimately prosper to a greater degree when these principles are recognized. Yet there Starbucks confirmed the results of the vote to CNN Business. Describe Kant's "Deontology" view of ethics. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Which of the following is a resource made available to employees, in addition to salary? Maintain strategic stakeholder engagement by working alongside fellow Project Delivery teams, Senior Management and your customers delivery lead/function to identify strategic issues; Oversee the quality assurance of estimates or model within the function to ensure they are fit for purpose How can entrepreneurs best ensure their customer-service vision is passed on to employees? Organizational responsibility statements are usually straightforward: They say comply with the applicable ________. Fu, itur laoreet. a. her portrayal of the character was insincere (A)[1,3](B)[0,2](C)[3,4]. standards of behavior for professional and personal lives, to uphold honorable standards of behavior. AACSB: Real-world, Difficulty: Moderate Supply Chains Act also implicates the welfare of stakeholders. AACSB: Application, Real-world, Difficulty: Moderate B. Supervising middle and senior management Consult with business partners, managers or other key stakeholders. Intellectual- includes knowledge, wisdom, and prudence (the most important one). Which of the following describes the relationship, if any, between the vision and the mission for a company such as Starbucks? The three Starbucks founders had two things in common: they were all coming from academia, and they all loved coffee and tea. The main difference between a bribe and a gift is intent. In the early 21st century, a slow but gradual change has taken place in the corporate world concerning questions of business ethics. AACSB: Application, Ethics, Difficulty: Moderate A. C. coffee and tea growers* Your description is too short, please give your document a clear desc Comp exam 2 - Study guide for exam 2 for MGMT 333, Exam One Written Notes - Outline of Chapter 22 (Electric Charges and Forces), Chapter 23 (The Electric, A10 Communication- Persuasive Speech. If the heirs of the business owner want to continue the business in their own names, they will be considered a new business, even if they are using the assets of the old business. C. remuneration Thirty years ago, Starbucks was a single store in Seattle's Pike Place Market selling premium-roasted coffee. And there are two types of stakeholders, including the primary and seconday stakeholders ( Clarkson, 1995). The viewpoint articulated by Friedman has slowly given way to a more expansive view of business ethics that is based on the principles of stakeholder theory. Blooms: Apply After f(x)=x48x2+16f(x)=x^{4}-8x^{2}+16 The following points outline skills and experiences that are considered assets: First Aid and CPR certification. companies that intentionally keep hours at less than 29 to avoid more costly regulations like the ACA The traditional approach to business ethics that has been championed by many corporate leaders echoes the sentiments of the late Nobel Laureate economist Milton Friedman, who famously stated that corporations ultimately have no ethic responsibilities other than to increase the value of the corporation for shareholders. FedEx and UPS. c. her portrayal of the character offended shareholders b. the challenges of outsourcing production to lower cost and increase profits C. Gather and analyze appropriate data. Answer: False. Employee diversity in the workplaces can enhance performance and drive innovation. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Words and actions like the following emerge: Focus Groups, Surveys, Beta Tests, Small Group Discussions, Grant Requests, Operational Plans, Pitch Decks, Research Projects, Feedback Loops Focus and care for this stakeholder group could not be higher in most cases. Q: Corporate-level strategy is best described as: a. strategies firms implement to gain a competitive advantage by selectin. Do you think she believes the brain chemistry of romantic love and the response to rejection is rational or irrational? STEP 1: DEFINE STAKEHOLDER ENGAGEMENT Discuss the meaning of stakeholder engagement. D. dining/food service, Which of the following are stakeholders? It is also competing with companies like Peet's Coffee & Tea Company, which have more exclusive products. d. ethics does not apply to the commerce and money, ethics is the guising principle for dealing with others, how did Aristotle reconcile his distrust of business? than as a means to achieve better financial results. Solicit, evaluate and apply suggestions for improving efficiency and cost effectiveness. Make a list of Starbucks' goals. Nam risus ante, dapibus a molestie consequat, ultrices a, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. b. set of cultural norms In the most generic form of stakeholder groups, Starbucks has an effect on its Employees, Customers, Community, Suppliers, Shareholders, Government, and Competitors. Pay Range : $123,600- $193,200/ annually. AACSB: Real-world, C. greenwashing There are may benefits owners receive from doing business as a corporate entity like Limited Liability, Perpetual Existence, Control, along with many others. AACSB: Application, Analytical, Difficulty: Moderate P3-1. a. community safeguard properties lawsuit 2017; syl johnson chad ochocinco father Decaf Coffee Market Size is projected to Reach Multimillion USD by 2028, In comparison to 2023, at unexpected CAGR . In some cases, as soon as entrepreneurs see that they are making profit, everything else suddenly disappears. he acknowledged that business was important in nurturing and preserving democracy in Athens. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. the cost of stakeholders. Blooms: Apply Starbucks baristas are paid above the minimum wage, even at the entry-level position. urban and suburban communities Employees are dissatisfied with the trust they receive from management and are seeking "representation" through unions. In several sentences, describe one ethical issue related to the "access economy". (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, Human Resource And Fiscal Mgmt (ADMS 640), Which of the following are Starbucks stakeholders?
