ethical☑️☑️ ability and willingness to distinguish right from wrong when you're practicing one or
the other
business ethics☑️☑️ application of ethical behavior in a business context
stakeholders☑️☑️ parties who are interested in the activities of a business because they'r...
ethical☑️☑️ability and willingness to distinguish right from wrong when you're practicing one or
the other
business ethics☑️☑️application of ethical behavior in a business context
stakeholders☑️☑️parties who are interested in the activities of a business because they're affected
by them
how do you recognize an ethical organization?☑️☑️- treating employees, customers, investors,
and the public fairly
- making fairness a top priority
- holding ever member personally accountable for his or her action
- communicating core values and principles to all members
- demanding and rewarding integrity from all members in all situations
people are __________ ethical☑️☑️mostly
ethical dilemma☑️☑️morally problematic situation
how to face ethical dilemma☑️☑️1. define the problem and collect relevant facts
2. identify feasible options
3. assess the effect of each option on stakeholders
4. establish criteria for determining the most appropriate action
5. select the best option based on the established criteria
ethical decision☑️☑️decision in which there is a right (ethical0 choice and a wrong (unethical or
illegal) choice
ethical lapse☑️☑️situation in which an individual makes a decision that's unmistakably unethical
or illegal
how to avoid an ethical lapse☑️☑️1) is the action illegal?
2) is it unfair to some parties?
3) if I take it, will I feel badly about it?
4) will I be ashamed to tell my family, friends, coworkers, or boss?
5) will I be embarrassed if my action is written up in the local newspaper?
,conflicts of interest☑️☑️situation in which an individual must choose between the promotion of
personal interests and the interests of others.
insider trading☑️☑️practice of buying or selling of securities using important information about
the company before it's made public.
how to maintain honesty and integrity☑️☑️1. follow your own code of personal conduct
2. while at work, focus on your own job, not non related work things
3. don't use office supplies or products for your own use
4. be honest with customers and ppl you work with
5. small day to day activities and gestures that build your character
whistle blower☑️☑️individual who exposes illegal or unethical behavior in an organization.
common rationalizations for justifying misconduct☑️☑️- my behavior isn't really illegal or
immoral
- my action is in everyone's best interest
- no one will find out what i've done
- the company will condone my action and protect me
code of conduct☑️☑️statement that defines the principles and guidelines that employees must
follow in the course of all job-related activities.
coporate social responsibility☑️☑️approach that an organization takes in balancing its
responsibilities toward different stakeholders when making legal, economic, ethical, and social
decisions
fiduciary responsibility☑️☑️duty of management to safeguard a company's assets and handle its
funds in a trustworthy manner
consumer rights☑️☑️- the right to safe products
- the right to be informed about a product
- the right to choose what to buy
- the right to be heard
land pollution☑️☑️Pollution of the land that is generally caused by hazardous waste being
disposed of in an improper manner
- dispose of waste in the proper way, create mission statements
air pollution☑️☑️polluting the air with emissions of toxic gases and particles from factories,
power plants, office buildings, cars, trucks, and even farms
- make factories, vehicles and other facilities more energy efficient
water pollution☑️☑️water makes up 70% of earth's surface, water pollution when oils and
chemicals are dumped onto bodies of water
, - stricter standards in the discharge of wastes into water treatment
sustainability☑️☑️the principle of providing products today that don't compromise the ability of
future generations to meet their needs
product☑️☑️something that can be marketed to customers because it provides a benefit and
satisfies a need
new to market products☑️☑️before invented, nothing like it existed
characteristics of entrepreneurial start ups☑️☑️- characterized by innovative products and/or
practices
- its goals include profitability and growth
- it focuses on new opportunities
- its owners are willing to take risks
entrepreneurial decisions can be improved by☑️☑️- information from research
- knowledge gained from personal experience
time utility☑️☑️the value to a consumer of having a good or a service available at a convenient
time
place utility☑️☑️the value to a consumer of having a product available in a convenient location
ownership utility☑️☑️value created by transferring a product's ownership
form utility☑️☑️the value to consumers from changing the composition of a product
when is an idea a business opportunity☑️☑️1. who would my customers be
2. why will customers buy the product from me
3. how will customers benefit from my product
industry☑️☑️group of businesses that compete with one another to market products that are the
same or similar
market☑️☑️group of buyers or potential buyers who share a common need that can be met by a
certain product
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