Exam (elaborations)

Business Ethics Exam 100% Correct!!

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Module
Business Ethics

Institution
Business Ethics

Session 7: Introduction to Sustainability - ANSWER Wicked Problem - ANSWERdifficult to explain, seemingly impossible to solve. (very challenging problems that are very hard to try to solve) Examples of Wicked problems - ANSWERBy the year 2040: - 3 billion new middle-class consumers - 50% to 10...

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business ethics exam 100 correct

Institution Business Ethics
Module Business Ethics

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Business Ethics Exam 100% Correct!!

Session 7: Introduction to Sustainability - ANSWER

Wicked Problem - ANSWERdifficult to explain, seemingly impossible to solve.

(very challenging problems that are very hard to try to solve)

Examples of Wicked problems - ANSWERBy the year 2040:

- 3 billion new middle-class consumers

- 50% to 100% increased need for food, water, and energy

- 9 billion people on the earth

OR

Impact of Covid in Michigan

(led in water in flint)

Challenges and Opportunities on a global and local levels

Edelman "Goodpurpose" Survey (picture):

What social causes do consumers care about?

(Important problems from consumers perspective) - ANSWER1. improving the quality of healthcare

2. Protecting the environment

3. ensuring access to safe drinking water

4. equal opportunity to education

5. stopping relationship violence and abuse

86% of the U.S. think - ANSWERthat businesses should do more than just make money, they should
help society and help solve wicked problems.

True Gen: Generation Z and its implications for companies - ANSWERThe point is not to have a
politically correct position on a broad range of topics.

It is to choose the specific topics (or causes) that make sense for a brand.. And to have something
clear to say about those particular issues.

,Does business have a role to play in solving stubbornly tough environmental and social challenges? -
ANSWER- yes businesses should do more than just giving away money.

- It's about helping solving problems while making your company more successful

Why should businesses get involved?

- right thing to do? (deontology)

- brings positive outcomes (utilitarianism)

Sustainability: a lens to drive growth video - ANSWER- old wine in a new bottle? (no, not true. This is
new. this is a whole new concept of sustainability and is changing the way companies think)

- Social, environmental, and economic value creating opportunities for stakeholders.

- unique opportunity to improve conditions.

Resilience is the capacity to - ANSWER- overcome unexpected problems (how prepared were
companies for unexpected problems to happen. Ex: coronavirus)

- adopt to change (e.g. sea level rise)

- prepare for and survive catastrophes

( How prepared were companies for unexpected problems to happen like coronavirus? were they
resilient as a result?)

(Sustainable development calls for concerted efforts towards building an inclusive, sustainable, and
RESILIENT FUTURE for people and planet.

For sustainable development to be achieved, it is crucial to harmonize three core elements:
economic growth, social inclusion and environmental protection. These ELEMENTS ARE
INTERCONNECTED and all are crucial for the well-being of individuals and societies.)

Two implications of the brundtland's definition of sustainability - ANSWER1. The concept of needs.
Who's needs? broad range of stakeholders

- Intragenerational: "meeting the needs of the present"

- Intergenerational: "Without jeopardizing future generations"

2. The idea of limitations imposed by the environment's ability to meet present and future needs.

Development as we know it must be limited because nature is FINITE (limited resources)

Sustainability's Three Pillars

Triple Bottom Line - ANSWER1. Environmental (planet)

, (air quality, water quality, energy usage, waste produced)

2. Social (people)

(labor practices, community impacts, human rights, product responsibility)

3. Economic (profit)

(sales, profits, ROI, taxes paid, monetary flows, jobs created)

-What are the big issues businesses can address

-what is the impact the business will face

-what are the companies actually doing

Synergies (interconnected):

- environmental-economic e.g. energy efficiency

- economic-social e.g. fair trade

- social-environmental e.g. environmental stewardship

Not independent pillars but are all connected

Footprints - ANSWERthe damage we do as we go about our business

(the waste we leave behind us. we should try to reduce negative impact and be more aware of our
actions)

Handprints - ANSWERthe good we can do as we go about our business

(the good we can spread. try to have a positive impact and help society)

Session 8.1: Corporate Social Responsibility - ANSWER

Corporate Social Responsibility (CSR) - ANSWERCompanies integrate social and environmental
concerns in their business operations and in their interaction with their stakeholders on a voluntary
basis.

Business has become the most powerful institution on the planet. The dominant institution in any
society needs to take responsibility for the whole.

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