Economic Strategy For Business Decisions - Notes for Test 1

Ch 3 quiz 1. People who are outside an organization but are still affected by the organization are called the external stakeholders. 2. A company’s triple bottom line represents which aspects? People, profit, planet And measures: social, financial, and environmental 3. A company’s decision to move its operations out of the country will affect its employees, owners, suppliers, distributers, and everyone else who has an interest in the business. All of these groups together make up the company’s stakeholders. 4. The ten groups that present a company with its daily tasks to handle represent the company’s task environment. 5. The people inside of an organization who have an important stake in how it performs are the organizations internal stakeholders 6. Sociocultural, demographic, economic, political-legal, international, and technological are forces within an organization’s general environment. 7. A company’s external environment consists of general and task environments 8. An ethical dilemma is a situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal. 9. Government regulators, distributors, local communities, strategic allies are part of the task environment 10. Insider trading – the illegal trading of a company’s stock by using confidential company information. 11. An organization’s standard of right and wrong that influence employee behavior are referred to as ethics 12. An organization’s ethical climate represents the employee’s perception about the extent to which the work environment supports ethical behavior./affects frequency of ethical behavior 13. It is stressed more than companies go beyond just making a profit and take into consideration the environment and philanthropic initiatives. This is known as practicing corporate social responsibility. a. An ethical climate significantly affects the frequency of ethical behavior. 14. Global warming- the rise in the avg temperature near the earth’s surface due to an increase in greenhouse gases in the atmosphere and is one aspect of climate change. a. Climate change- major changes in temperature, participation, wind patterns 15. A manager’s responsibility to take actions that benefit both society and the business is known as social responsibility 16. According to Archie B Carroll, the responsibilities of an organization can be arranged as a pyramid with, making a profit at the base and corporate citizenship at the top. 17. The act of contributing money in order to benefit society is referred to as philanthropy 18. According to free-market economist Friedman, what is the only social responsibility of a business? Making profits 19. Corporate governance, Is the system of company oversight designed to ensure that the interests of owners and other stakeholders are protected. a. Work environment, long-term plans, accurate reporting 20. How did CEO dismissals related to ethical concerns change between 2008 and 2018? More CEOs were fired for misconduct, 21. which core competency career readiness is most closely tied to ethical concerns? Professionalism/work ethic a. aspects of professionalism/work ethic core competency: ethical behavior, concern for safety, demonstrated integrity 22. provide your own bags at a grocery store, don’t buy knockoff items, don’t purchase items that aren’t ethically made or sourced, purchase fair trade items: suggestions to become more ethical consumers. 23. Focus on greater good and on being more ethical: reduce carbon footprint, foster positive emotions in yourself and others, spend time in nature, get proper amount of sleep, increase level of exercise, expand your awareness on social realities, fulfill promises and keep appointments, avoid people who lack integrity. 24. Freiedman- social responsibility of a business is to make profits Ch 4 1. What are the most imported goods in the US? Cellphones, pharamacueticals, tvs 2. The trend of the world economy toward becoming a more interdependent system is referred to as globalization 3. The “shrinking” of time and space as air travel and the electronic media make it easier for people of thee world to communicated with one another refers to the global village 4. History shows that counties used ot be concerned with only regulating their own economies. As times have changed, goods, people, and money now move more freely throughout the world. These changes reflect the idea of a global economy 5. globalization is the trend of the world economy becoming a more interdependent system. 6. Walmart is an example of a multinational corporation because it is a business with operations in multiple countries 7. Another way to describe ethnocentrism is a narrow view in which people see things solely through their own perspective. This is called parochialism 8. The worldwide trend of governments deregulating their economies, Asian countries opening their economies to foreign investors are events that credited with setting up the conditions by which the global economy- goods, people, and money more freely throughout the world . 9. The ability to operate in different cultures is the definition of cross-cultural awareness. 10. Using suppliers outside of the company to provide materials to make goods and services is called outsourcing. 11. a company that has operations in several countries is called a multinational corporation 12. Free trade easy trade with one another when there aren’t any political or economic obstructions hampering the process. 13. The use of government regulation to limit the import of goods and services is called trade protectionism 14. Trading bloc- a group of nations within a geographical region that have agreed to remove trade barriers with one another 15. Countries grant most favored nation status as a way to promote strong and more stable ties between countries. 16. Approximately 2/3 of indias GDP is made of services 17. A shared set of beliefs, values, knowledge and patterns of behavior common to a group of people is knowns as, culture 18. in a low context culture, shared meanings often derived from written and spoken words 19. monochronic time- preference for doing one thing at a time 20. expirates- people living or working in a foreign country, costly to support , challenges adjusting, failure to effectively manage return and reduce companies return on investment, early turnover 21. Indias strengths: reputation in services, technological and scientific expertise, English-speaking population 22. Nations culture statements: made up of many nuances, operates in large part of outside individual awareness, unconisously teaches us how to walk, talk,behave, and realte to other people 23. Low-contex cultures written and spoken, north America, great britan, candainavia, germanyh or switerzland 24. High context cutures cues for communicating ; china, korea, Japan, vietnamn, Mexico, and many arab cultures 25. Context- situational or environment characteristic that affect a perosns behavior 26. Listen and observe- best when interacting with others in new cultural context and improve cross-cultural competency. Ch 1: quiz review -the district manager of a national fast-food restaurant watches the sales reports for each restraint daily to compare actual sales with projected sales goals, and then takes corrective action needed. Participating in controlling -substantially- defined as economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs -Robert Katz- technical, conceptual, human -planning example- Maribeth, who determines that her sales staff needs to contact twenty new customers each month to meet department goals -some middle manangers make more than 100,000 a year/lower make 33,000-87,000 Functional- responsible for one oranziational activity Conceptual-ability to think analytically, visualize an oranziation and a whole, and understand how parts work together (top managers) Planning-setting goals and figuring out how to achieve them Organizing- arranging tasks, people, and other resources Leading- motivating, directing, and influcing people to work hard Controlling- mointioring performance, comparing it to goals, and taking corrective action when needed Proactive- learning orientation is the desire to learn and improve your knowledge, softskills Gaps in career readiness-leadership, communication/professionalism and work ethic Interpersonal roles- leader, liason, figurehead Ch 2 Scientific approach in 20th centuary increased worker productivity to counteract labor shortages Adminstarvie management- concerned with total organization Operations mgt- managing the production and delivery of an organization’s products or services more effectively Learning organization- actively creates, acquires, and transfers knowledge within itself/able to modify its behavior to reflect new knowledge Behavioral management- importance of understanding human behavior and motivating employees to achieve. Evidence based- encourages managers to make facts and logic the foundations of their approach to decions-making. /rationality to decision process Contemporary-approaches to management include learning organizations, high-performance work practice, sustainable development Operations- management focuses on managing the production and delivery of an organizations products or services more effectively Classical-manage work more effeicently Quantititative- statistics and computer management System- set of interrelated parts that opeate together to achieve a common purpose Four parts of a system- inputs, transformational, outputs, feedback pg 58 Peter drucker- credited w providing first modern handbook of management Contingency- manament problem should be handled according to the individual and the environmental situation/certain circumstances Shared value and sustaintable development-consider environmental and social effects of business as well as profit PRME- united nations, focuses on business education Hugo Munsterberg- father of industrial psychology