Stakeholders are people and groups who have a claim on and a stake in a company. The main stakeholder groups are stockholders, managers, employees, suppliers and distributors, customers, and the community, society, and nation. Companies and their managers need to make ethical business decisions that promote the wellbeing of their stakeholders and avoid doing them harm. To determine w hether a business decision is ethical, managers can use four ethical rules to analyze it: the utilitarian, moral rights, justice, and practical rules. Managers should behave ethically because this avoids the tragedy of the commons and results in a general increase in efficiency, effectiveness, and company performance. The main determinants of differences in a manager's, company's, and country's business ethics are societal, occupational, individual, and organizational. Show
Sets with similar termsIs are your company's views on its duty or obligation to make decisions that protect enhance and promote the welfare and wellA company's stance on social responsibility is the way its managers and employees view their duty or obligation to make decisions that protect, enhance, and promote the welfare and well-being of stakeholders and society as a whole.
What is the rule that describes ethical decisions in which a choice must be made to distribute or deny benefits among people and groups in a fair equitable or impartial way?The utilitarian rule states that ethical decisions are those that produce the greatest for the greatest number of people. When they use this rule, managers try to choose the option or behavior that causes the greatest good or the least harm for stakeholders.
Are the moral principles and beliefs about what is the right or appropriate way to behave?Moral principles or beliefs about what is the right or appropriate way to behave are known as ethics. Customers are often regarded as the most important stakeholder group. Trust refers to the esteem or high repute that people or organizations gain when they behave ethically.
Is a manager responsible for communicating and teaching ethical standards?A manager responsible for communicating and teaching ethical standards to all employees and monitoring their conformity to those standards. Personal standards and values that determine how people view their responsibilitites to others and how they should act in situations when their own self-interests are at stake.
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Is your company views on its duty or obligation to make decisions that protect enhance and promote the welfare and well
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