...BMB2033: BUSINESS ETHICS AND VALUES Course Leader: Shaharudin Yunus COURSE NOTES TOPIC 1: Fundamentals of Values, Ethics and Morality LEARNING OBJECTIVES At the end of this chapter, you will be able to: Define values List the sources of value Identify the roles of values in decision-making Identify the definition of ethics Identify the nature of ethical reasoning Identify the concept of ethical standards and judgement Define morality Identify the various phases of Kohlberg's theory of moral development Identify the differences between ethics and morality Identify the similarities between ethics and morality Identify the basic unification of ethics, values and morality NATURE OF VALUES 1.1.1 Definition A small company has just employed Rizal as a marketing executive. As a fresh graduate, Rizal feels enthusiastic about the job and is determined to be a good worker. On the first day of work, new employees were briefed on how work is done. At that point, Rizal realized that some of the company's marketing strategies somewhat deceived the customers. This is just one example of ethical issues in business that we will look at in this course. Values, ethics, and morality are three concepts used in discussing 'Business Ethics and Values'. We will see how they should be applied in businesses. However, in this section, we will discuss values first. Values are defined as fundamental principles or enduring beliefs about the most desirable conditions and...
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...a. What are the facilitating developments that have allowed health care to start globalizing? The facilitating developments that have allowed healthcare to start globalizing were that healthcare and insurance have become more and more expensive in the U.S. There have been opportunities for education in the medical field for people in different countries. In the grand scheme of things, travel is fairly inexpensive and quite fast. b. Who benefits from the globalization of health care? Those that benefit from the globalization of healthcare are the uninsured and the underinsured because this aids them in avoiding the high costs that can happen where medical bills are concerned. Insurance companies also benefit because they don’t need to pay big money for domestic procedures. The different countries probably benefit the most from having highly educated people and the profits they are making traveling tourists that travel solely for medical reasons. c. Who are the losers in the globalization of health care? The clear losers where globalization of healthcare is concerned is the hospitals and the U.S doctors that would perform those procedures at the domestic facilities. There is a clear loss in the profits that they would have received for those procedures. d. Are there any risks associated with the globalization of health care? The main risk is more of an uncertainty, which is concerning the level of care provided. Even though the procedures that are being performed...
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...PART 1 Understanding the Foundations of Business Communication CHAPTER 1 CHAPTER 2 CHAPTER 3 Achieving Success Through Effective Business Communication Mastering Team Skills and Interpersonal Communication Communicating in a World of Diversity career, and how to adapt your communication experiences in life and college to the business world. Improve your skills in such vital areas as team interaction, etiquette, listening, and nonverbal communication. Explore the advantages and the challenges of a diverse workforce and develop the skills that every communicator needs to succeed in today’s multicultural business environment. N o other skill can help your career in as many ways as communication. Discover what business communication is all about, why communication skills are essential to your 1 1 1 2 3 Achieving Success Through Effective Business Communication LEARNING OBJECTIVES After studying this chapter, you will be able to Explain the importance of effective communication to your career and to the companies where you will work Describe the communication skills employers will expect you to have and the nature of communicating in an organization by using an audience-centered approach Describe the communication process model and the ways that social media are changing the nature of business communication 4 5 List four general guidelines for using communication technology effectively Define ethics, explain the difference between an ethical...
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...Homework Assignment 1 Due on the first Test day Put your full name on the page footer (where page number is inserted usually). Keep the original questions and insert your answers with a different Font. Use the SpellCheck before the final submission. You will answer several discussion questions in Homework Assignment 1. Please type in your answer in a Word file and submit to the assignment drop box in My courses. Please attach a Word document to the assignment submission instead of copying and pasting all your answers to the box. In addition, please name the Word file as your name and assignment1. Example will be yuzhuliAssignment1.doc. This assignment is due on the first Test day. The cutoff time is 11pm on that day. Late submission is subject to the late submission policy (Refer to the syllabus for details.) 1. Chapter 1: Section 1.4 – Before you go on… What are the major reasons why it is important for employees in all functional areas to become familiar with IT? IT systems are integral to every function area of an organization, especially because organizations cannot operate without information technology. This is a huge reason why every manager and professional staff member should learn about IT within his or her specialized field. (21) 2. Chapter 1: Discussion question 1, Page 25 Describe how IT architecture and IT infrastructure are interrelated. IT architecture is a high-level map or plan of the information assets in an organization, while IT infrastructure is...
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...us have had personal experiences with small business—as an owner, employee, friend, or relative of an owner, or in other relationships. Explain one or more such experience(s) you have recently had. I recently quit my job as a production coordinator and BCBG. This was a large company and in the end I realized that the benefits of a large company did not outweigh what I was losing in terms of personal job satisfaction. I returned to a much smaller business which only has 7 employees, including myself. I find that this provides me with more opportunity to learn all aspects of the business and gives me a more solid base of knowledge to build upon when I go to start my own company. After returning to a small business I found myself sleeping better at night and being excited to wake up in the morning and go to work, never knowing what fun tasks the day held for me. My coworker is always available and since she has personally done every job in the entire company, is a walking encyclopedia of knowledge and is able to answer every question I have. I also enjoy having a direct communication line to the owner of the business and approvals for projects and tasks are instant! I love it and couldn’t be happier. Best career move I ever made. 1.4) Distinguish between a small business and an entrepreneurial venture. If you were to start your own business, which would you wish it to be? Why? According to the text, a small business is independently owned and operated and is ...
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...True/False 1. Walmart has been called a “template for 21st century capitalism.” Answer: F Page: 3 2. A business is any organization that is engaged in making a product or providing a service for a profit. Answer: T Page: 4 3. Businesses and society are independent of one another. Answer: F Page: 4 4. The stakeholder theory of the firm argues that a firm’s sole purpose is to create value for its shareholders. Answer: F Page: 6 5. The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society. Answer: T Page: 6 6. The normative argument for the stakeholder theory of the firm says that the stakeholder view is simply a more realistic description of how companies really work. Answer: F Page: 7 7. Nonmarket stakeholders are those that engage in economic transactions with the company as it carries out its primary purpose of providing society with goods and services. Answer: F Page: 8 8. Market stakeholders include nongovernmental organizations and the media. Answer: F Page: 8 9. Government can be considered both a market and nonmarket stakeholder. Answer: T Page: 10 10. The interests of different stakeholders often coincide. Answer: T Page: 14 11. Stakeholders involved with one part of a company often may have little or no involvement with another part of the company. Answer: T Page: 15 12. Some scholars have suggested...
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...1. What factors contribute to the rapid pace of change in business? Is the pace likely to accelerate or decrease over the next decade? Why? Answer: Some key factors contributing to the rapid pace of change in business are the economy and Wall Street. The interest rates and loan terms have greatly changed businesses. It is harder to borrow money, as a small business especially. The job market has also changed businesses dramatically. I believe the pace will accelerate over the next decade. The economy is recovering from the recession of 2008 and the business are buying and selling again and the unemployment rate is declining. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? Answer: Entrepreneurial enterprises can kick start an economy, creating great opportunity for everyone involved in the building, developing and manufacturing of the product . The downside is that it could force out competing business. 3. When did American business begin to concentrate on customer needs? Why? Answer: Business began to focus on the customer needs during the Marketing era. The reason was more intense competition, which gave consumers more choices. Because of this meeting customer needs became an imperative for business success. 4. How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact...
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...Chapter 1: Distinguish among, planning, organizing, leading and controlling (the four principal managerial tasks), and explain how managers’ ability to handle each one affects organizational performance. Planning: The manager makes it their duty to distinguish the necessary courses of action. In other words the manger develops strategies to achieve high performance levels. Three steps to successful plan are: specify which goals are most important to the organization, which strategies will work best for the organization, and lastly decide how to distribute organizational resources for the desired outcome. All of these factors come into play to develop a specified strategy, which is a series of decisions tailored to the organizations goals. Organizing makes an effective leader because organizational members can be given job specific tasks to perform. This is crucial because it differentiates responsibility between different individuals of the organization. Once an organization is achieved, tasks are easily accomplished because a system was developed to coordinate and motivate members to work together. To lead an organization the leader must have a vision as well as an inspiring statement of what goals they intend the organization to achieve. Managers articulate their organizational vision by enabling employees in a way where everyone understands the part he or she plays. Leadership involves identifying their power and influence, as well as communication skills to coordinate...
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...Homework Assignment for Week 1: Each week you will have a set of homework problems to complete. They are due by the following Sunday night at 11:55 pm, central time. For Week 1, please turn in the answers to the following questions: 1. Describe the field of finance. How is it different from the field of accounting? a. Finance is a powerful and influential field that can be defined as the art and science of managing money. Virtually all individuals and organizations earn or raise money and spend or invest money. Finance is concerned with the process, institutions, markets and instruments involved in the transfer of money among and between individuals, businesses and governments. b. Accounting is the methodical or precise recording, reporting, and assessment of financial deals and transactions of a business. Accounting also involves the preparation of statements or declarations concerning assets, liabilities, and outcomes of operations of a business. In other words you could best describe accounting as the process for identifying, measuring and communicating the economics information about an entity for decisions and informed judgments to make financial decisions as well as performing traditional accounting duties. 2. In a typical corporation the finance function is divided into two divisions, or departments. What are they? What does each department do? a. The Controller: Is responsible for the maintenance of adequate internal control and...
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...Chapter Review Chapter 1: The Study of Business, Government, and Society In chapter one the author lays a foundation for the information which will be shared in the following chapters. This foundation allows the reader to understand basic terminology, ideas, and relationships as it pertains to the operation of business, government and society. For a more distinct explanation of what the author helps the reader to understand; the collaborative information that the chapter provides illustrates a somewhat intangible relationship, in which we (business, government, and society) all are stakeholders. The author helps the reader understands the interactions of the stakeholders, and these interactions shape how business’ assumes social responsibility; whether it is self imposed, dictated by law/regulation, or pressured by social values, ideas, and expectations. The author then offers four definitive relational models which helps the reader understand the multiple variables which help shape and control the relationship between business and society. In addition, the models also help the reader to understand the effects, the value added, and the challenges that are imposed on those parts of society which assume them. One interesting thought for the reader to keep in mind when learning the four models is how the nature of the models can vary based local and national politics, market maturity, and social structure. The first model that author presents is the Market Capitalism Model. In...
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...BAB 1 ETIKA DAN BISNIS 1.1 Hakikat Etika Bisnis Menurut kamus, istilah etika memiliki beragam makna yang berbeda, salah satunya bermakna sebagai prinsip tingkah laku yang mengatur individu atau kelompok. Terdapat berbagai macam penggunaan istilah etika yang lain, misalnya: a. Etika personal, ketika mengacu pada aturan-aturan dalam lingkup dimana seseorang menjalani kehidupan pribadinya. b. Etika akuntansi, ketika mengacu pada seperangkat aturan yang mengatur tindakan professional akuntan. c. Pengkajian moralitas, para ahli etika menggunakan istilah ini semacam penelaahan baik aktivitas penelaahan maupun hasil-hasil penelaahan itu sendiri, sedangkan moralitas merupakan subjek. Moralitas: Pedoman yang dimiliki individu atau kelompok mengenai apa itu benar dan salah, atau baik dan jahat. Moralitas: Pedoman yang dimiliki individu atau kelompok mengenai apa itu benar dan salah, atau baik dan jahat. Moralitas Standards Nonmoral: Standar dimana kita menyatakan apa cara seseorang yang baik atau buruk dan benar atau salah. Standards Nonmoral: Standar dimana kita menyatakan apa cara seseorang yang baik atau buruk dan benar atau salah. Standar Moral: Norma tentang tindakan-tindakan yang kita percaya secara moral benar dan salah, seperti nilai yang kita tempatkan pada apa yang kita percaya secara moral baik dan buruk. Standar Moral: Norma tentang tindakan-tindakan yang kita percaya secara moral benar dan salah, seperti nilai yang kita tempatkan...
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...Chapter 1 – Subject Review Questions 1. I have worked for my current boss, Mr. Ford, in the field of youth social services for nearly a decade. Due to his leadership, I have remained with the agency throughout tumultuous periods. He has always challenged his employees to strive for quality of service at the greatest speed possible. Mr. Ford organizes employees to create a dynamic workforce capable of adapting to changes affected by the macroenvironment. In an effort to continue to win Requests for Proposal bids, Mr. Ford has consistently operated an efficient service program that is cost competitive with other service providers and fiscally sustainable. 2. One of the greatest ways that the Internet impacts my life on a daily basis involves how it has allowed knowledge to be shared instantaneously and with increasing accuracy. I am able to receive information about events and interests in real time. Instead of having to search libraries for dated information, as I did as a youth, I can find information that is relevant and current from trusted sources. Now it is possible to access peer-reviewed publications from esteemed institutions. Globalization, in conjunction with the Internet, has provided access to news and information from around the world. I enjoy reading articles from the perspectives of those of other nationalities and now, thanks to Google Translate, I can read articles that were written in foreign languages. 3. I have always admired Google for how...
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...Chapter 1: BUSINESS CONCEPT A) Business Name The mushroom culture is already gaining its popularity in Pangasinan, Philippines, specifically in Urdaneta City. As a vegetable, it is being added as one of the ingredients in some of Pangasinan delicacies. However, due to lack of planting materials and knowledge, the production of mushrooms is still limited. With a lot of suggestions about the name of the business, the researchers have decided as a group to use MousseronFarm. The word mushroom originated from a Late Latin word mussirio which means "of obscure origin"then was later adopted as an Old French word mousseron from the root word mousse which means "moss". From that Old French word, the name of the business was derived. A mushroom is defined as a macrofungus with a distinctive fruiting body. The macrofungi have fruiting bodies large enough to be seen with the naked eye and to be picked up by hand (Chang and Miles, 1992). In a narrow sense, the word mushroom also refers only to the fruitbody.Mushrooms used to be classified into the Kingdom Plantae, but now they belong to the Kingdom Fungi due tounique fungal characteristics which draw a clear line from animals or plants. Unlike green plants, mushrooms areheterotrophs. Not having chlorophyll, they cannot generate nutrients by photosynthesis, but take nutrients from outer sources. B) Business Offering 1) Properties “Mushrooms are small living organisms that look like umbrellas. They are not plants...
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...2. Applied research has a practical problem-solving emphasis. Applied research applies research to discovering solutions for immediate problems or opportunities. Pure research or basic research is also problem-solving based, but in a different sense. It aims to solve perplexing questions or obtain new knowledge of an experimental or theoretical nature that has little direct or immediate impact on action, performance, or policy decisions. Applied research will find out how compensation (salary or commission) would affect the company revenue. Pure research might study the influence on the sales that pay by commission versus salary. 3. Explanatory research answers the questions of "why" and "how" something happened. It establishes a cause and effect relationship between two variables. Hence, the research explains. For example, the research shows a relationship between the increased presence of police patrols in certain cities versus the reduction of crimes. Predictive research is involved with the forecasting (predicting) of a likelihood of something happening. This research usually begins with, or leading to, finding what will happen, given that some baseline is already known. This research usually involves some form of human behavior decision or condition. For example if we know that teens in intercity schools, aged 13-16, are prone to high dropout rates, predictive research might assess (predict) a relationship between age or gender and not graduating from high school...
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...Accounting: Tools for Business Decision Making 5th Edition Chapter 1 1. Forms of Business Organizations * Sole proprietorship: owned by one person * Easy to set up * Gives you control * Examples: barber shops, law offices, auto repair shops * Partnership: business owned by two or more people * More economic resources * Unique skills and resources * Important to have written partnership agreement forms * Examples: retail and service-type businesses, professional practices * Corporation: business owned by stockholders * Easy to sell (transfer ownership) * Consists of stockholders and investors * Easier to raise funds * Examples: Coca-Cola, General Motors, ExxonMobil * Hybrid Business: tax advantages of partnerships and limited liability of corporations * Taxes and legal liability are important * Sole proprietorship have more favorable tax treatments but personally liable for debts and legal obligations 2. Users and Uses of Financial Information * Accounting: information system that identifies, records, and communicates the economic events of an organization to interested users * Users: internal users and external users * Internal Users: managers who plan, organize, and run a business * Examples: marketing managers, production supervisors, finance directors, and company officers * Accounting provides internal reports (financial...
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