...Contents: (Please note: the Instructor Guide for every chapter will follow this structure.) 1. Chapter Outline 2. Teaching Notes 3. In-Class Exercises 4. Homework Assignments 5. Additional Resources Chapter Outline I. Introduction II. Why Corporate Social Responsibility? A. Pragmatic Reason B. Ethical Reason C. Strategic Reason III. Types of Corporate Responsibility A. Economic Responsibilities B. Legal Responsibilities C. Ethical Responsibilities D. Philanthropic Responsibilities IV. Triple Bottom Line and Environmental Sustainability V. Is Socially Responsible Business Good Business? A. The Benefit of a Good Reputation B. Socially Responsible Investors Reward Social Responsibility C. The Cost of Illegal Conduct D. The Cost of Government Regulations E. What the Research Says about Social Responsibility and Firm Performance F. Being Socially Responsible Because It is the Right Thing to Do VI. Conclusion VII. Discussion Questions VIII. Case: Merck and River Blindness IX. Short Case Teaching Notes - Discussion Questions 1. Do you think corporate social responsibility (CSR) is important? Why or why not? Depending upon the audience, many students will see the importance of social responsibility. Generally, they are conscious of some kinds of environmental concerns and have some understanding of the relationship...
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...Merck & Company Project Selection Decision Introduction As Merck & Company’s lead project manager I have to decide whether to invest its resources in one of two projects. One project is to pursue a cure for river blindness, a disease that has plagued third world countries for a number of years now and the second project is to re-package a very popular and profitable anti-depression drug for the Western market. In this concise report I plan to look at both options through SWOT analysis. I will be drawing on other relevant project selection strategy and making an informed decision from the analysis conducted. Merck & Company was founded on “medicine for the people”. This statement from George W. Merck, the company founder’s son and former chairman has not always sat comfortably with all senior executives within the business. He had a strong sense of morality within business and that philosophy has seen the company to where it is today. Discussion The case to pursue with the project to cure river blindness raises a number of questions. When comparing the two I am going to look at what decision is best for the company to align its business strategy with the project selection. | River Blindness Project | | Anti-Depression Repackaging Project | Investment | $2,000,000 | | $500,000 | Annual Savings | $50,000 | | $500,000 | | | | | Payback Period | 40 years | | 1 year | Looking at Financial models, in this case it is clear that repackaging...
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...What are the basic facts – event, history, stories? * Merck & Co. Inc. which is a the largest producers of prescription drugs has created a medicine called Ivermectin for treating animals for such as horses, sheep’s, pigs and others against many intestinal worms, mites, ticks and insects. While they were doing clinical testing Dr. William Campbell who is a researcher found out that it was effective against a parasite in horses that was similar to the parasite that causes river blindness. * River blindness is cause by a tiny black fly near river banks in third world countries that could bit humans with a parasitic worm (Onhocerca Volvulus) that could grow to two feet inside which releases a microscopic offspring’s (microfilariae) which swarm thru the body tissue that cases a very irritating itch that led to some people committing subside. Some 85 million people are infected by this. After many year in the system the microscopic offspring cause skin depigmentation of skin eventually invading the eye causing blindness. What are the ethical issues, concerns, problems? * The ethical issue with this is that the Merck & Co Inc. Dr. P. Roy Vagelos has to decide to either fund the Iermectin drug to be made for humans that have been brought up by Dr. Campbell to cure river blindness. The drug could cure the river blindness but it would not make enough profit to even pay off for the fund invested for research, it is because most of the people who need the drug are...
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...Merck and River Blindness Felicia Wiggins and Julie Helling PHL 323 July 16, 2012 Dr. John Rhome Merck and River Blindness Merck Company researches and develops medications for human and animal use, to improve health and well-being. Merck is a business, driven by fundamental values motivated by a desire to improve human life, accomplish scientific quality, operate with the highest standards of integrity, expand access to Merck products and employ a varied staff that values teamwork (Merck, 2009-2012). The Problem The problem is not the production of a medication that will help thousands of people in the Middle East, Africa, and Latin America from a parasite produced by a small black fly when the person is bit referred to as River Blindness. The problem is whether to produce this medication, ivermectin, which costs several millions dollars for Merck to produce. Merck would never be able to recoup its money because the people who need this drug are small and these people would not be able to purchase the medication. Company scientists encouraged Merck to invest in further research to determine if the medicine ivermectin could be altered to be safe for human consumption when Merck could not realize a profit. Because resources limited, money and time have to go into the research and development of medications that will produce a profit for Merck. This allows Merck to further relieve human suffering and gain a profit to keep continuing to produce medicines. Rare diseases...
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...Latin and South America. Onchocerciasis which is also known as “river blindness”, an insect-borne disease, caused by a nematode worm , Onchocerca volvulus affecting both a person’s skin and eyes and is transmitted to humans by the bite of blackflies. Symptoms of this disease range from irritating and intense itching, to disfiguring dermatitis and skin and eye lesions, and ultimately can lead to sight impairment and blindness. Onchocerciasis has been classified as the “second leading cause of infectious blindness” (Water Related Diseases, 2011). During the development of the veterinary drug ivermectin, research scientist William C. Campbell, speculated on the potential the drug would have for human application; ivermectin was being developed to combat parasitic worms in livestock which are very similar to the worms that caused onchocerciasis. Campbell wrote a letter to the head of Merck’s research laboratories, who at the time was P. Roy Vagelos, requesting development of ivermectin for human use. Campbell's request causes a dilemma, the only viable uses for the drug would be for people who living in some of the poorest countries in the world; how could Merck underwrite the development of such a product for which there would most likely be of no economic value? On average it takes 12 years of research and development to bring a drug to market and costs in the neighborhood of $200 million. Merck would likely never recoup this investment cost and it would never...
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...5. Discuss measures a company might take to lessen its political vulnerability. Companies investing in foreign countries can minimize the political and economic risks by: a. establishing a management of peoples from host country. b. employing nationals, c. selling stock in the company to nationals, d. sharing the profits and earnings in a fair manner, e. understanding the traditions of the people in the host country, f. having the national work with you, not for you. Forcasting political risk Political risk assessment is an attempt to forcast political instability to help management identify and evaluate the political influence on current and future international business decision. The greater the risk to international marketers is the threat to the govt actually failing causing chaos in the streets and markets. Risk assessment is used to estimate the level of a risk a company assuming when making an investment and to help determine the amount of risk it is prepared to accept. The laws and policies of the govt and society can affect marketing Political situations can be stable or unstable and can create opportunities and threat. The main political problems faced by the foreign company are An exploitative image may lead to severe political problems depending on the country involved …confiscation Expropriation It means taking of private property with compensation Domestication It means to gain control over...
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...with pediatric indications for the drug (Goodman, 2008). Drug companies, their competitors which include other pharmaceutical companies, as well as generic companies understand this, thus enabling the drug companies to maximize product sales and royalties for many years (Goodman, 2008). These factors along with a declining economy, new healthcare regulations, political influences, changes in patent law, a change of the mentality from profits first, science secondary has lead to the decline in profits for the pharmaceutical industry. Although late adaptors to the “change”, unlike the banking and retail industries, pharmaceutical have been impacted as well and in order to stay competitive must make some serious changes (Goodman, 2008). Merck & Co., Inc is one of the top-tier drug makers. This corporation faces the multiple issues and challenges pertinent to pharmaceutical industry. This paper provides an overview of existing change models in within the framework...
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...Examining the Ethicality of Airborne’s Marketing Strategy Patrick Legendre Business Ethics Prof. Martin Wednesday, October 16, 2013 I. Case Overview Dietary Supplement Industry The growing dietary supplement industry, which includes the hundreds of weight loss and immune support supplements on the market, grosses approximately $20 billion annually (Burke). As established by the Dietary Supplement and Health and Education Act of 1994 (DSHEA), these supplements are not required to undergo testing or receive approvals from the Food and Drug Administration (FDA). Instead, companies must notify the FDA of all new products and ensure that they are safe for consumers. The Federal Trade Commission (FTC) does not prohibit dietary supplements from claiming health benefits but rather requires thorough clinical trials to support such statements. In 2012, the Department of Health and Human Services investigated 127 supplements and found that 20 percent of them were illegally labeled and lacked the necessary scientific evidence to support the proclaimed health benefits (Ibid). Many of these illegal labels included confirmatory statements on curing or preventing diseases such as diabetes or cancer. The report also revealed that 7 percent of the surveyed supplements did not have the mandatory disclaimer stating that the FDA had not evaluated statements on the label for validity (Ibid). Airborne Case Airborne, a popular vitamin and herbal supplement known for its controversy over preventing...
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...pearsonhighered.com/replocator. C H A P T E R 1 Ethics in the World of Business Listen to the Chapter Audio on mythinkinglab.com CASE 1.1 Explore the Concept on mythinkinglab.com Merck and the Marketing of Vioxx On September 30, 2004, Merck & Co. announced the withdrawal of Vioxx, its highly profitable pain reliever for arthritis sufferers, from the market.1 This announcement came only seven days after company researchers found in a clinical trial that subjects who used Vioxx more than 18 months had a substantially higher incidence of heart attacks. Merck chairman and CEO Raymond V. Gilmartin described the action as “the responsible thing to do.” He explained, “It’s built into the principles of the company to think in this fashion. That’s why the management team came to such an easy conclusion.”2 In the lawsuits that followed, however, damaging documents emerged casting doubt on Merck’s claim that it had acted responsibly by taking appropriate precautions in the development and marketing of the drug. For decades, Merck’s stellar reputation rested on the company’s emphasis on science-driven research and development. Merck employed some of the world’s most talented and best-paid researchers and led other pharmaceutical firms in the publication of scientific articles and the discovery of new medicines for the treatment of serious conditions that lacked a satisfactory treatment. For seven consecutive years in the 1980s, Merck was ranked by Fortune magazine...
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...Introduction :- Human Resource Management (HRM) is a relatively new approach to managing people in any organisation. People are considered the key resource in this approach. it is concerned with the people dimension in management of an organisation. Since an organisation is a body of people, their acquisition, development of skills, motivation for higher levels of attainments, as well as ensuring maintenance of their level of commitment are all significant activities. These activities fall in the domain of HRM. Human Resource Management is a process, which consists of four main activities, namely, acquisition, development, motivation, as well as maintenance of human resources. Scott, Clothier and Spriegel have defined Human Resource Management as that branch of management which is responsible on a staff basis for concentrating on those aspects of operations which are primarily concerned with the relationship of management to employees and employees to employees and with the development of the individual and the group. Human Resource Management is responsible for maintaining good human relations in the organisation. It is also concerned with development of individuals and achieving integration of goals of the organisation and those of the individuals. Northcott considers human resource management as an extension of general management, that of prompting and stimulating every employee to make his fullest contribution to the purpose of a business. Human resource management...
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...HUE UNIVERSITY COLLEGE OF FOREIGN LANGUAGES DEPARTMENT OF ENGLISH ------***------ NGUYEN VAN TUAN TRANSLATION 5 HUE - 2006 1 INTRODUCTION TRANSLATION 5 is a basic course book written for the second-year students of the Department of English, College of Foreign Languages, Hue University. It is intended to equip the students with an overview of translating Vietnamese and English scientific texts. It also helps the students get familiar with the terms related to science and technology as well as the typical structures frequently used in scientific and technological texts. Since the course book has been written for the students to learn either by themselves or in class with a teacher, there will be a course book and assignments. The course book contains the Vietnamese and English socio-politic texts with notes and suggested translations. The assignments contain the Vietnamese and English socio-politic texts that will be translated into either English or Vietnamese by the students. By the end of the course, the students will be able to: - obtain general knowledge of the Vietnamese and English scientific and technological documents. - get familiar with and effectively use scientific and technological terms and typical structures of scientific and technological texts in their translations. - accurately translate scientific and technological texts into English and Vietnamese. On the completion of this course book, I would like to express...
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...Preface A well-developed knowledge of clinical microbiology is critical for the practicing physician in any medical field. Bacteria, viruses, and protozoans have no respect for the distinction between ophthalmology, pediatrics, trauma surgery, or geriatric medicine. As a physician you will be faced daily with the concepts of microbial disease and antimicrobial therapy. Microbiology is one of the few courses where much of the "minutia" is regularly used by the practicing physician. This book attempts to facilitate the learning of microbiology by presenting the information in a clear and entertaining manner brimming with memory aids. Our approach has been to: 4) Create a conceptual, organized approach to the organisms studied so the student relies less on memory and more on logical pathophysiology. The text has been updated to include current information on rapidly developing topics, such as HIV and AIDS (vaccine efforts and all the new anti-HIV medications), Ebola virus, Hantavirus, E. coli outbreaks, Mad Cow Disease, and brand-new antimicrobial antibiotics. The mnemonics and cartoons in this book do not intend disrespect for any particular patient population or racial or ethnic group but are solely presented as memory devices to assist in the learning of a complex and important medical subject. We welcome suggestions for future editions. 1) Write in a conversational style for rapid assimilation. 2) Include numerous figures serving as "visual memory tools" and summary charts...
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...THE END of POVERTY Economic Possibilities for Our Time JEFFREY D. SACHS THE PENGUIN PRESS N E W YORK 2005 THE PENGUIN PRESS Published by the Penguin Group Penguin Group (USA) Inc.. 375 Hudson Street. New York, New York 10014, U.S.A. Penguin Group (Canada), 10 Alcorn Avenue, Toronto, Ontario, Canada M4V 3B2 (a division of Pearson Penguin Canada Inc.) Penguin Books Ltd, 80 Strand, London WC2R ORL, England Penguin Ireland, 25 St. Stephen's Green, Dublin 2, Ireland (a division of Penguin Books Ltd) Penguin Books Australia Ltd, 250 Camberwell Road, Camberwell, Victoria 3124, Australia (a division of Pearson Australia Group Pty Ltd) - Penguin Books India Pvt Ltd, 11 Community Centre, Panchsheel Park, New Delhi-110 017, India ' Penguin Group (NZ), Cnr Airborne and Rosedale Roads, Albany, Auckland 1310, NewZealand (a division of Pearson New Zealand Ltd) - Penguin Books (South Africa) (Pty) Ltd, 24 Sturdee Avenue, Rosebank, Johannesburg 2196, South Africa Penguin Books Ltd, Registered Offices: 80 Strand, London WC2R ORL, England First published in 2005 by The Penguin Press, a member of Penguin Group (USA) Inc. Copyright ©Jeffrey D. Sachs, 2005 All rights reserved Page 397 constitutes an extension of this copyright page, LIBRARY OF CONGRESS CATALOGING IN PUBLICATION DATA Sachs, Jeffrey. The e n d of poverty / Jeffrey Sachs. p. cm. Includes bibliographical references and index. ISBN 1-59420-045-9 1. Poverty—Developing countries. 2. Developing countries—Economic policy...
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...989 Market Street, San Francisco, CA 94103-1741—www.josseybass.com No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-6468600, or on the Web at www.copyright.com. Requests to the publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-7486011, fax 201-748-6008, or online at www.wiley.com/go/permissions. Credits are on page 528. Readers should be aware that Internet Web sites offered as citations and/or sources for further information may have changed or disappeared between the time this was written and when it is read. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written...
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...Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any...
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