A formal, written statement of the values and ethical standards that guide a firms action

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A formal, written statement of the values and ethical standards that guide a firms actionsChapter 7Major Types of Objectives and PurposesoObjectives – mission statement, strategic goal, tactical goal, operational goaloPurposes – guidance and unified direction, promotion of good planning, source of motivation, evaluation and controlStrategic Action Plans vs. Operational Plans oStrategic Plan – outlines decisions of resource allocation, priorities, and action steps necessary to reach strategic goalsoOperational – focuses on carrying out tactical plans to achieve operational goalsLinking of Planning and ControlBenefits of PlanningoComing up with objectives and goals of the organizationChapter 9Programmed vs. Non-Programmed DecisionsoProgrammed: fairly structured decision or one that recurs with some frequencyoNon programmed: decision that is relatively unstructured and occurs much less often than a programmed decision Dentist example, every mouth is different so course of action will varyoInvesting in Treasury Bills (debt payment, gov’t never falters) certainty oContemporary organizations make decisions under uncertaintyLimits on Rational Decision Making

Code of ethics- formal, written statement of the valuesand ethical standardsthat guide a firm’s actions.×How an Organization Treats Its EmployeesImportant areas of managerial ethics include:hiring,firing, wages, working conditions, employee privacy,employee respect.×How Employees Treat the OrganizationEspecially in regard to:conflicts of interest, security,confidentiality, honesty.×How Employees and Organization Treat OtherEconomic AgentsBehaviors between the organization and these agentsthat may be subject to ethical uncertainty include:advertising,promotions,financialdisclosures,purchasing,shipping,requirement,bargaining,negotiation, and other business relationships.Ajdin Karić, MAN, 2019/2020

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accommodative stance A social responsibility stance in which an organization meets its legal and ethical obligations but will also go beyond these obligations in selected cases
code of ethics A formal, written statement of the values and ethical standards that guide a firm's actions

corporate social audit A formal and thorough analysis of the effectiveness of a firm's social performance

defensive stance A social responsibility stance in which an organization does everything that is required of it legally, but nothing more
ethical behavior Behavior that conforms to generally accepted social norms

ethical compliance The extent to which an organization and its members follow basic ethical standards of behavior

ethics An individual's personal beliefs about whether a behavior, action, or decision is right or wrong

legal compliance The extent to which an organization complies with local, state, federal, and international laws

lobbying The use of persons or groups to formally represent a company or group of companies before political bodies to influence the government

managerial ethics Standards of behavior that guide individual managers in their work
obstructionist stance An approach to social responsibility in which firms do as little as possible to solve social or environmental problems

organizational stakeholder Person or organization who is directly affected by the practices of an organization and has a stake in its performance

philanthropic giving Awarding funds or gifts to charities or other worthy causes

political action committee (PAC) An organization created to solicit and distribute money to political candidates

proactive stance A social responsibility stance in which an organization views itself as a citizen in a society and proactively seeks opportunities to contribute

regulation Government's attempts to influence business by establishing laws and rules that dictate what businesses can and cannot do
social responsibility The set of obligations an organization has to protect and enhance the societal context in which it functions
unethical behavior Behavior that does not conform to generally accepted social norms