Chapter 2: Ethics Flashcards Preview

Business Management BME > Chapter 2: Ethics > Flashcards

Flashcards in Chapter 2: Ethics Deck (17)
Loading flashcards...
1
Q

Environmental Responsibility

A

Aims to meet the needs of corporate stakeholder while seeking to protect and preserve resources and environment for the future

2
Q

Avoid Environmental Harm

A
  • Prevent damage to the environment with zero waste, sustainable living and reduce carbon footprint
3
Q

Reduce Illegal Dumping

A
  • That is the unlawful deposit of domestic, commercial and industrial waste
4
Q

Practice Sustainability

A
  • Aims to meet the needs of corporate stakeholder while seeking to protect and preserve resources and environment for future use
5
Q

Benefits of Sustainability:

Reduce Cost

A
  • With efficient use of resources, reusing supplies and recycling waste
  • Overall cost can be reduced in the long run
6
Q

Benefits of Sustainability:

Staff loyalty

A
  • Being green creates healthier environment
  • Staff feels like they are contributing to the environment
  • Improve morale, productivity and reduce absenteeism
7
Q

Benefits of Sustainability:

Good Public Image

A
  • Differentiated from its competitors and promote business into a positive light
  • Increase sales revenue as people choose to invest in businesses that are committed to the environment
8
Q

Benefits of Sustainability:

Carbon Trading

A
  • Federal government had placed cap on total amount of greenhouse gases released in Australia
  • Businesses with leftover cap credit can sell to businesses that has exceeded its cap limit, hence increases profit margin.
9
Q

Outsourcing
and their
Ethical Concerns

A
  • The practice of hiring a 3rd party to perform business functions

Ethical Concerns

  • No substandard wages
  • Act as if adequate compliance are ‘in place’
  • Do not take adequate measures to protect customer’s data
10
Q

Offshore Labour
and their
Ethical Concerns

A
  • The shift of location of service and production abroad.

Ethical Concerns

  • Poor working conditions
  • Low wages
  • Basically child labour and Sweatshops -> working in long hours, poor working conditions and low wages
11
Q

Ethics

A
  • The inner guiding moral principles, values and beliefs used to analyse and interpret a situation, then act on what one believes to be right
12
Q

Corporate Social Responsibility

A
  • A voluntary commitment of businesses to include in their business practice economic, social and environmental considerations that is beyond those required by legislation
13
Q

Benefits of CSR:

Improve financial performance

A
  • Improve employee satisfaction with the business, therefore improving productivity
  • while helping companies to cater to customers that are responsive to sustainable practices
  • Hence increasing sales and generating profit
14
Q

Benefits of CSR:

Improved public image

A
  • Materials used in products are environmentally safe and processes are sustainable will go a long way in the eyes of the public
15
Q

Benefits of CSR:

Increase sales and customer loyalty

A
  • Build trust between customer and company

- Build working relationship with existing and new clients, therefore increasing sales

16
Q

Benefits of CSR:

Better staff retention

A
  • Attracts employees that are looking for businesses with sustainable practices, community mindedness and sound ethics
  • Makes them feel like they are contributing to the society and environment.
17
Q

Benefits of CSR:

Reduce cost

A
  • By using less energy and resources, therefore reducing cost