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GM520 Final Exam Study Guide 2011 - TCO A Given an...

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TCO A: Given an organizational requirement to conform business practices to both the law and best ethical practices, apply appropriate ethical theories to shape a business decision. (Chapter 1, 2 and 3) o Schools of thought (page 48) The role of business in society has evolved into four schools of thought given below that are based on two questions i.e. Whose interest should a corporation serve? and To whom should a corporation should be responsive in order to best serve that interest? 1. Inherence – According to this, manager’s answer only to shareholders and act only with shareholders interest in mind. This type of manager would only involve in any political or social issue if he sees his shareholders interest in it. 2. Enlightened Self-Interest – According to this, managers are responsible to shareholders but serve them best by being responsible towards larger society also. They feel that in the long run, business value is enhanced if business is responsive to the needs of the society. 3. The Invisible Hand – It is the opposite on enlightened self-interest. According to this, business should server best to the larger society and it can do it best when it serves the shareholders only. 4. Social Responsibility – According to this, role of business is to serve the larger society through their responsive to it. Business with this school of though will provide full disclosure of product information to consumers. o Ethical models (Page 41) Some of the ethical models are given below. They are also known as resolution of business 1. Blanchard and Peale – Mr. Blanchard and Mr. Peale provided 3 questions that a manager should ask himself in order to resolve ethical dilemma. Those 3 questions are – Is it legal? Is it balanced? How does it make me feel? If answer to the first question is “no” then ethical analysis is done. For second question, manager needs to do analysis and check problem from other perspective 2. The Front Page of the newspaper test 3. Laura Nash and Perspective 4. The Wall Street Journal Model
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TCO B: Given instances of federal regulation of business and commercial practices, determine the constitutional and regulatory bases for such regulation, and formulate a strategy by which an impacted business can influence or contest regulating outcomes. (Chapter 5 and 6) o APA o (administrative procedures act) It requires agencies to follow certain uniform procedures in making rules. APA has been amended number of times by the freedom of information act, the federal privacy act and the government in the sunshine act. o o The requirements set forth in the APA are designed to provide the public with a meaningful opportunity to participate in the adoption of state regulations and to ensure that regulations are clear, necessary and legally valid.
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