Goods Tangible products Services Intangible products Describe the relationship

Goods tangible products services intangible products

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Goods - Tangible products Services - Intangible products Describe the relationship between profit and risk, and show how businesses and nonprofit organizations can raise the standard of living for all
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Stockholders Customers Surrounding Community Environmentalists Dealers (retailers) Employees Government leaders Suppliers Media Bankers Explain why obeying the law is only the first step in behaving ethically. Ethics - The standards of moral behavior. Behaviors that are accepted by society as right versus wrong. The law is the moral minimum in acting ethically Ethical Conduct Identify the benefits of a decision and who will be harmed Identify alternative courses of action Choose the one you would like your family and friends to see reported on your local news Describe management’s role in setting ethical standards. Set an example for the company Factors Influencing Managerial Ethics Individual Values Work Background Family Status Personality Organizational Top Level Management Philosophy Firm’s Reward System Job Dimensions
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Environmental Competition Economic Conditions Social/Cultural Institutions Recognize the global nature of business and the role of business in influencing ethical behavior in global markets. Many businesses want socially responsible behavior from their international suppliers. In the 1970s, the Foreign Corrupt Practices Act criminalized the act of paying foreign businesses or government leaders in order to get business. Partners in the Organization of American States signed the Inter-American Convention Against Corruption. Explain the importance of the finance and accounting disciplines to business overall. Accounting is the language of business. Finance analyzes accounting information and makes critical funding decisions. Marketing analyzes accounting information to both develop and to measure the success of marketing initiatives. Sales develops contracts that achieve financial goals, and also communicates the financial benefits of products to customers. Managers set goals for their area of responsibility and measure results based on accounting information.
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  • Spring '20
  • Balance Sheet, Generally Accepted Accounting Principles

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