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notes_MGMT101_summary of the book

Are willing to communicate them to the public society

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are willing to communicate them to the public (society will judge you) f.iii. You should behave ethically to protect trust and reputation f.iv. Societal ethics – standards that govern how members of a society should deal with issues regarding fairness, justice, poverty, and individual rights
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f.v. Occupational ethics- standards that govern how members of a profession should conduct themselves in a work environment. f.vi. Individual ethics – personal standards (comes from peers, family, and upbringing) f.vii. Organizational ethics- the practices and beliefs through which a firm and its managers view their responsibility to stakeholders g. Approached to Social Responsibility g.i. Social responsibility – they way a firm’s managers and employees view their duty to make decisions to protect stakeholders and society g.ii. Obstructionist approach – illegally and unethically (not socially responsible) and try to hide it g.iii. Defensive approach – act within the law, but not ethically. Behave ethically to the degree that they stay within the law g.iv. Accommodative Approach – ethically and legally (most large companies) g.v. Proactive approach – go out of their way to promote socially responsible behavior such as reducing pollution or eliminating child labor (often these companies lead campaigns) h. Why act socially responsible? h.i. Increased business and improved ability to gain resources h.ii. Quality of life increases h.iii. Affects society i. Ethics ombudsman – manager responsible for teaching ethics standards to all employees and monitoring it 4. Lecture 4 Part I – the value chain a. Views the organization as the sequential process of value-creating activities b. Value is measured by revenue, a reflection of the price a firm’s product commands and the quantity it can sell c. Primary activities c.i. Inbound logistics – receiving storing and distributing inputs (materials housing, inventory control, and returns to suppliers) c.ii. Operations – transforming all inputs into final products (machining, packaging, assembly, testing, printing, and facility operations) c.iii. Outbound logistics – collecting, storing, and distributing the product or service to buyers (order processing, scheduling, warehousing final goods, etc) c.iv. Marketing and sales – the inducements made to get buyers to purchase products including advertising, promotion, sales force, quoting etc c.v. Service – all efforts to enhance and maintain the value of the produce (installation, repair, training, etc) d. Support activities below d.i. Procurement - the functioning of purchasing materials (raw materials, supplies, etc) d.ii. Technology development – d.iii. Human resource management – recruiting, hiring, training, development and compensation of ally types of personnel – supports individual primary and support activities
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d.iv. General administration – general management, planning, finance, acct, legal and govt affairs, quality and information systems – supports the entire value chain (unique) e. Relationships e.i. Interrelationships among activities within the firm e.ii.
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