and China, for example, by adapting to local cultural norms. For the purpose of this assignment, you will follow the steps in creating the initial portion of a stakeholder engagement strategy. Which of the following does an entrepreneur typically need to be willing to do to start a business? This is a great way to remind business' that not everything is about the money and how making a few changes can result as success in the long run. Environmentalists raise the issue of species and a. an enumerated power listed in the constitution in the Bill of Rights The coffee farmers supply coffee to Starbucks. as compromising the mission of Ben & Jerrys as envisioned by its founders. In three to four sentences, describe the difference between legal compliance and social responsibility. About Starbucks Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. d. the resistance to a culture or way fo life emphasizing consumer goods, the lifestyle characterized by the acquisition of goods and services, which commercial transaction in the New World exemplifies the complexity that results when different cultures, experiences, and ethical codes come into contact? A. milk producers* B. urban and suburban communities* C. coffee and tea growers* D. plastic-cover manufacturers; Difficulty: Easy Blooms: Understand AACSB: Ethics. The triple bottom line focuses on three things: profit, people, and planet. Which of the following are factors included when applying a legal definition of diversity? A stakeholder is any party, individual, or group interested in an organization's actions and outcomes. JFR Crew Member applicants must be a full-time high school student between the ages of 16-18 as of July 1 of the current year. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Coffee producers are a major stakeholder for Starbucks because the firm has staked its reputation on high quality coffee. (Select all that apply. ParvalueCost$1,000$930Couponinterestrate6%Yearstomaturity10Taxbracket20%. STEP 1: DEFINE STAKEHOLDER ENGAGEMENT Discuss the meaning of stakeholder engagement. Many people now a days are very open-minded and whether you like it or not, it is just the reality of todays society. C. Gather and analyze appropriate data. This includes race, color, religion, national origin or ancestry, sex and so on. c. They have extended protections to only some forms of symbolic speech. Organizational responsibility statements are usually straightforward: They say comply with the applicable ________. he acknowledged that business was important in nurturing and preserving democracy in Athens. Starbucks is opening small cafes half the size of existing cafes. c. Compute and plot the A, B, and C zone boundaries on the p-chart. Fortunately, I know people that focus on the profit as well as everyone and everything around them and are doing perfectly fine. The An ethical financial advisor must ________. than as a means to achieve better financial results. such as Yelp where customers share their good and bad experiences. d. emphasis on method as opposed to content, virtue ethics is an ethical system based on the exercise of which virtues? McDonald's London, England, United Kingdom1 month agoBe among the first 25 applicantsSee who McDonald's has hired for this roleNo longer accepting applications. Sample Answer: A company needs to be aware of its stakeholders. D. Present information to the board of directors. (Select all that apply. It is in a business's best interest to promote human flourishing within the organization by providing ________. Blooms: Apply An employees common law duty of loyalty to their employer prohibits the employee from using a former employer's confidential information and trade secrets on behalf of a subsequent employer as well. In a perpetual existence, when a sole proprietor or partner dies, the assets may go to the heirs, but the business no longer exists. d. ethics does not apply to the commerce and money, ethics is the guising principle for dealing with others, how did Aristotle reconcile his distrust of business? Stakeholder ethics involves a body of thought which insists that the ethical responsibilities of corporations extend not only to the shareholders but also to the full range of interests that are impacted by corporate activity. Aristotle believes that prudence plays the major role because it helps individuals avoid excess and deficiency. Malaysian Airlines is another example of a company responsive to the stakeholder process. Decaf Coffee Market Size is projected to Reach Multimillion USD by 2028, In comparison to 2023, at unexpected CAGR . AACSB: Analytical. One that not only. B. amenities* Labor union membership remains much higher in Europe and other Group of Seven countries than in the United States, in part because some of those countries allow managers to be members of the union. Protected classes are created by both federal and state law. \text { Cost } & \$ 930 & \text { Years to maturity } 10 & B. &\begin{array}{ccccccccccccc} Which intellectual, emotional, and social human trait affects all decision-making, including ethical decisions? What is the responsibility of the producer and the consumer? Sample Answer: Lynn Stout believed that shareholders do not necessarily behave as a class. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. An external stakeholder is someone who a company recognizes that makes decisions concerning operations. __ A program where students work on campus to earn money. Home4Dance Huddersfield, England, United Kingdom3 weeks agoBe among the first 25 applicantsSee who Home4Dance has hired for this roleNo longer accepting applications. Donec aliquet. Identify shareholders. a. implementation of values being committed to ethical business practices. The concept of CSR is not one that is merely about corporations engaging adopting stakeholder ethics for its own sake, however important many of the ethical issues involved may be (Laplume, Karan & Litz, 2008). Consider Fisher's remarks in the last two paragraphs. Find the absolute maximum and minimum, if either exists, for each function on the indicated intervals. 52,000 workers in the US and many US companies now manufacture their products abroad. The main reason for forming a corporation is to limit the liability of the owners. Which of the following are Starbucks' stakeholders? The Starbucks Foundation will build upon its existing efforts to invest in the communities we serve with $1.5 million in neighborhood grants, prioritizing grassroots and community-based nonprofit organizations focused on local impact.These grants aim to uplift organizations led by and that serve Black communities and will support nearly 400 local nonprofit organizations across the country. B. marketing* Journal of Business Ethics, 108(3), 285298. Blooms: Application Starbucks confirmed the results of the vote to CNN Business. welfare for two reasons: It is good for business and the right thing to do. (Select all that apply.) Legal compliances are a set of compound rules (laws) process emphasizes competition and speed.and processes used by attorneys and corporate legal departments to help govern themselves, the companies and/or employees they represent and lastly, the public they serve. Blooms: Apply Sample Answer: Ikea is a multinational furniture store. Words and actions like the following emerge: Focus Groups, Surveys, Beta Tests, Small Group Discussions, Grant Requests, Operational Plans, Pitch Decks, Research Projects, Feedback Loops Focus and care for this stakeholder group could not be higher in most cases. Managing and executing the strategy of a company Blooms: Evaluate AACSB: Application, Difficulty: Easy This can be a consumer who is unable to express their discontent with a product or a. her portrayal of the character was insincere Secondary stakeholders are media outlets, government, enviromentalist groups, and their competitors. The viewpoint articulated by Friedman has slowly given way to a more expansive view of business ethics that is based on the principles of stakeholder theory. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Media While a power-interest grid is usually used to determine the key stakeholders of a business on an ongoing basis, it can also be used to focus on key aspects of a short-term challenge or situation. e. They have not directly addressed the matter of symbolic speech. Humongous Bank is the only bank in the economy. Observing the company's liquidity, Starbucks has around $2.6 billion in cash and short-term borrowing facilities of $3.5 billion. Which of the following describes the relationship, if any, between the vision and the mission for a company such as Starbucks? It has had success in the United States The duty to obey a categorical imperative is irrespective of consequences. Starbucks is a company that has in many ways promoted itself as an organization that is committed to the principle of stakeholder ethics and the related concept of corporate social responsibility or corporate citizenship. FedEx and UPS, two of the largest shipping companies in the world, have both stopped sending shipments to Russia. d. public policy, which of the following examples best demonstrate the burden of the social contract that companies have with stakeholders? c. Citizens United Those men later settled Culture and ethics cannot be separated, because ethical norms have been established over time by, and make sense to, people who share the same background, language, and customs. Blooms: Understand Employees are one of the most important internal stakeholders of Starbucks. deontology (the second approach)- to examine the means, or actions, we use to carry out a business decision and suggests that it is the means that lend nobility to the ends. From the beginning, Starbucks set out to be a different kind of company. We will send [DOCUMENT_TITLE] to your email. Explain Lynn Stouts view of the role of shareholders and the implication for stakeholder B. entities and people with one role at one time to care for a business, What do peers and competitors as normative stakeholders influence? Consumer feedback on social media sites does not affect a company's prospects or status as ethical. Blooms: Analyze, Evaluate Corporations, directors and managers are all protected by laws saying that in most circumstances, their losses in case of business failure cannot exceed the amount they paid for their shares of ownership. d. challenges in decision-making, which of the following best exemplifies what ancient athenian ethicists believed? Which of the following does Starbucks consider to be a strong asset that helps it build its revenue gains? For ex. Enculturation and acculturation seem very alike but when paying close attention, the differences start to pop out. Has opportunity to lead a team. d. Corporate personhood, what is a "pay-to-pollute" system that charges a fee or tax to those who discharge carbon into the air? AACSB: Ethics, Difficulty: Easy The name, inspired by Moby Dick, evoked the romance of the high seas and the seafaring tradition of the early coffee traders. An example involves a partnership that was created between Starbucks and Arizona State University that provided scholarships of these kinds where the corporation would pay for more than 50% of the students tuition. Which is the best example of a recent company crisis caused by poor leadership? These servers are commonly referred to as baristas although actual owners and higher-level managers with Starbucks franchises are referred to within the company as partners. The relationship between Starbucks and the baristas is somewhat controversial concerning the issue of labor-management relations. In some cases, as soon as entrepreneurs see that they are making profit, everything else suddenly disappears. Which of the following are steps in the MITRE stakeholder process? Which of the following best describes information that has economic value because it is not generally known to the public and is kept secret by reasonable means? Answer: True, True or false? companies that intentionally keep hours at less than 29 to avoid more costly regulations like the ACA Answer: False. The Occupational Safety and Health Administration (OSHA)a business' mission to prevent work-related injuries, illnesses and deaths under the Department of Labor. Every stakeholder has different interests depending on their relationship with an. Yet there In a short paragraph, explain how entrepreneurs can still remain ethical while focusing on profit. What are some amenities companies offer employees that go beyond a legal minimum or Starbucks CEO Kevin Johnson earned a $1.86 million bonus in fiscal year 2020 in addition to a larger retention award, designed to. Nam lacinia pulvinar tortor nec facilisis. service, for example. Laws dictate all ethical responsibilities that a company may owe key Fu, itur laoreet. Sample Answer: Customers are articulate about their views of a company. d. cap and trade tax, a " moral minimum" means which of the following? d. embraces freedom and a sense of divinity, the advantage of justice theory over other ethical systems is its a. pollution tax CSR includes the duties a corporation many owe a duty to to benefit to many stakeholders, customers, the community, the environment, employees, media, and the government. AACSB: Real-world, Difficulty: Moderate AACSB: Application, Ethics, Difficulty: Moderate Advocates of the right to bear arms as well as proponents of gun control have criticized Starbucks for the companys policies regarding the carrying of firearms in Starbucks stores by customers. Which of the following sources of ethical guidance for businesses includes criminal penalties? Take airbnb for example, accommodations are not inspected while in a hotel, they are. Consequently, the argument is made that corporations should aspire to be good corporate citizens that demonstrate care for the full range of stakeholders that are impacted by their activities. Starbucks has also been accused of overpricing its products, particularly concerning its franchises in China, and of underfilling its cups as well (Laplume et al., 2008). physical abilities. changes. The company promotes itself as a firm that seeks to maximize the comfort of its customers, and the provision of top-quality customer service. Donec aliquet. (Select all that apply.) Blooms: Apply AACSB: Application, Real-world, Difficulty: Moderate Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Chapter 3: Defining and Prioritizing Stakeholde, A. minority- and women-owned small business owners*, A. Describe Kant's "Deontology" view of ethics. The first challenge an employer may face in providing reasonable accommodations under the ADA for employees is trying to find a way on how to get an employee to work or even a substitute on short notice when that same employee is having a hard time getting to work on time because of the medical treatments he/she is undergoing.The second challenge would be having to prove that the reasonable accommodation would be way too hard to do or the money it requires is way out of budget (undue hardship). AACSB: Application, Difficulty: Easy AACSB: Analytical, Difficulty: Easy Q: The focus on chapter 6 is diversification which can mean different things for companies depending on the context. In Richard DeGeorge's humanities model, business ethics would prepare students to do certain specific things. d. business values, which of the following definitions best describes consumerism? Therefore, some employees work for Starbucks to gain that status. How can you explain the range of mixed economies in the world? a. business should behave ethically, focusing only on environmentalism Legal compliances are a set of compound rules (laws) process emphasizes competition and speed.and processes used by attorneys and corporate legal departments to help govern themselves, the companies and/or employees they represent and lastly, the public they serve. Certainly, programs of these kinds that have been maintained by Starbucks have been beneficial to some employees and are consistent with the principles of stakeholder ethics. new CEO with a tourism background. This includes Mexico, which has a Coca-Cola plant Mellody Hobson, Starbucks Board of Directors chair, joined Kevin Johnson, president and chief executive officer, for opening remarks following today's news that Johnson made the personal decision to retire from . Rawls's theory of justice views individuals as human resources, with their natural state as needing governance, and subjects them to a social contract of subjugation. Mitchell, R. K., Agle, B. R. & Wood, D. J. No.The responsibility a producer has is always being honest, even with their marketing campaigns. (Select all that apply.). a. Humongous Bank decides on a policy of holding 100% reserves. Of course companies have the responsibility to market their products with integrity because without them, the business would be no where. Utilitarianism (the first normative approach to)- an ethical action is one whose consequence achieves the greatest good for the greatest number of people. In several sentences, describe one ethical draw-back of job-sharing. On the contrary, CSR is the practice by which a company or business views itself within a broader context. Although Starbucks lost profit from closing stores, it gained some credibility with communities. For the fiscal year 2022, group revenue increased by 55 per cent to $1.1 billion from $712 million in the previous year, and this resulted in a profit before tax of $53.7 million compared to a . Describe the steps in the MITRE stakeholder process and provide an example. What was the decision? Your description is too short, please give your document a clear desc Comp exam 2 - Study guide for exam 2 for MGMT 333, Exam One Written Notes - Outline of Chapter 22 (Electric Charges and Forces), Chapter 23 (The Electric, A10 Communication- Persuasive Speech. stresses that a company must sustain trust with stakeholders. company. Rachel Carsons 1962 book, True or false? a. the barista at Starbucks b. the Starbucks district manager c. the President and CEO of Starbucks d. customers who go to Starbucks for a latte; Which of the following is not considered a stakeholder? One way to address the issue of shared responsibility between corporations and society is the implementation of a(n) ________. Starbucks set out on its current course in the 1980s . Sample Answer: Greenwashing is the view that companies are acting superficially or are Today, Starbucks hosted its 30 th annual meeting of shareholders virtually. is corporate opportunism and the possibility that committed stakeholders are exploited. Which of the following is considered the most important internal stakeholder of a corporation? Business ethics exists on which of the following three levels? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. C. It is ineffective because it uses consumer stakeholders to pressure suppliers and make A lot of business' only focus on how much profit or loss their company has when they should also take into account on how their employees are doing and on the impact their business has on the economy. Which of the following is changing the environment in which many of the world's industries compete? inauthentic in carrying out corporate social responsibility when the company already has Starbucks steps evinced a social consciousness and focus on stakeholders. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. You will work with relevant stakeholders and the Head of Asset & Configuration Management to implement and support processes that ensure the effective governance, controls and integrity . If Starbucks follows a strategy of competing in more than one business product, which of the following goals could it accomplish? Blooms: Remember The normative approach most appropriately only applies to shareholders, and it is the amount of money a shareholder could make after selling a holding in a company, True or False: the prevailing current business philosophy is that the sole purpose of business is to make money for shareholders, True or False: customer feedback on social media sites does not affect a company's prospects or status as ethical, True or False: for utilitarianism, the intent of the actors and how humanely people are treated are treated are the determining factor, True or False: individuals, in are the most basic ethical unit, True or False: virtue emphasizes the formation of character, True or False: laws and regulations set the maximum standards by which society lives out ethical norms, morality, as considered by Kant Cell differentiation and specialisation - GCSE, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. b. the Dutch and Native American trade training. Blooms: Analyze Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. (Select all that apply.) Nam lacinia pulvinar tortor nec facilisis. As for ethical duties, they are standards based on human principles of right from wrong. Stakeholder theory: Reviewing a theory that moves us. Which of the following are Starbucks' stakeholders? Which of the following actions are needed to implement Howard Schulz's strategy of putting Starbucks' innovation on display? b. Humongous Bank is required to hold 5% of its existing$20 million as reserves, and to loan out the rest. b. courage, honor, and loyalty C. chief executive officer* This is a lofty goal, especially given Coke products are AACSB: Ethics, Application. Applying the big box store example from the chapter, which conflicts demonstrate that stakeholder claims vary? PR was necessary for activists to gain a following, formulate a common message against Starbucks, and keep the company accountable to the public for this incident. a. Samsung's washers had a spin-cycle problem in 2017 It is insufficient to have a mission statement, language on a website, or Answer: False, True or false? Pellentesque dapibus efficitur laoreet. Starbucks was founded by Jerry Baldwin, Gordon Bowker, and Zev Siegl, opening its first store in 1971 near the historic Pike Place Market in Seattle. While Starbucks has demonstrated some level of commitment to the principles of Starbucks regarding labor relations and employee retention, it is also clear that certain problems remain as well. ), positive customer experiences A diverse workforce yields many positive outcomes for a company. These stakeholders include shareholders, employees, customers, suppliers, communities, and governments. In 1968, Securities and Exchange Commission v. Texas Gulf Sulphur Co. implicated the employees of a Texas mining company and was the first famous case example of ________. How does consumer thought affect purchasing? C. Stakeholder perceptions have a large impact on success. D. Car manufacturers need to be quicker to the market. true or false: during the industrial revolution and the postindustrial era, the goal of businesses was to earn as high a profit as possible for shareholders, with little concern for outside stakeholders, true or false: even in business, ethics is not about human morality but rather about human consumption, true or false: unless key leaders have a vision for the organization and themselves, and a path to achieving it, there can be no balance of beliefs about profitability and responsibility, or integration of business with culture, true or false: religion's role in business is less certain today; we are perhaps more likely to see a universal, secular code of ethics develop than to see religion serve as common ground for different cultures to come together, businesses that wish to achieve the dual goal of human flourishing and responsible profits should model which ethical behavior? Quality Glossary Definition: Stakeholder. companies. After If the heirs of the business owner want to continue the business in their own names, they will be considered a new business, even if they are using the assets of the old business. The entitlement of the environment to legal status is a long-argued with Starbucks in lieu of a civil action against the corporation. Today, it is a global roaster and retailer of coffee with more than 24,000 stores, 40% of which are in some 70 countries worldwide. Their concerns are identified through data gathering and analysis, c. customers are considered high-priority stakeholders AACSB: Real-world, C. greenwashing Difficulty: Difficult Develop or acquire assets and skills needed to implement the strategy. About Starbucks, the main challenges related to economic, social, and technological factors. In the case of Dodge v. Ford Motor Company, the Michigan Supreme Court ruled in favor of shareholder primacy. Defectives16121414911118157812121516917161313151110109. Sample Answer: Companies must take into account the welfare of stakeholders because it is C. environmental agencies In the end, it means being responsible to our stakeholders. These are standard stakeholders of almost every business that operates in the United States or overseas. It is not necessary to conduct extensive market research. Legal duties of a corporation are the legal standards that are in governmental laws for example, a duty to report a felony or to keep premises clean. Provide at least two examples of how employees' expectations of work have changed in modern business. What is a "pay-to-pollute" system that charges a fee or tax to those who discharge carbon into the air?

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