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Ethics. PART 2 The Practice of. Business Ethics. 3 Organizational Ethics. 4 Corporate Social AN ETHICAL CRISIS: IS BUSINESS ETHICS AN Adults,” lesforgesdessalles.info Now 4th Edition by Andrew Ghillyer business ethics now ghillyer pdf. - manual-for-business-ethics-now-4thedition-by-andrew-ghillyer/ Test. Access Business Ethics Now 4th Edition solutions now. Our solutions are written by Chegg experts so you can be assured of the highest quality!.
Defend your choice. Private equity firms and hedge funds are being singled out in this case. Managers should punish the individual publicly. Divide into two groups and prepare arguments for and against the following behavior: Define the term oxymoron and provide three examples. Ghillyer is the former vice president of academic affairs for Argosy University in Tampa, Florida, and is an adjunct instructor in all aspects of business ethics, management, and leadership. Like this:
You work in your city for a local nonprofit organization that is struggling to raise funds for its programs in a very competitive grant market.
Many nonprofits in your city are chasing grant funds, donations, and volunteer hours for their respective missions— homelessness, cancer awareness and treatment, orphaned children, and many more. Unfortunately, with such a tough financial situation, the board of directors of the nonprofit organization has determined that a more focused mission is needed. Rather than serving both the prevention and treatment goals, the organization can only do one.
The debate at the last board meeting, which was open to all employees and volunteers, was very heated. Many felt that the. Others felt that the prevention programs needed much more time to be effective and that the funds were spread over a much bigger population who might be at risk.
A decision has to be reached. What do you think? If the organization decided to focus on the treatment, then they would provide some relief to those who are suffering. It is extremely expensive to treat these patients; therefore, these patients would be grateful for the options and help provided.
However, if the organization focuses on treatment, then it may send a signal to the community that the organization emphasizes prevention. More people could potentially be saved through prevention methods rather than waiting until they have contracted the disease. Time to raise prices… Divide into two groups and prepare arguments for and against the following behavior: After reviewing your test data, the FDA examiners decided that further testing was needed.
Your company is now in dire financial straits. The leadership team meets behind closed doors and decides the only way to keep the company afloat long enough to bring the new drug to market is to raise the prices of its existing range of drug products. However, given the financial difficulties your company is facing, some of those price increases will exceed 1, percent.
When questions are raised about the size of the proposed increases, the chief executive officer defends the move with the following response: What choice do we have? We have to bring this new drug to market if we are going to be a player in this industry.
The company needs to look at all possible options before deciding to increase prices. The company should try to minimize the increase in price if this is the only option and then increase the drugs with the smallest profit margin. The ethical issue in this situation is a matter of price gouging, though this company would not be increasing prices only to stay in business, and not just to improve their bottom line. It is not unethical to charge more than other businesses.
Was the leadership of Hostess Brands to blame for the demise of the company? What role did the unions play in the ultimate liquidation of Hostess Brands? The company had turned to the unions for yet more concessions to lower operating costs but the unions were unwilling to be any more flexible than they had already been; they felt they had given enough in when there was underwent steep concessions in pay rates, work contracts, and negotiated layoffs.
They also pointed to specific leadership decisions such as unfunded pension obligations and increased executive salaries of as much as 80 percent, as evidence of explicit unfairness in the negotiations. Private equity firms and hedge funds are being singled out in this case. Was their conduct unethical? With the restructured debt, the newly named Hostess Brands was expected to perform wonders.
However, all the new debt had to be serviced interest payments in addition to dealing with falling sales and arcane union arrangements such as separate deliveries for separate product lines to the same retail locations in order to comply with existing agreements with the Teamsters Union.
The capital infusion enabled the company to crawl through to another bankruptcy in late , but the funds were used for operating costs and debt service only, with no investment in vehicles or plant equipment. Students may feel that the hedge fund companies should have invested in vehicles or plant equipment because this investment would have truly helped the company prosper.
What could have been done differently by the ownership and management of Hostess Brands? Was there a long-term future for Hostess Brands? Some students may say that if Hostess Brands had taken steps to improve the following conditions, it could have had a long-term future: What do you think will happen now?
The case does end with the following information: By late , faced with billions of dollars in debt and unions that were unwilling to be any more flexible than they had already been, Hostess Brands elected to liquidate. Fifteen thousand employees were dismissed immediately, with about three thousand being retained to manage the wind-down phase. The government-run Pension Benefit Guaranty Corporation will assume any remaining pension benefit entitlements. Visit the website for BELA at http: Define the four core values in detail, and explain which one you think will be the hardest for members to achieve and why.
According to the website, the four core values at the Business Ethics Leadership Alliance BELA include legal compliance, transparency, identification of conflicts of interest, and accountability. Some of the students may find it a good idea because regardless of their past, the council members provide access to important resources to help individuals do their jobs.
BELA is a U. Do you think it will achieve a wider global acceptance over time? Some of them may say that as time progresses and the role of ethics becomes a wide-spread initiative, it is hopeful that it will achieve a wider global acceptance over a period of time.
Are the four core values—legal compliance, transparency, identification of conflicts of interest, and accountability—enough to establish a credible reputation as an ethical company? What other values would you consider adding and why?
Some of them may say that these four core values will be enough to enhance the opportunities to develop a credible reputation as an ethical company. Some of them may say that a commitment to sustainability by following environment friendly ways may also help establish a credible reputation as an ethical company. Cynics could argue that this is simply a public relations exercise for companies that have performed unethical business practices in the past. Optimists could argue that this is, at the very least, a step in the right direction of restoring the ethical reputation of business as a whole.
Some of them may say that hopefully it is a step in the right direction of restoring the ethical reputation of the business. It is very difficult to re-establish a positive image and reputation once it has been tarnished. According to the rules of BELA, members will be audited every two years to make sure they are in compliance with BELA standards, and can face removal from the alliance should that audit provide evidence of failure to comply.
Do you think the threat of removal from the alliance will keep members in line? Some students may find that the threat of removal from the alliance is an incentive to keep members in line. Although some members of the alliance may partake in unethical practices, it is hopeful that they would learn how to and continue to make strong ethical decisions.
Where is the conflict of interest in this CME relationship? The conflict of interest in this continuing medical education CME relationship is that drug makers and medical device manufacturers are only sponsoring CME courses for their own benefit by promoting their products.
Do you think doctors are likely to be influenced by such promotional tactics? Doctors would most likely be influenced by seeing the names and sponsors of drug makers and manufacturers while attending and completing their CME courses. These promotional tactics relate the name of the drug companies as a company who is heavily involved in the medical industry and willing to sponsor such events.
If the pharmaceutical company is paying for the event, it should have the right to promote its products at the event because all pharmaceutical companies have the opportunity to be a sponsor or pay for the event. However, the sole purpose of paying for the event should not be promotion. Pfizer stated in that it would only support medical education put on by hospitals and professional medical associations.
How can it then justify the Stanford grant? Doctors and physicians are required to take CME courses; however, if these courses are put on by marketing companies, then it appears to be more of a promotional seminar than a learning environment. If supported when put on by hospitals and professional medical associations, it appears to have a more professional and educational aspect.
Some students may consider it a way for Pfizer to obtain research and data for the good of the cause; however, others might consider its acts unethical. Has Pfizer simply replaced one conflict of interest with another? The company had the right to modify its position and create a grant to encourage medical courses in education.
Propose an alternative approach to ensure CME is provided without a conflict of interest. CME courses must be taken by doctors in order to maintain their licenses. Pharmaceutical companies must be aware of the mounting concern of conflict of interest and promotional tactics and take this into consideration when supporting or sponsoring a CME event. CME events put on by hospitals and professional medical organizations appear much more legitimate and less conflicting than when third-party marketing and communications companies put on the event.
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Learning Outcomes After studying this chapter, the student should be able to: Chapter 02 - Defining Business Ethics 3. Chapter 02 - Defining Business Ethics Of great concern is the involvement of stakeholders with the actions of the organization and the extent to which they would be impacted by unethical behavior.
Chapter 02 - Defining Business Ethics o The code of ethics can be seen to serve a dual function: Resolution of an ethical dilemma can be achieved by first reorganizing the type of conflict people are dealing with: Chapter 02 - Defining Business Ethics o Truth versus loyalty—do you tell the truth or remain loyal to the person or organization that is asking you not to reveal that truth? Chapter 02 - Defining Business Ethics 5. Chapter 02 - Defining Business Ethics A discount price should not absolve sellers Chapter 02 - Defining Business Ethics from any responsibility for the product.
Individuals can see both the short-term and long-term Chapter 02 - Defining Business Ethics consequences that result in unethical behavior.
Review Exercises 1.
Internet Exercises 1. Briefly summarize the ethical issue discussed in the report. Chapter 02 - Defining Business Ethics Student responses will vary based on the research report selected. Chapter 02 - Defining Business Ethics 2. Many felt that the Chapter 02 - Defining Business Ethics treatment programs offered immediate relief to those in need, and therefore represented the best use of funds.
Impossible to Save? Chapter 02 - Defining Business Ethics 4. Do you think it was a good idea to welcome founding members with such widely publicized Chapter 02 - Defining Business Ethics ethical transgressions in their past? The interests of wholesalers in an organization include accurate deliveries of quality products on time and at a reasonable cost. True False 9.
The interests of creditors in an organization focus specifically on the employment of local residents and the safety of the work environment. True False Unethical corporate behavior does not impact a company's stakeholders. Unethical corporate behavior could impact a community negatively if it were to lead to an economic decline.
Corporate governance is the system by which businesses are directed and controlled. True False 4. The standard of corporate governance is the extent to which the officers of an organization are fulfilling the duties and responsibilities of their offices to the relevant stakeholders.
The standard of corporate governance appears to be at the highest in recent business history. An oxymoron is the combination of two facts that mirror and support each other. The positive outcome of the awareness generated by unethical behavior in the business world has been increased attention to the need for third-party guarantees of ethical conduct and active commitments from the rest of the business world. A company's code of ethics comprises written standards of moral behavior that are designed to guide managers and employees in making the decisions and choices they face every day.
The Ethics Resource Center defines a code of ethics as a central guide to support day-to-day decision making at work. According to the ERC, an organization's cornerstones include its missions, values, and principles. The Ethics Resource Center states that a code of ethics should help managers, employees, and stakeholders understand how an organization's cornerstones translate into everyday decisions, behaviors, and actions.
According to the ERC, a good code of ethics is structured to liberate and empower people to make more effective decisions with greater confidence. As a message to its stakeholders, an organization's code of ethics should represent a clear corporate commitment to the highest standards of ethical behavior.
An organization's code of ethics has no relevance to its stakeholders. An organization's code of ethics has no relevance to its employees. An organization's code of ethics does not pertain to the everyday functioning of its managers and employees.
True False 6. The issue of corporate social responsibility has advanced from an abstract debate to a core performance-assessment issue with clearly established legal liabilities. Over the last five decades, corporate ethics has shifted from the organizational mainstream into the domain of legal and human resource departments.
Codes of ethics have matured from performance-measurement documents into cosmetic public relations documents.
The Sarbanes-Oxley Act introduced greater accountability for chief executive officers and boards of directors in signing off on the financial performance records of the organizations they represent. The major ethical dilemma of the s is the employee versus management mentality.
International ethics centers that serve the needs of global businesses were formed in the s. An ethical dilemma is a situation in which there is no obvious right or wrong decision, but rather a right or right answer. Once the type of ethical conflict has been determined, there are two principles by which it can be resolved: Volcker's Rule and Campbell's Rule. Utilizing the ends-based principle to resolve an ethical dilemma necessitates focusing solely on the decisions that other people in your situation would arrive at.
Utilizing the rules-based principle to resolve an ethical dilemma necessitates focusing exclusively on which decision would provide the greatest good for the greatest number of people. When trying to resolve an ethical dilemma, the Golden Rule principle considers only legal aspects of the problem. The three principles by which ethical dilemmas are resolved are successful in all situations.
The ethicalness of an activity is determined by the number of people who take the action. The notion that anything which isn't specifically labeled as wrong must be OK encourages ethical actions in employees prone to unethical behavior. The belief that an activity is safe because it will never be found out or publicized is one of the commonly held rationalizations, identified by Saul Gellerman, which can lead to unethical behavior.
True False Multiple Choice Questions Business structuralism B. Business contingence C. Business ethics D. Business sourcing Business ethics: Business ethics can be approached from two different perspectives.
The perspective is a summation of the customs, attitudes, and rules that are observed within a business. The perspective evaluates the degree to which the observed customs, attitudes, and rules can be considered ethical.
Which of the following perspectives of business ethics is a simple documentation of what is happening? Arbitrative B. Normative C. Prescriptive D. Descriptive Which of the following perspectives of business ethics is involved in recommending what should be happening? Delineative B. Formative D. Which of the following is true of business ethics? The descriptive dimension of business ethics evaluates the degree to which the observed customs, attitudes, and rules of a business are ethical.
Business ethics should ideally not reflect the ethical concepts of the society within which an organization functions. The normative dimension of business ethics is a summation of the customs, attitudes, and rules that are observed within a business.
Business ethics should not be applied as a separate set of moral standards or ethical concepts from general ethics. A is defined as someone with a share or interest in a business enterprise. Which of the following is true of stakeholders? Not every stakeholder is relevant in every business situation. The stakeholders of an organization are not affected by its unethical behavior. The cancellation of an organization's dividends has no impact upon stakeholders. Creditors are not considered the stakeholders of an organization.
GeoTransmit, a large multinational telecommunications company, decided to hide the extensive debt and losses it was accumulating from its investors. Its fraudulent accounting behavior was eventually discovered, however, and the company went bankrupt. Which of the following is true of GeoTransmit and its stakeholders?
The different stakeholders of GeoTransmit will be affected in different ways. Geotransmit's decision to hide its losses from investors will not impact the economy. None of GeoTransmit's stakeholders will be affected adversely by its decision. GeoTransmit's decision to hide its losses from investors cannot be considered unethical. Organizational resonance C. Retail optimization D.
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