and avoiding bias. Sample Answer: Greenwashing is the view that companies are acting superficially or are Which of the following describes the relationship, if any, between the vision and the mission for a company such as Starbucks? AACSB: Ethics, Application. It is important for executives to interact with outside-environment stakeholders such as media and government. d. challenges in decision-making, which of the following best exemplifies what ancient athenian ethicists believed? Kroger take into account their suppliers, which include farmers. (Select all that apply.) Donec aliquet. The main reason for forming a corporation is to limit the liability of the owners. Another example is a future stakeholder, whose status will arise during later The phrases Starbucks and Coffee were later removed from the cup so that the brand might potentially extend beyond coffee products. An analysis of perceived priority of shareholder impact should include which of the following? b. carbon tax Explain the difference between the legal and ethical duties of a corporation. a. an enumerated power listed in the constitution in the Bill of Rights (Select all that apply. (Select all that apply.) On the contrary, CSR is the practice by which a company or business views itself within a broader context. a. milk producers b. set of cultural norms c. actions a firm undertakes to satisfy the base threshold for acting ethically 4 Consolidated net revenues increased 24% to $29.1 billion for the. c. coffee and tea growers If you feel harassed, prejudiced against, or disadvantaged in your workplace, you may file a complaint with the ________. Since the advent of Deontology is often regarded as a "here and now" philosophy. Secondary stakeholders are media outlets, government, enviromentalist groups, and their competitors. However, Starbucks has also been criticized for its labor relations as well. Blooms: Evaluate Speaking at the annual shareholders meeting in . (1997). 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? In the case of Dodge v. Ford Motor Company, the Michigan Supreme Court ruled in favor of shareholder primacy. Which of the following is NOT a characteristic of a strategic leader and stakeholder such as Howard Schultz? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. generations, such as the case with pollution. Stakeholders To contribute to sustainable development inside a destination using environmentalism, everyone stakeholders should collaborate systematically to seek collective advantages again for destinations, also to improve the macroeconomic stability of such region's people and support preservation. Nam risus ante, dapibus a molestie consequat, ultrices a, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. What is a measure that accounts for an organization's results in terms of its effects on profits, planet, and people? d. he thought money should only be allowed for those in trades. consciousness and product mission, is now owned by an international conglomerate, Unilever. a positive bottom line. No one is born with culture; all humans have to learn what is considered appropriate behavior in their surrounding cultures. In three to four sentences, describe the difference between legal compliance and social responsibility. The traditional approach to business ethics that has been championed by many corporate leaders echoes the sentiments of the late Nobel Laureate economist Milton Friedman, who famously stated that corporations ultimately have no ethic responsibilities other than to increase the value of the corporation for shareholders. 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. f(x)=x48x2+16f(x)=x^{4}-8x^{2}+16 \end{array} All stakeholders must be treated the same. Quality Glossary Definition: Stakeholder. Download Assets. Participate in and support community . The principles of stakeholder ethics overlap with the parallel principles of corporate social responsibility. Donec aliquet. with Starbucks in lieu of a civil action against the corporation. Too Short! stakeholders. Identify shareholders. d. Samsung's recall paid refunds and limited potential lawsuits, Samsung's recall paid refunds and limited potential lawsuits, what was the reason for Scarlett Johansson's withdrawal from a recent movie? Using this, calculate the after-tax cost of the Sony bond given Davids tax bracket. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. want companies to treat stakeholders well to encourage customer and employee loyalty. A. milk producers* Additionally, the company maintains a range of opportunities for internal promotion. The coffee farmers supply coffee to Starbucks. Blooms: Remember The normative approach most appropriately * Which commercial transaction in the New World exemplifies the complexity that results when different cultures, experiences, and ethical codes come into contact? Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Consult with business partners, managers or other key stakeholders. Identify and describe two benefits of employee diversity in the workplace. c. customers are considered high-priority stakeholders Multiple highly publicized incidents involving conflicts between Starbucks and its customers have been detrimental to the companys reputation in the area of corporate social responsibility. A. her portrayal of the character was insincere D. Car manufacturers need to be quicker to the market. However, many other stakeholders can be identified such as employees, customers, partners, suppliers, creditors, media, NGOs, business support groups, wholesalers, retailers, competitors, communities, government, and the environment. including surveys or social media, for example. And there are two types of stakeholders, including the primary and seconday stakeholders ( Clarkson, 1995). Which of the following statements does not depict deontology? Large corporations such as 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. Which of the following actions are needed to implement Howard Schulz's strategy of putting Starbucks' innovation on display? c. conscientiousness, honor, and accountability beds to show customers the available bed sizes. b. In the Supreme Court ruling Citizens United v. Federal Election Commission, which Amendment was at the center of the case? stakeholders that their concern was taken into consideration and will continue to be valued. 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 b. courage, honor, and loyalty Pellentesque dapibus efficitur laoreet. Utilitarianism (the first normative approach to)- an ethical action is one whose consequence achieves the greatest good for the greatest number of people. Pinched supply chains, the decimation caused by COVID, heightened tensions and political unrest, a racial reckoning and a rising generation which seeks a new accountability for business. Course Hero is not sponsored or endorsed by any college or university. This is viewed Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. d. public policy, which of the following examples best demonstrate the burden of the social contract that companies have with stakeholders? c. marketing Consumers support big box stores that offer quality goods and reasonable prices, Which of the following are Starbucks' stakeholders? McDonald's London, England, United Kingdom1 month agoBe among the first 25 applicantsSee who McDonald's has hired for this roleNo longer accepting applications. Blooms: Apply In many ways, Starbucks is indeed a firm that maintains higher standards concerning the treatment of employees than many other firms in service-related retail industries (for example, fast food restaurant chains and superstores). b. globalization Employees and customers are the two most visible manifestations of the activities of Starbucks and certainly the most visible stakeholders (Mansell, 2013). What CSR lesson did Starbucks convey when it closed its stores for a day? The three Starbucks founders had two things in common: they were all coming from academia, and they all loved coffee and tea. Starbucks operates in more than 80 markets, either in the form of direct company-owned stores or licensed stores. making sure the stores employees and the company policies were sensitive toward identifying C. legal compliance* a. Samsung's washers had a spin-cycle problem in 2017 Shareholders are certainly an important component of the stakeholders of a corporation (Freeman & Moutchnik, 2013). Starbucks confirmed the results of the vote to CNN Business. Furthermore, there is 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. Ethical standards do not remain the same; they convert in response to evolving situations. Operations Management questions and answers. Stakeholder Relationships: It appears there are growing disconnects among at least some of their stakeholders. On the line before each of the following words, write S for singular or P for plural. b. ethical principles that apply everywhere despite differences in time, geography and culture d. guidelines designed to help organizations with compliance and reporting, the freedom and ability to make choices based on one's perception of right and wrong, Byron Almen, Dorothy Payne, Stefan Kostka, The Language of Composition: Reading, Writing, Rhetoric, Lawrence Scanlon, Renee H. Shea, Robin Dissin Aufses. c. a business owner's protection against loss of personal assets Donec aliquet. a. humanity in ethics Which of the following does Starbucks consider to be a strong asset that helps it build its revenue gains? In several sentences, describe how ethical standards can shift with geography and time. Difficulty: Difficult 12 & 14 & 11 & 8 & 7 & 12 & 15 & 9 & 16 & 13 & 11 & 10 & Phillips, R. (2003). (Select all that apply. Develop or acquire assets and skills needed to implement the strategy. AACSB: Application, Difficulty: Easy c. the freedom and ability to make choices based on one's perception of right and wrong C. It is ineffective because it uses consumer stakeholders to pressure suppliers and make B. her portrayal of the character was not approved Donec aliquet. Explain Lynn Stouts view of the role of shareholders and the implication for stakeholder normative, descriptive, and instrumental approaches. physical abilities. Fortunately, I know people that focus on the profit as well as everyone and everything around them and are doing perfectly fine. The firm issued $3 billion in bonds, taking advantage of the. celebrated coffee and the rich tradition, but that also brought a feeling of connection. D. compensation. coffee and tea growers. Which of the following is not an example of a diffused shareholder? 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 the early 21st century, a slow but gradual change has taken place in the corporate world concerning questions of business ethics. 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 . This button displays the currently selected search type. (b) Analyze: Why do you think Juliet trusts the Friar? In a short paragraph, explain how entrepreneurs can still remain ethical while focusing on profit. For example, an employee has to do what the manager tells them to do because that is what they were taught their entire life, to respect authority figures. Defectives16121414911118157812121516917161313151110109. a. promising to earn less profit per share 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. Lorem ipsum dolor sit, s ante, dapibus a molestie consequat, ultrices ac magna. Find the absolute maximum and minimum, if either exists, for each function on the indicated intervals. be detrimental to a company. He has the following security-related information: Parvalue$1,000Couponinterestrate6%Taxbracket20%Cost$930Yearstomaturity10\begin{array}{llll} Starbucks baristas are paid above the minimum wage, even at the entry-level position. a. community Stakeholder management and CSR: Questions and answers. What has unfolded at Starbucks is anything but. AACSB: Ethics, Application, Difficulty: Moderate AACSB: Application, Analytical, Difficulty: Moderate Starbucks prioritizes employees in its corporate social responsibility efforts. Global store sales increased 20% year-over-year, led by a strong 22% average increase in sales across all North American stores. Having theoretical approaches to stakeholders highlights c. he believed one secures one's own good outside of political science Every stakeholder has different interests depending on their relationship with an. Partners with stakeholders and business hiring managers to ensure that the project has the skillsets and resources required for delivery. 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 ________. a. the lifestyle characterized by the acquisition of goods and services 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. AACSB: Application, Difficulty: Difficult c. humanistic business model Building a trust with your customers through marketing is very important and I say this because first impressions determine whether or not a person will decide to buy your product. d. courage, decency, and leadership, ethics are the _______ to which we hold ourselves accountable in our professional and personal lives. An ethical financial advisor must ________. Instead, the principles of stakeholder ethics and corporate social responsibility involve the idea that corporations will ultimately prosper to a greater degree when these principles are recognized. Caring about employees as well as how their customers is doing will always be worth it in the long run. AACSB: Application, Difficulty: Easy In a perpetual existence, when a sole proprietor or partner dies, the assets may go to the heirs, but the business no longer exists. 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. d. embraces freedom and a sense of divinity, the advantage of justice theory over other ethical systems is its Another concern that has been raised by Starbucks employees involves the issue of job security and insecurity of hours. On the other hand, Starbucks has often been criticized as a firm that is hypocritical in his approach to such matters by claiming to be a company that abides by the principles of stakeholder ethics while treating its employees poorly. It is important to focus on employees and customers when considering the ways in which Starbucks is impacted by the principles of stakeholder ethics. Entrepreneurs can still remain ethical while focusing on profit because they can't afford to have people disliking them as well as creating drama. Starbucks then took the step to close its thousands of US stores to conduct racial bias OSX Ethics TB Ch03 Defining And Prioritizing Stakeholders, Chapter 3: Defining and Prioritizing Stakeholders, Difficulty: Easy They need to develop sustainable sources of quality beans. AACSB: Application, Difficulty: Moderate Which of the following are well-documented outcomes? Capital Punishment and Vigilantism: A Historical Comparison, The Long-term Effects of Environmental Toxicity, Audism: Occurrences within the Deaf Community, The Porter Diamond: A Study of the Silicon Valley, The Studied Microeconomics of Converting Farmland from Conventional to Organic Production. How does consumer thought affect purchasing? Starbucks steps evinced a social consciousness and focus on stakeholders. Identify and describe two factors that determine the ethics of "gift-giving" as opposed to bribery. Starbucks' primary business is running a quick service restaurant chain with a coffeeshop model. Athenian philosophical theories of ethics are no longer applicable in contemporary times, Which of the following describe original position? true or false: 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. Sample Answer: Customers are articulate about their views of a company. d. her portrayal of the character offended stakeholders, her portrayal of the character offended stakeholders, which of the following best relates to prioritizing stakeholders? (Select all that apply. Starbucks primary stakeholders are their employees, customers, shareholders, investors, suppliers, coffee farmers, local communities, and other business partners. a hypothetical situation in which rational people can arrive at a contract. A trade secret is a form of intellectual property protection and is easier to protect than a trademark or patent. It is in a business's best interest to promote human flourishing within the organization by providing ________. Nam lacinia pulvinar tortor nec facilisis. Therefore, some employees work for Starbucks to gain that status. The main difference between a bribe and a gift is intent. Coffee producers are a major stakeholder for Starbucks because the firm has staked its reputation on high quality coffee. 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. Blooms: Remember (Select all that apply.) Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Blooms: Remember Laplume, A., Karan, S. & Litz, R. (2008). Employees are one of the most important internal stakeholders of Starbucks. c. is an unattainable goal of perfect virtue Environmentalists raise the issue of species and companies that intentionally keep hours at less than 29 to avoid more costly regulations like the ACA than as a means to achieve better financial results. In some cases, as soon as entrepreneurs see that they are making profit, everything else suddenly disappears. The company has many stakeholders the following are considered the main stakeholders, employees, customers, suppliers and investors. Also, the manager of a company's ethical duty is to hire people that seems best for the job and not based on the color of their skin. Here is a list of some of the most common external stakeholders your organization may work with: Customers Communities Starbucks CEO Kevin Johnson earned a $1.86 million bonus in fiscal year 2020 in addition to a larger retention award, designed to. The number of defectives in each sample is listed in time order in the table that follows. Stakeholder theory and organizational ethics. (Select all that apply.) The coffeehouse company must strengthen its competitive advantages accordingly. Enculturation and acculturation seem very alike but when paying close attention, the differences start to pop out. This includes Mexico, which has a Coca-Cola plant The Porter's Five Forces analysis of Starbucks Corporation shows that these competitors and related industry factors and market factors combine to create the strong force of competitive rivalry in the food service industry environment. Defectives16149111581216171315109121411871215916131110\begin{aligned} Which of the following is considered the most important internal stakeholder of a corporation? training. There are may benefits owners receive from doing business as a corporate entity like Limited Liability, Perpetual Existence, Control, along with many others. Stakeholder theory: Reviewing a theory that moves us. Blooms: Understand, Apply d. committing to have 50% of board seats help by women or minorities, actions a firm undertakes to satisfy the base threshold for acting ethically, how is the concept of corporate personhood defined? Freeman, R. E. & Moutchnik, A. d. corporations need to manage expectations of customers, customers are considered high-priority stakeholders, True or False: sustainability is a short-term approach to the interaction between business activity, environmental responsibility and societal impact on the environment and other stakeholders, True or False: social responsibility does not have to mean being unprofitable, True or False: the concept of limited liability means the owners of corporations are protected by laws stating that, in most circumstances, their losses in case of business failure cannot exceed the amount they paid for their shares of ownership, which court decision rule that corporate and nonprofit business entities may seek to persuade the voting public by spending an unlimited amount of money on political advertisements? 16 & 14 & 9 & 11 & 15 & 8 & 12 & 16 & 17 & 13 & 15 & 10 & 9 \\ In some Difficulty: Difficult This is a lofty goal, especially given Coke products are Many baristas have eventually become managers and worked their way up into higher positions within management (Mitchell, Agle, & Wood, 1997). operations (CAFO). It has had success in the United States d. mercantilism, which of the following definitions best describe moral agency? The people in this economy have $20 million in money, and they deposit all their money in Humongous Bank. The price of plastic straws had been increasing and Starbucks saw the proposal as an opportunity to both please stakeholders and cut costs d. Many cities were already considering plastic straw bans and agreeing to the proposal allowed Starbucks to act before regulatory action was taken A. (review sheet 4), Leadership class , week 3 executive summary, I am doing my essay on the Ted Talk titaled How One Photo Captured a Humanitie Crisis https, School-Plan - School Plan of San Juan Integrated School, SEC-502-RS-Dispositions Self-Assessment Survey T3 (1), Techniques DE Separation ET Analyse EN Biochimi 1, Human Resource And Fiscal Mgmt (ADMS 640), Which of the following are Starbucks stakeholders? \text { Cost } & \$ 930 & \text { Years to maturity } 10 & C. remuneration For the purpose of this assignment, you will follow the steps in creating the initial portion of a stakeholder engagement strategy. Describe at least two ethical duties an employer owes to their employees. the cost of stakeholders. Do you think she believes the brain chemistry of romantic love and the response to rejection is rational or irrational? Consumer responsibility is diminished if advertising is directed toward children. He had a tire blowout while driving and crashed into a $1,400 fire hydrant. Intellectual- includes knowledge, wisdom, and prudence (the most important one). \text { Par value } & \$ 1,000 & \text { Coupon interest rate 6\% } & \text { Tax bracket 20\% } \\ Summary Of Experience True or False: The environment is not considered a stakeholder, True or False: Goodwill . B. urban and suburban communities* this is an example of.. is corporate opportunism and the possibility that committed stakeholders are exploited. 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. Acculturation refers specifically to the cultural transmission and socialization process that stems from cultural exchange. Some prioritization is particular to company. A. entities and people invested and influential in the success of an organization* c. Citizens United Berrett-Koehler Publishers. 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? f(x)=x48x2+16, (A)[1,3](B)[0,2](C)[3,4](A)\ [-1,3]\qquad (B)\ [0,2]\qquad (C)\ [-3,4] Starbucks has also faced lawsuits concerning efforts to withhold tips from employees. chief executive officer. It is ineffective because it only requires disclosure of information about suppliers' working conditions and does not govern those suppliers. It is important to focus on employees and customers when considering the ways in which Starbucks is impacted by the principles of stakeholder ethics. Journal of Business Ethics, 108(3), 285298. Blooms: Remember Which of the following are Starbucks' key stakeholders? Thornton & Ross, part of the Stada group, are one of the UK's fastest-growing, leading producers of household pharmaceutical products & own some of the country's most loved brands such as Covonia, Hedrin, Cetraben as well as the leading disinfectant Zoflora. Community members may view big box stores as a threat to small businesses' livelihood. Which legislation was passed in 2002 that mandates reporting transparency by businesses in areas ranging from finance to accounting to supply chain activities? (Select all that apply. Draw a T-account for the bank. Has opportunity to lead a team. To uphold honorable standards of behavior. D. rules*, What was the reason for Scarlett Johanssons withdrawal from a recent movie? 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. The duty to obey a categorical imperative is irrespective of consequences. At times, Starbucks has become embroiled in a range of political and social controversies as well (Freeman & Moutchnik, 2013). A) Employees B) Customers C) Shareholders D) Economy Describe the steps in the MITRE stakeholder process and provide an example. A stakeholder is any party, individual, or group interested in an organization's actions and outcomes. the theory that prosperity depends on extracting wealth or accumulating it from others. Interacts directly with business stakeholders to understand business problems and to communicate ramifications of technical options; Presents recommendations clearly and persuasively to support business stakeholder decisions; Influences and negotiates with business and technology teams across Starbucks to resolve issues Misunderstanding and lack of communication tend to happen even more. Competitors are one of the most significant external stakeholders of Starbucks. which are the universal principles of behavior? Car design should focus on being competitive on the road. How does a corporation prioritize stakeholder claims? A. chief legal officer 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. Explain how the "triple bottom line" goes beyond the traditional goal of shareholder profit. What constitutes a reasonable profit may be unfair. c. Assume that Humongous bank is part of a multibank system. extensive pool of talent. 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.
