local, state, national, and international laws and regulations. A common law or principle stating that officers, directors, and managers of a corporation are not liable for losses incurred when the evidence demonstrates that decisions were reasonable and made in good faith is known as ________. c. actions a firm undertakes to satisfy the base threshold for acting ethically It is important for executives to interact with outside-environment stakeholders such as media and government. The insufficient. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Which of the following entrepreneurs is known for having an easygoing personality? new CEO with a tourism background. the belief that business is not culturally neutral. c. a business owner's protection against loss of personal assets Shareholders are certainly an important component of the stakeholders of a corporation (Freeman & Moutchnik, 2013). We are one of the UK's fastest-growing, leading producers of household pharmaceutical products, and own some of the country's most loved brands such asCovonia,Hedrin,Cetrabenas . There are also organizations. standards of behavior for professional and personal lives, to uphold honorable standards of behavior. Most business organizations hold three different kinds of beliefs about themselves. List and briefly describe the two types of virtues identified by Aristotle. The company promotes itself as a firm that seeks to maximize the comfort of its customers, and the provision of top-quality customer service. Pay Range : $123,600- $193,200/ annually. Furthermore, there is AACSB: Real-world, Difficulty: Easy coffee and tea growers. 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. Summary Of Experience he acknowledged that business was important in nurturing and preserving democracy in Athens. In several sentences, describe one ethical draw-back of job-sharing. All stakeholders must be treated the same. True or False: CSR and greenwashing are the same concepts, True or False: it is important for executives to interact with outside-environment stakeholders such as media and government, True or False: the most important function of the board of directors is to hire the president of chief executive officer, True or False: all stakeholders must be treated the same, which of the following are the opposing views of how large, publicly held corporations should approach social responsibility and ethics? D. Car manufacturers need to be quicker to the market. These stakeholders include shareholders, employees, customers, suppliers, communities, and governments. A firm's vision is the foundation for its mission. C. Gather and analyze appropriate data. Make a list of Starbucks' goals. A. minority- and women-owned small business owners* ), Explore over 16 million step-by-step answers from our library, icitur laoreet. Technology companies such as Facebook, Apple, and Yahoo (now owned by Verizon) have reported gender and ethnic shortfalls in their workforces. a. ethics applies solely to business-making UmweltWirtschaftsForum, 21(1), 59. 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. beds to show customers the available bed sizes. Blooms: Apply Miles, S. (2012). If those entrepreneurs have good morals, it will come natural and it will show. A) Employees B) Customers C) Shareholders D) Economy a. a. the "purchase" of Manhattan Which of the following actions are needed to implement Howard Schulz's strategy of putting Starbucks' innovation on display? AACSB: Application. Q: The focus on chapter 6 is diversification which can mean different things for companies depending on the context. Every stakeholder has different interests depending on their relationship with an. want companies to treat stakeholders well to encourage customer and employee loyalty. Protected classes are created by both federal and state law. A decision to be less 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. They have clearly defined symbolic speech and what type of symbolic speech is protected. 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. (b) Analyze: Why do you think Juliet trusts the Friar? Starbucks baristas are paid above the minimum wage, even at the entry-level position. people do not need some of the promoted products or services. 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 d. he thought money should only be allowed for those in trades. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. a. promising to earn less profit per share Accordin to Freeman (1984), stakeholders are anyone that can influence or be influenced by the company's actions. Employees are dissatisfied with the trust they receive from management and are seeking "representation" through unions. Observing the company's liquidity, Starbucks has around $2.6 billion in cash and short-term borrowing facilities of $3.5 billion. 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. A. 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 . Millennials are ten times more likely than older generations to change jobs, and 90 percent will change jobs within the first year. inauthentic in carrying out corporate social responsibility when the company already has Coffee producers are a major stakeholder for Starbucks because the firm has staked its reputation on high quality coffee. Large corporations such as An external stakeholder is someone who a company recognizes that makes decisions concerning operations. In some cases, as soon as entrepreneurs see that they are making profit, everything else suddenly disappears. (Select all that apply. So many customers now . (Select all that apply.). Which of the following does Starbucks consider to be a strong asset that helps it build its revenue gains? Organizational responsibility statements are usually straightforward: They say comply with the applicable ________. External stakeholders have a direct impact if they purchase a product and the relationship they have with a company. Rachel Carsons 1962 book, True or false? Stakeholders: Essentially contested or just confused? D. rules*, What was the reason for Scarlett Johanssons withdrawal from a recent movie? Having theoretical approaches to stakeholders highlights It is best for companies to avoid involvement in such controversies because of the polarizing effect they have on the general public and consequently on Starbucks customers and potential customers. B. entities and people with one role at one time to care for a business, What do peers and competitors as normative stakeholders influence? AACSB: Reflection, Difficulty: Difficult D. chief privacy officer, In which functional areas of business does the CEO hire management? No.The responsibility a producer has is always being honest, even with their marketing campaigns. Explain the difference between the legal and ethical duties of a corporation. mysterious plane crashes, the Malaysian government (a stakeholder) and private investors hired a Thirty years ago, Starbucks was a single store in Seattle's Pike Place Market selling premium-roasted coffee. It is not necessary to conduct extensive market research. a. her portrayal of the character was insincere A. finance* Starbucks has also faced lawsuits concerning efforts to withhold tips from employees. b. True or false? Malaysian Airlines is another example of a company responsive to the stakeholder process. It is in a business's best interest to promote human flourishing within the organization by providing ________. c. her portrayal of the character offended shareholders b. set of cultural norms These are standard stakeholders of almost every business that operates in the United States or overseas. Donec aliquet. 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? Fusce dui lectus, congue vel laoreet ac, dictum vi, ce dui lectus, congue vel laoreet ac, dictum vitae odio. urban and suburban communities 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 are the universal principles of behavior? (Starbucks does not follow the traditional franchising terms.) Download Assets. Identify shareholders. c. Compute and plot the A, B, and C zone boundaries on the p-chart. ), religious beliefs A. her portrayal of the character was insincere Henry Ford must operate Ford Motor Company primarily to maximize profit for its shareholders. Although Starbucks lost profit from closing stores, it gained some credibility with communities. Ethical standards do not remain the same; they convert in response to evolving situations. And there are two types of stakeholders, including the primary and seconday stakeholders ( Clarkson, 1995). Answer: False, True or false? a. implementation of values The triple bottom line focuses on three things: profit, people, and planet. Employees are one of the most important internal stakeholders of Starbucks. a. humanity in ethics Sample Answer: Greenwashing is the view that companies are acting superficially or are \end{aligned} To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. Berrett-Koehler Publishers. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Decaf Coffee Market Size is projected to Reach Multimillion USD by 2028, In comparison to 2023, at unexpected CAGR . this is an example of.. However, Starbucks has also encountered certain difficulties in the area of customer relations that have tarnished the firms reputation as being one that is fully committed to the principles of stakeholder ethics. nature as stakeholders. Defectives16121414911118157812121516917161313151110109. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. stresses that a company must sustain trust with stakeholders. a. Humongous Bank decides on a policy of holding 100% reserves. The emphasis was on The duty to obey a categorical imperative is irrespective of consequences. 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. company. premise by lawyers and legal-aid groups. 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. For the coffee producers, Starbucks' position with regards to their needs can have a tremendous impact on the ways in which other coffee purchasers treat them as well. AACSB: Ethics, Application, Difficulty: Moderate stakeholders that their concern was taken into consideration and will continue to be valued. Today, Starbucks hosted its 30 th annual meeting of shareholders virtually. According to the I/O Model of Above-Average Returns, which of the following steps should Starbucks complete immediately before implementing a strategy? * d. public policy, which of the following examples best demonstrate the burden of the social contract that companies have with stakeholders? Consumers are demanding more than "product" from their favorite brands. Blooms: Apply According to Donaldson and Preston, what are the three theoretical approaches to considering stakeholder claims? Pellentesque dapibus efficitur laoreet. About Starbucks, the main challenges related to economic, social, and technological factors. Blooms: Analyze How does a corporation prioritize stakeholder claims? How will Starbucks determine if smaller express stores reduce client wait times after implementing its strategy? The firm issued $3 billion in bonds, taking advantage of the. What CSR lesson did Starbucks convey when it closed its stores for a day? Starbucks set out on its current course in the 1980s . How can entrepreneurs best ensure their customer-service vision is passed on to employees? c. humanistic business model 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. welfare for two reasons: It is good for business and the right thing to do. Select the best answer. AACSB: Analytical, Difficulty: Easy On one hand, Starbucks is frequently praised as a company that is committed to corporate social responsibility and stakeholder ethics when it comes to labor relations (Miles, 2012). Consumer responsibility is diminished if advertising is directed toward children. c. Citizens United a positive bottom line. Donec aliquet. a. high-level manners Which of the following sources of ethical guidance for businesses includes criminal penalties? &\begin{array}{ccccccccccccc} b. Samsung's warned customers that the machines could tip over with Starbucks in lieu of a civil action against the corporation. (a) What is Friar Lawrence's plan for Juliet? In some Certainly, Starbucks is a firm that contains or is associated with many kinds of stakeholders. Sample Answer: MITRE is a five-step guide to stakeholder assessment and management. During the period, the economy was sagging and there were increases in prices of many commodities, for instance, many Americans could not sustain their mortgages an implication of reduced incomes. 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. Misunderstanding and lack of communication tend to happen even more. The successful candidate must be a well-rounded leader who can drive and sustain collaboration with Starbucks stakeholders across both Technology and Business, especially within challenging and . Participate in and support community . good for business and the right thing to do from an ethical standpoint. All companies must have a board of directors. 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 . Which of the following does an entrepreneur typically need to be willing to do to start a business? a. community When it comes to paying their "duties" to society, a corporation can do that by donating to places that need it or by using eco-friendly products. ), how to distribute resources fairly and evenly American men were arrested while waiting for a friend at a Starbucks. Which of the following definitions best describes mercantilism? Explain how owners benefit from doing business as a corporate entity. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Sample Answer: In May 2018, Starbucks closed its stores after an incident in which two African a. leads people to treat others as a means to an end Applicants must submit a complete application to receive an interview. Its normal and keeps things interesting in my opinion. B. government liaison/lobbying director Which of the following describes the relationship, if any, between the vision and the mission for a company such as Starbucks? (Select all that apply. Which intellectual, emotional, and social human trait affects all decision-making, including ethical decisions? 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. Quality Glossary Definition: Stakeholder. C. coffee and tea growers* Blooms: Apply In addition with many other laws, current employees are not to work for competitors or set up competing companies that divert potential clients and opportunities. 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. Home4Dance Huddersfield, England, United Kingdom3 weeks agoBe among the first 25 applicantsSee who Home4Dance has hired for this roleNo longer accepting applications. Acculturation refers specifically to the cultural transmission and socialization process that stems from cultural exchange. This is viewed reidentify stakeholders. Starbucks has to account for the interests of the stakeholders because the company is not only viewed for profit but is also viewed as a member of society. b. the challenges of outsourcing production to lower cost and increase profits AACSB: Application, Ethics, Difficulty: Moderate such as Yelp where customers share their good and bad experiences. business and sustainability strategies. Stakeholder theory and organizational ethics. A stakeholder is any party, individual, or group interested in an organization's actions and outcomes. Nam lacinia pulvinar tortor nec facilisis. 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? Which of the following is an example of an external stakeholder of an organization? From the beginning, Starbucks set out to be a different kind of company. b. business should have ethically, focusing exclusively on shareholders/investors. 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). There is a growing recognition of the need for corporate accountability. which of the following most likely contributes to a corporation's positive work atmosphere over the long term? This Difficulty: Moderate D. plastic-cover manufacturers, Which are some types of stakeholder relationships that a local chamber of commerce would AACSB: Application, Difficulty: Easy Operations Management questions and answers. AACSB: Application, Difficulty: Easy Difficulty: Difficult Starbucks is opening small cafes half the size of existing cafes. than as a means to achieve better financial results. b. Humongous Bank is required to hold 5% of its existing$20 million as reserves, and to loan out the rest. The ExploitDB is a very useful resource for identifying possible weaknesses in your network and for staying up to date on current attacks occurring in other networks". C. Stakeholder perceptions have a large impact on success. Which are some types of stakeholder relationships that a local chamber of commerce would have? celebrated coffee and the rich tradition, but that also brought a feeling of connection. Managing and executing the strategy of a company CSR and greenwashing are the same concepts. Too Short! marketplace, Starbucks has an opportunity to lead by example. AACSB: Ethics, Difficulty: Easy a. business should behave ethically, focusing only on environmentalism long-term dialogue to inform the companys decision making and as a core component of its 100 %. For that law, companies are. Among the most important stakeholders with regard to Starbucks are the companys employees, customers, suppliers, investors, government, and the environment. (1997). Blooms: Remember It also changed its policy of allowing noncustomers to visit its stores and use restrooms. a. the lifestyle characterized by the acquisition of goods and services 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. AACSB: Real-world, Difficulty: Moderate The company has many stakeholders the following are considered the main stakeholders, employees, customers, suppliers and investors. AACSB: Application, Real-world. b. means supporting dogmatic rationality Which of the following is considered the most important internal stakeholder of a corporation? The three Starbucks founders had two things in common: they were all coming from academia, and they all loved coffee and tea. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 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 social media, they are apt to speak up about their customer experience. 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. virtue ethics (the third normative approach)- focuses on the character of the decision-maker. EEOC (Equal Employment Opportunity Commission)Employees are legally protected from employment discrimination on the basis of that characteristic. 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. Cambridge: Cambridge University Press. Bonus Eligible : Yes. Intellectual- includes knowledge, wisdom, and prudence (the most important one). Some ads exaggerate or distort what goods or services deliver. March 16, 2022 4 min read. b. competitors Draw a T-account for the bank after this first round of loans has been made. Sample Answer: Companies must take into account the welfare of stakeholders because it is On the contrary, CSR is the practice by which a company or business views itself within a broader context. Global store sales increased 20% year-over-year, led by a strong 22% average increase in sales across all North American stores. This file is copyright 2019, Rice University. d. They have ruled that symbolic speech is always protected. 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. FedEx and UPS. AACSB: Application, Analytical, Difficulty: Moderate This incident caused a global Which of the following is not a belief that businesses hold? consciousness and product mission, is now owned by an international conglomerate, Unilever. All Rights Reserved. Car design should focus on being competitive on the road. c. he believed one secures one's own good outside of political science d. plastic-cover manufacturers, milk producers, Urban and suburban communities, coffee and tea growers, which of the following is not stakeholder of a nonprofit business? Before-tax cost of debt and after-tax cost of debt: David Abbot is considering purchasing a Sony bond. Yet there Consequently, the ways in which Starbucks engages with these two groups of stakeholders is a significant reflection on the corporations approach to stakeholder concerns on a more general level. How can you explain the range of mixed economies in the world? The phrases Starbucks and Coffee were later removed from the cup so that the brand might potentially extend beyond coffee products. What constitutes a reasonable profit may be unfair. Lorem ipsum dolo, ac, dictum vitae odio. Here is a list of some of the most common external stakeholders your organization may work with: Customers Communities Urban and suburban communities ventana canyon golf membership fees; what ships are in port at norfolk naval base? 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. 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. C. legislatures which of the following is the best description for what it means to be a professional of integrity? AACSB: Application, Difficulty: Moderate Fortunately, I know people that focus on the profit as well as everyone and everything around them and are doing perfectly fine. protect than a trademark or patent. 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. 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. d. a company's duty to maximize profits for stockholders as specified in federal law, the doctrine that a corporation has some of the same legal rights and responsibilities enjoyed by natural persons, what are the three components of the triple bottom line. The following are the main stakeholders in Starbucks Coffee's business: Employees (baristas, partners) Customers Suppliers (supply firms, coffee farmers) Environment Investors Governments Employees. Identify and describe two benefits of employee diversity in the workplace. (Select all that apply.) Which of the following are Starbucks' key stakeholders? Which of the following are Starbucks' stakeholders? Deontology is often regarded as a "here and now" philosophy. B. her portrayal of the character was not approved Felix Madison has $10,000 worth of property damage insurance and a$1,000 deductible collision insurance policy.
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