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FAIRNESS- refers to the level of even-handedness in dispensing justice whereby claims are recognized in
the order of their legal and contractual priority.
JUSTICE- giving each person what he or she deserves or, in more traditional terms, giving each person
his or her due.
KINDS OF JUSTICE
1. DISTRIBUTIVE JUSTICE- refers to the extent to which society’s institutions ensure that benefits
and burdens are distributed among society’s members in ways that are fair and just.
2. RETRIBUTIVE OR CORRECTIVE JUSTICE- refers to the extent to which punishments are fair and
just.
3. COMPENSATORY JUSTICE- refers to the extent to which people are fairly compensated for their
injuries by those who have injured them.
ACCOUNTABILITY- is the obligation of an individual or organization to account for its activities, accept
responsibility for them, and to disclose the results in a transparent manner.
TRANPARENCY- refers to the lack of hidden agendas and conditions, accompanied by the availability of
full information required for collaboration, cooperation, and collective decision making.
STEWARDSHIP- is an ethic that embodies the responsible planning and management of resources.
Ethical behavior in business according to Micahel Josephson “people have built-in sense of what is right
or wrong.”
B. Mission statement
Mission statement- ingrained principle and fabric that guide employee behavior and company decisions
and cations.
1. DECORUM
Business etiquette:
1. On time and promptness 2. On preparation
3. On agenda 13. On cell phones and laptops
4. On attire and appearance 14. On business or visiting cards
5. On decorum 15. On breaks
6. On basic courtesy and respect 16. On appropriate communication
7. On greetings 17. On bargaining
8. On handshakes 18. On bringing in guests
9. On body language 19. On building relationships
10. On formal and informal address 20. On business meals and recreation
11. On speaking in meetings 21. On gift-giving
12. On listening
2. PROTOCOL
-unwritten rules or guidelines that are peculiar to every culture or organization, and are
supposed to be observed by all parties in the conduct of business, entertaining, negotiating,
politics, etc.
2. Benefits of protocol
“Helps present a uniform, professional face to the public, to partners and to donors.”
3. POLICIES
Business policy- scope or spheres within which decisions can be taken by the subordinates in an
organization.
Policy is what is, or what is not done, while strategy is a methodology used to achieve a target as
prescribed by a policy.
4. ADVERTISING – is how a company encourages people to buy their products, services, or ideas.
Advertising tactics:
1. Newspaper 5. Directories
2. Magazine 6. Outdoor and transit
3. Radio 7. Direct mail, catalogs, and leaflets
4. Television 8. Online
5. MARKETING
5. MARKETING- refers to the process of product development as well as sales, promotion and
distribution.
6. BOOKKEEPING-
Accounting- this applies to an individual’s personal finances as well as a huge firm’s accounting
book.
Bookkeeping- the process of recording all financial transactions to keep track of the cash flow.
Auditing – entails the careful examination of an individual or firm’s financial records for the
purpose of determining its validity and reliability.
2 methods of Bookkeeping
Single-entry bookkeeping
Double-entry bookkeeping
7. REPORTORIAL REQUIREMENTS
Business reporting or enterprise reporting – is the public reporting of operating and financial
data by a business enterprise.
8. DOCUMENTATION- refers to the processes and items which serves as evidence for the validity
or truth of a certain claim or statement.
Code of ethics- outline the mission and values of the business or organization, how professional
are supposed to approach problems, the ethical principles based on the organizations core
values and the standards to which professional is held.
Socratic method- a systematic process for examining the ideas, questions, and answers that form the
basis of human belief.
“good people do not need laws to tell them to act responsibly, while bad people will find a way around
the laws” – Aristotle
Appetitive
Spirited
Rational
“happiness is the meaning and the purpose of life, the whole aim and end of human existence”-Aristotle
It’s one that involves looking at character and virtues, and so can provide important moral guidelines for
distinguishing right from wrong in the world of business.
“act only according to that maxim by which you can at the same time will tah it should become a
universal law”- Immanuel Kant
Utilitarianism- revolves around the concept “ the end justifies the means.”
2 types of utilitarianism:
1. Rule utilitarianism- put in place to benefit the most people by using the fairest methods
possible.
2. Act utilitarianism- makes the most ethical actions possible for the benefit of the people.
1. Judaism 5. Buddhism
2. Christianity 6. Confucianism
3. Islam 7. Taoism
4. Hinduism 8. Shintoism
Honesty in business
Honesty
Truthfulness
Proficiency
Hinduism: non-violence
Ahimsa
Satya
Asteya
Brahmacarya
Aparigraha
Integrity
Understanding
Excellence
Unity
Responsibility
Simply a way to rethink and reframe your qualitative skill set, and to maybe find a little Zen at the office.
“do not impose to others what you do not wish for yourself”-Confucius
1. Benevolence, humaneness
2. Righteousness or justice
3. Proper rite
4. Knowledge
5. Integrity
Utang na loob
Filial piety
Padrino
Suki
Bahala na
Mañana habit
Amor propio
Filipino family values
o Hospitality
o Humor, adaptability, and creativity
o Resilience. Resourcefulness and the ability to survive
o Faith and religiosity
o Hard work and industry
Negative Filipino traits
o Bribery and corruption
o Double standards
o General disregard for rules
o Pagtatakpan
o Gossiping
o Ningas-cogon
RESPONSIBILITY- refers to the duty or obligation to satisfactorily perform or complete a task that one
must fulfill.
Accountability- refers to the obligation of an individual or organization to account for its activities,
accept responsibility for them and to disclose the results in a transparent manner.
TO THE EMPLOYEES
TO THE GOVERNMENT
TO THE CREDITORS
TO THE SUPPLIERS
TO THE CONSUMERS
TO THE ENVIRONMENT
Chapter 9- major ethical issues in entrepreneurship
Ethical issue- is a problem or situation that requires a person or organization to choose between
alternatives that must be evaluated as right (ethical) or wrong (unethical).
Basic fairness
o Partners
o Gross negligence
Personnel and customer relations
o Mistreating employees o Employee behavior
o Discrimination and harassment o Employee working conditions
in the workplace o Side deals and sub-standard
o Family-run business
Distribution dilemmas
o Pricing strategy ethics
o Product placement ethics
o Ethics and promotions
Fraud
It can be in the form of financial misconduct or misrepresentation
Unfair competition
o Antitrust law or competition o Tying
law o Resale price maintenance
o Trademark infringement o Religious/ minority group
o Misappropriation of trade doctrine
secrets o Absorption of a competitor or
o Trade libel competing technology
o Tortious interference o Subsidies from the government
o Anti-competitive practices o Regulations
o Dumping o Protections, tariffs, and quotas
o Exclusive dealing o Patent misuse and copyright
o Price fixing misuse
o Refusal to deal o Digital rights management
o Dividing territories o Enhancing the addictiveness
o Limit pricing
Unfair communication
Non-respect of agreements
Non-respect of agreements or breach of contract- is a legal cause of action in which a binding
agreement or bargained for exchange is not honored by one or more of the parties to the
contract by non-performance or interference with the other party’s performance.
Environmental degradation
Environmental degradation- is the deterioration of the environment through depletion of
resources such as air, water, and soil; the destruction of ecosystems and the extinction of
wildlife.
Contractualization
Contractualization or labor Contractualization- is the replacing of the regular workers with
temporary workers who receive lower wages with no or less benefits.
International ethical issues
Chapter 10- models and frameworks of social responsibility in the practice of sound business.
Companies with the Top 10 corporate social responsibility reputations globally (2015)
1. Google 6. LEGO
2. BMW 7. Apple
3. The Walt Disney company 8. Intel
4. Microsoft 9. Rolls-Royce Aerospace
5. Daimler 10. Rolex
1. Economic responsibilities
2. Legal responsibilities
3. Ethical responsibilities
4. Discretionary responsibilities
1. Utilitarian approach
2. Individualism approach
3. Moral- rights approach
Six moral rights should be considered during the decision making:
o The right of free consent
o The right to privacy
o The right of freedom of conscience
o The right of free speech
o The right of due process
o The right to life and safety
4. Justice approach
Social responsibility- is the obligation of organization’s management to make a decision and take
actions that enhance the welfare and interest of society as a whole.
1. Educate yourself
2. If your employees are happy, your business is happy
3. Be a conscious capitalist
What is social entrepreneur?
Social entrepreneur- are individuals with innovative solutions to society’s most pressing social
problems.
1. Susan B. Anthony
2. Vinoba Bhave
3. Dr. Maria Montessori
4. Florence Nightingale
5. John Muir
6. Jean Monnet
Social responsibility means that individuals and companies have a duty to act in the best
interests of their environments and society as a whole. Social responsibility, as it applies to
business, is known as corporate social responsibility (CSR).