the theory that prosperity depends on extracting wealth or accumulating it from others. training. In several sentences, describe how ethical standards can shift with geography and time. consumed by 20% of the worlds population. stakeholder needs. Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Fortunately, I know people that focus on the profit as well as everyone and everything around them and are doing perfectly fine. f(x)=x48x2+16f(x)=x^{4}-8x^{2}+16 which are the universal principles of behavior? Freeman is best known for his work on stakeholder theory and business ethics, in which he suggests that businesses build their strategy around their relationships with key stakeholders. B. Blooms: Apply The way corporations pay their "duties" to the owners is by distributing the profits to shareholders in the form of dividends after earning revenue and deducting expenses. Which of the following is especially important for developing and maintaining employee loyalty to the brand? They need to develop sustainable sources of quality beans. with Starbucks in lieu of a civil action against the corporation. social media, they are apt to speak up about their customer experience. Blooms: Apply The shippers have also announced the suspension of both . 52,000 workers in the US and many US companies now manufacture their products abroad. (Starbucks does not follow the traditional franchising terms.) a. courage, decorum, and accountability 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. It is important for executives to interact with outside-environment stakeholders Describe Kant's "Deontology" view of ethics. Too Short! Which commercial transaction in the New World exemplifies the complexity that results when different cultures, experiences, and ethical codes come into contact? In the most generic form of stakeholder groups, Starbucks has an effect on its Employees, Customers, Community, Suppliers, Shareholders, Government, and Competitors. Stakeholder Relationships: It appears there are growing disconnects among at least some of their stakeholders. 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. A. and China, for example, by adapting to local cultural norms. a. he viewed those outside economic and political circles as virtuous As for ethical duties, they are standards based on human principles of right from wrong. people do not need some of the promoted products or services. 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. b. Samsung's warned customers that the machines could tip over From just a narrow storefront, Starbucks offered some of the world's finest fresh-roasted whole bean coffees. Before-tax cost of debt and after-tax cost of debt: David Abbot is considering purchasing a Sony bond. Blooms: Remember Donec aliquet. This D. stakeholder prioritization, Difficulty: Easy STEP 1: DEFINE STAKEHOLDER ENGAGEMENT Discuss the meaning of stakeholder engagement. If Starbucks follows a strategy of competing in more than one business product, which of the following goals could it accomplish? 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? 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. I think of it like renting things temporarily rather than selling them permanently. Starbucks set out on its current course in the 1980s . C. Defining a companys ongoing mission* Coffee producers are a major stakeholder for Starbucks because the firm has staked its reputation on high quality coffee. The concept of corporate social responsibility (CSR) involves the idea that corporations are not merely enterprises whose sole purpose is to generate revenue but organizations that are members of the communities and societies of which they are a part. focused on stakeholders, and perhaps instead concentrated on consumers or shareholders, could Explain how Ikea has had to adapt its business model in different countries. What is a measure that accounts for an organization's results in terms of its effects on profits, planet, and people? Miles, S. (2012). Academy of Management Review, 22(4), 853886. Henry Ford must operate Ford Motor Company primarily to maximize profit for its shareholders. (1997). What is the ethical issue behind issuing disaster insurance? Therefore, some employees work for Starbucks to gain that status. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Some prioritization is particular to Explain an employee's common law duty of loyalty to their employer. Pellentesque dapibus efficitur laoreet. c. customers are considered high-priority stakeholders company. ), Explore over 16 million step-by-step answers from our library, icitur laoreet. 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? He had a tire blowout while driving and crashed into a $1,400 fire hydrant. 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. chief executive officer. It is important to focus on employees and customers when considering the ways in which Starbucks is impacted by the principles of stakeholder ethics. This is a lofty goal, especially given Coke products are AACSB: Analytical, Difficulty: Moderate Urban and suburban communities Read the following scenario and use the following five key questions in stakeholder management to determine how Starbuck's should handle this stakeholder: A few years ago, Starbucks identified three areas in which government could impact the company's ability to maximize profits in its Corporate Social Responsibility Report: (1) U.S. Tax . A. What is the projected market size and growth rate of the Decaf Coffee Market? 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. 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. This includes race, color, religion, national origin or ancestry, sex and so on. FedEx and UPS. Which of the following is a resource made available to employees, in addition to salary? Every stakeholder has different interests depending on their relationship with an. At times, Starbucks has become embroiled in a range of political and social controversies as well (Freeman & Moutchnik, 2013). An ethical financial advisor must ________. Felix Madison has $10,000 worth of property damage insurance and a$1,000 deductible collision insurance policy. 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? All companies must have a board of directors. Blooms: Apply This file is copyright 2019, Rice University. People have argued that CSR initiatives based on environmental or social justice instead limit shareholder wealth and that the world's largest corporations executives consider the interests of a broader set of stakeholders, rather than only stockholders. The following points outline skills and experiences that are considered assets: First Aid and CPR certification. Freeman, R. E. & Moutchnik, A. ), milk producers OpenStax Business Ethics Test Bank Chapter 3: Defining and Prioritizing Stakeholders Chapter 3: Defining and Prioritizing Stakeholders * = Correct answer Multiple Choice/Fill in the Blank 1. Blooms: Apply Rachel Carsons 1962 book, True or false? Then, describe how that stated goal might affect how the following employees do their job: (a) a part-time store employeea baristain Omaha; (b) a quality assurance technician at the company's roasting plant in Amsterdam;(c) a regional sales manager; (d) the executive vice . D. compensation. service, for example. c. Assume that Humongous bank is part of a multibank system. (b) Analyze: Why do you think Juliet trusts the Friar? gender C. chief executive officer* Laws dictate all ethical responsibilities that a company may owe key Starbucks CEO Kevin Johnson earned a $1.86 million bonus in fiscal year 2020 in addition to a larger retention award, designed to. A. industry norms* A diverse workforce yields many positive outcomes for a company. The access economy is a business model where goods and services are traded on the basis of access rather than ownership. Also, it is crucial that the company inform Stakeholders: Essentially contested or just confused? d. cap and trade tax, a " moral minimum" means which of the following? C. her portrayal of the character offended shareholders beds to show customers the available bed sizes. Managing and executing the strategy of a company the importance of companies considering the priority of such parties. AACSB: Real-world, Difficulty: Moderate The following are the main stakeholders in Starbucks Coffee's business: Employees (baristas, partners) Customers Suppliers (supply firms, coffee farmers) Environment Investors Governments Employees. 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. A normative approach views stakeholders as ends in themselves rather Identify shareholders. Donec aliquet. Donec aliquet. a. promising to earn less profit per share AACSB: Application, Real-world, Difficulty: Moderate b. ethical principles that apply everywhere despite differences in time, geography and culture 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. Sample Answer: Companies must take into account the welfare of stakeholders because it is 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 legislation was passed in 2002 that mandates reporting transparency by businesses in areas ranging from finance to accounting to supply chain activities? It must determine which are Answer: False. The main difference between a bribe and a gift is intent. The firm issued $3 billion in bonds, taking advantage of the. No one is born with culture; all humans have to learn what is considered appropriate behavior in their surrounding cultures. new CEO with a tourism background. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Coffee and tea growers are Starbucks ' main stakeholders who supply the needed raw materials. 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. systemic ethics problems. a. an enumerated power listed in the constitution in the Bill of Rights Blooms: Understand, Apply the same as information from trusted adults, What are some ethical concerns about advertising? C. It is ineffective because it uses consumer stakeholders to pressure suppliers and make Those men later settled A firm's vision is the foundation for its mission. Ben & Jerrys, an ice cream company known for its founders social About Starbucks Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. be detrimental to a company. Which of the following does an entrepreneur typically need to be willing to do to start a business? Additionally, Starbucks has also provided educational assistance to select employees by means of academic scholarships. The California Transparency in The crash caused$1,600 in damages to his car. Laplume, A., Karan, S. & Litz, R. (2008). (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. 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. In three to four sentences, describe the difference between legal compliance and social responsibility. Berrett-Koehler Publishers. How is Starbucks diversifying in India to fit into the local culture? Starbucks has also faced lawsuits concerning efforts to withhold tips from employees. C. remuneration a. consumerism Consult with business partners, managers or other key stakeholders. C. coffee and tea growers* Q: The focus on chapter 6 is diversification which can mean different things for companies depending on the context. Which of the following is not an example of a diffused shareholder? Decaf Coffee Market Size is projected to Reach Multimillion USD by 2028, In comparison to 2023, at unexpected CAGR . How can you explain the range of mixed economies in the world? Customer relations are also an essential component of the business model that has been developed by Starbucks. discrepancy is stark. Stakeholder theory and organizational ethics. A company's Board of Directors is responsible for guiding CEO succession, which should be a well-planned event. D. Present information to the board of directors. Every country has their own preferences; from the food they eat to even the the type of cloth they to wear. What are some amenities companies offer employees that go beyond a legal minimum or A) Employees B) Customers C) Shareholders D) Economy In China, Ikea allows its visitors to take naps on Answer: True, True or false? However, Starbucks has also been criticized for its labor relations as well. A. entities and people invested and influential in the success of an organization* It is not necessary to conduct extensive market research. CSR and greenwashing are the same concepts. Has opportunity to lead a team. The coffeehouse company must strengthen its competitive advantages accordingly. Community members may view big box stores as a threat to small businesses' livelihood. Today, Starbucks hosted its 30 th annual meeting of shareholders virtually. 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. This includes Mexico, which has a Coca-Cola plant Which of the following is an example of an external stakeholder of an organization? On the contrary, CSR is the practice by which a company or business views itself within a broader context. They can be found working as baristas, store managers, or regional executives. Sample Answer: Lynn Stout believed that shareholders do not necessarily behave as a class. even perhaps industry standards? 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). companies that intentionally keep hours at less than 29 to avoid more costly regulations like the ACA Blooms: Analyze ), Local governments are seeking to institute tax advantages to attract business competition. Draw a T-account for the bank. 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: Analytical, Difficulty: Easy AACSB: Application, Difficulty: Difficult Consumers are demanding more than "product" from their favorite brands. Customers still enjoy the product and yet competition is growing. nature as stakeholders. Many people now a days are very open-minded and whether you like it or not, it is just the reality of todays society. Which of the following does Starbucks consider to be a strong asset that helps it build its revenue gains? 12 & 14 & 11 & 8 & 7 & 12 & 15 & 9 & 16 & 13 & 11 & 10 & such as Yelp where customers share their good and bad experiences. 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. Shippers. Donec aliquet. March 16, 2022 4 min read. AACSB: Real-world, Difficulty: Moderate And there are two types of stakeholders, including the primary and seconday stakeholders ( Clarkson, 1995). this is an example of.. the risk of stakeholder displeasure and critique, which could result in bad publicity for a 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? Defectives16149111581216171315109121411871215916131110\begin{aligned} Starbucks has, at times, been accused of racial discrimination as well as transgender discrimination. Which group is most ill prepared to exercise good judgment in the face of subliminal advertising? c. Samsung assumed the risk of exposure and picked up the washers c. the freedom and ability to make choices based on one's perception of right and wrong An analysis of perceived priority of shareholder impact should include which of the following? Which of the following are Starbucks' key stakeholders? via the notion of what constitutes necessity as opposed to luxury. For example, some Starbucks employees have joined labor unions and become involved with lawsuits against the firm over such issues as back pay, withheld wages, wrongful termination, and union-busting activities that included retaliation against employees that were involved in union-related activities (Phillips, 2003). (Select all that apply.) welfare for two reasons: It is good for business and the right thing to do. In several sentences, describe one ethical draw-back of job-sharing. 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. her portrayal of the character offended shareholders 35.Deconfliction is necessary when the penetration test: A. determines that proprietary information is being stored in cleartext. changes. Lorem ipsum dolor sit, s ante, dapibus a molestie consequat, ultrices ac magna. True or false? Which of the following is an example of an external stakeholder of an organization? a. pollution tax Consumers support big box stores that offer quality goods and reasonable prices, Which of the following are Starbucks' stakeholders? Since the advent of For ex. B. urban and suburban communities* Job Summary and Mission. Which of the following describes the relationship, if any, between the vision and the mission for a company such as Starbucks? Quality Glossary Definition: Stakeholder. celebrated coffee and the rich tradition, but that also brought a feeling of connection. a hypothetical situation in which rational people can arrive at a contract. Starbucks operates in more than 80 markets, either in the form of direct company-owned stores or licensed stores. Blooms: Apply Answer: False, True or false? Which are some types of stakeholder relationships that a local chamber of commerce would have? c. actions a firm undertakes to satisfy the base threshold for acting ethically Draw a T-account for the bank after this first round of loans has been made. d. They have ruled that symbolic speech is always protected. Which of the following is the lesson learned from the Edsel story? cows and also pollutive, concentrating animal waste in the ground, air, and water. stresses that a company must sustain trust with stakeholders. For the purpose of this assignment, you will follow the steps in creating the initial portion of a stakeholder engagement strategy. 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. Stakeholder management and CSR: Questions and answers. . While there are many disadvantages of job-sharing including need for additional supervisory time, possible disruption of work flow, scheduling challenges for training and meeting, but the worst one in my opinion is communication. Our responsibility starts with being accountable to Starbucks stakeholdersour partners, customers, shareholders, suppliers, community members and othersand communicating openly about our business practices and performance. Blooms: Application The people in this economy have $20 million in money, and they deposit all their money in Humongous Bank. c. marketing Fusce dui lectus, congue vel laoreet ac, dictum vi, ce dui lectus, congue vel laoreet ac, dictum vitae odio. 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. 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 . 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. than as a means to achieve better financial results. a positive bottom line. In some What research did the BBC Earth Lab cite to prove or disprove that subliminal advertising is real? (2013). Maybe complaining online or in customer service reviews would be b. Humongous Bank is required to hold 5% of its existing$20 million as reserves, and to loan out the rest. According to Donaldson and Preston, what are the three theoretical approaches to considering stakeholder claims? Over time, people change, technology advances just like it has in the past couple of years, and cultural mores shift. D. her portrayal of the character offended stakeholders*, Which of the following is a resource made available to employees, in addition to salary? uproar. PR Related Events and Strategies & Tactics Used Timeline of Key PR Related Events Farmers supply the coffee grains and tea that are necessary for production. . In other words, enculturation is taking control over one's own culture, whereas acculturation is the merge of two cultures. Protected classes are created by both federal and state law. Q: Corporate-level strategy is best described as: a. strategies firms implement to gain a competitive advantage by selectin. 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. About Path Since its foundation in 1984, PATH (People Assisting The Homeless) has pioneered bold and effective approaches to assist people experiencing homelessness. generations, such as the case with pollution. virtue ethics (the third normative approach)- focuses on the character of the decision-maker. How are Ben & Jerrys and Coca-Cola respective examples of greenwashing? The Occupational Safety and Health Administration (OSHA)a business' mission to prevent work-related injuries, illnesses and deaths under the Department of Labor. (Select all that apply.) In what ways do customers express their views about trust of company goods and services? Milk, which is a main ingredient of the ice cream, is often sourced from confined-animal feeding b. the Dutch and Native American trade What CSR lesson did Starbucks convey when it closed its stores for a day? Lorem ipsum dolor sit amet, consectetur adipiscing elit. a. milk producers Employees are one of the most important internal stakeholders of Starbucks. 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?
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