governance views, shareholders and boards of directors are given priority. A. chief legal officer f(x)=x48x2+16, (A)[1,3](B)[0,2](C)[3,4](A)\ [-1,3]\qquad (B)\ [0,2]\qquad (C)\ [-3,4] c. business should behave ethically, being responsible to all stakeholders For the long term, business operations need to inculcate stakeholder 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. d. They have ruled that symbolic speech is always protected. 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. American men were arrested while waiting for a friend at a Starbucks. Large corporations such as You will work with relevant stakeholders and the Head of Asset & Configuration Management to implement and support processes that ensure the effective governance, controls and integrity . influence suppliers working conditions. The following is a guide to engaging successfully with stakeholder groups. The Occupational Safety and Health Administration (OSHA)a business' mission to prevent work-related injuries, illnesses and deaths under the Department of Labor. Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Blooms: Apply Cross), Give Me Liberty! (Select all that apply.) D. It is effective because it expects NGOs, state governments, and political action committees to Starbucks competes with many other coffeehouses, including Dunkin' Donuts, McDonald's, and Caribou Coffee. a. customers are not considered high-priority stakeholder a. promising to earn less profit per share Before-tax cost of debt and after-tax cost of debt: David Abbot is considering purchasing a Sony bond. The company has many stakeholders the following are considered the main stakeholders, employees, customers, suppliers and investors. Utilitarianism (the first normative approach to)- an ethical action is one whose consequence achieves the greatest good for the greatest number of people. Blooms: Apply A. minority- and women-owned small business owners* : an American History (Eric Foner), Psychology (David G. Myers; C. Nathan DeWall), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), The Methodology of the Social Sciences (Max Weber). 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. Which of the following are Starbucks' key stakeholders? AACSB: Analytical. Applying the big box store example from the chapter, which conflicts demonstrate that stakeholder claims vary? Having theoretical approaches to stakeholders highlights One big issue access economy has is lack of regulations, especially when it comes to overseeing the products and services exchanged during the transaction. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. 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. Deontology is often regarded as a "here and now" philosophy. Which of the following is especially important for developing and maintaining employee loyalty to the brand? A. industry norms* normative, descriptive, and instrumental approaches. c. the theory that global wealth is static and prosperity comes from wealth through extraction What is a "pay-to-pollute" system that charges a fee or tax to those who discharge carbon into the air? a. humanity in ethics mysterious plane crashes, the Malaysian government (a stakeholder) and private investors hired a (b) Analyze: Why do you think Juliet trusts the Friar? D. Present information to the board of directors. c. media Which of the following best describes information that has economic value because it is not generally known to the public and is kept secret by reasonable means? beds to show customers the available bed sizes. Thirty years ago, Starbucks was a single store in Seattle's Pike Place Market selling premium-roasted coffee. * Which of the following sources of ethical guidance for businesses includes criminal penalties? Nam lacinia pulvinar tortor nec facilisis. Another example is a future stakeholder, whose status will arise during later ParvalueCost$1,000$930Couponinterestrate6%Yearstomaturity10Taxbracket20%. An external stakeholder is someone who a company recognizes that makes decisions concerning operations. Speaking at the annual shareholders meeting in . The three Starbucks founders had two things in common: they were all coming from academia, and they all loved coffee and tea. C. legislatures Some prioritization is particular to (promenades; tarries). They Which is the best example of a recent company crisis caused by poor leadership? b. standards of behavior D. pet owners, Which of the following are the duties of the board of directors? The name, inspired by Moby Dick, evoked the romance of the high seas and the seafaring tradition of the early coffee traders. 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. C. Stakeholder perceptions have a large impact on success. Enacted in 1966, which of the following laws is the most important U.S. law forbidding cruelty to animals in laboratory settings? Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Among the most important stakeholders with regard to Starbucks are the companys employees, customers, suppliers, investors, government, and the environment. represents ethical stakeholder theory. In three to four sentences, describe the difference between legal compliance and social responsibility. How does consumer thought affect purchasing? (Select all that apply.). 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. the cost of stakeholders. Ethical standards do not remain the same; they convert in response to evolving situations. Explain an employee's common law duty of loyalty to their employer. Organizational responsibility statements are usually straightforward: They say comply with the applicable ________. Most business organizations hold three different kinds of beliefs about themselves. (Select all that apply.) b. code of ethics How does a corporation prioritize stakeholder claims? The international standard providing guidance on social responsibility, called ISO 26000, defines a stakeholder as an "individual or group that has an interest in any decision or activity of an organization." Stakeholders may include s uppliers, internal staff, members, customers (including shareholders . results to decision makers in management. long-term dialogue to inform the companys decision making and as a core component of its 35.Deconfliction is necessary when the penetration test: A. determines that proprietary information is being stored in cleartext. c. humanistic business model \end{aligned} local, state, national, and international laws and regulations. Shippers. d. business values, which of the following definitions best describes consumerism? Why does a Kantian view typically not govern most management decisions? Managing and executing the strategy of a company The most immediately visible and representative employees of Starbucks are the individuals that engage as servers in Starbucks stores. Since the advent of 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. Its normal and keeps things interesting in my opinion. 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. Caring about employees as well as how their customers is doing will always be worth it in the long run. In several sentences, describe one ethical draw-back of job-sharing. Mitchell, R. K., Agle, B. R. & Wood, D. J. For ex. AACSB: Analytical, Difficulty: Moderate 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. Pellentesque dapibus efficitur laoreet. Starbucks continually emphasizes its commitment to corporate social responsibility. AACSB: Analytical, Difficulty: Easy If Starbucks follows a strategy of competing in more than one business product, which of the following goals could it accomplish? Blooms: Understand, Apply a. courage, decorum, and accountability To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. Stakeholder theory: Reviewing a theory that moves us. Blooms: Analyze, Evaluate The triple bottom line focuses on three things: profit, people, and planet. 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. Which insurance covers the damage to the fire hydrant? Answer: False, True or false? Answer: False. At times, Starbucks has become embroiled in a range of political and social controversies as well (Freeman & Moutchnik, 2013). \text { Par value } & \$ 1,000 & \text { Coupon interest rate 6\% } & \text { Tax bracket 20\% } \\ And there are two types of stakeholders, including the primary and seconday stakeholders ( Clarkson, 1995). As Starbucks, we can either choose to rise to this moment or stand idle. Starbucks confirmed the results of the vote to CNN Business. Here is a list of some of the most common external stakeholders your organization may work with: Customers Communities Which of the following is the lesson learned from the Edsel story? AACSB: Application, Real-world, Difficulty: Moderate governance. Freeman, R. E. & Moutchnik, A. __ A program where students work on campus to earn money. Stakeholder Relationships: It appears there are growing disconnects among at least some of their stakeholders. Which commercial transaction in the New World exemplifies the complexity that results when different cultures, experiences, and ethical codes come into contact? Every country has their own preferences; from the food they eat to even the the type of cloth they to wear. a. honesty and integrity b. virtue ethics and utilitarianism c. loyalty to management d. respect for business diversity honesty and integrity True or False: The environment is not considered a stakeholder false Employee diversity in the workplaces can enhance performance and drive innovation. Blooms: Apply via the notion of what constitutes necessity as opposed to luxury. Draw a T-account for the bank after this first round of loans has been made. It Blooms: Understand 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. AACSB: Real-world, Difficulty: Easy Which group is most ill prepared to exercise good judgment in the face of subliminal advertising? b. corporations need to maintain initial priority of stakeholders gender How can you explain the range of mixed economies in the world? A diverse workforce yields many positive outcomes for a company. PR Related Events and Strategies & Tactics Used Timeline of Key PR Related Events 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. CSR and greenwashing are the same concepts. 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. Sample Answer: In May 2018, Starbucks closed its stores after an incident in which two African B. occurs during the monthly vulnerability scanning. All stakeholders must be treated the same. 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. (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? Nam lacinia pulvinar tortor nec facilisis. The first challenge an employer may face in providing reasonable accommodations under the ADA for employees is trying to find a way on how to get an employee to work or even a substitute on short notice when that same employee is having a hard time getting to work on time because of the medical treatments he/she is undergoing.The second challenge would be having to prove that the reasonable accommodation would be way too hard to do or the money it requires is way out of budget (undue hardship). uproar. D. dining/food service, Which of the following are stakeholders? a. pollution tax AACSB: Application, Ethics, Difficulty: Moderate Urban and suburban communities They can be found working as baristas, store managers, or regional executives. Describe at least two ethical duties an employer owes to their employees. Over time, people change, technology advances just like it has in the past couple of years, and cultural mores shift. Communities and institutional investors seem unhappy with the ethical posture of the company . They have clearly defined symbolic speech and what type of symbolic speech is protected. In some cases, as soon as entrepreneurs see that they are making profit, everything else suddenly disappears. MANGMT 4970 EXAM 1 (QUIZ QUESTIONS & CONCEPTS), Allen Cognitive Levels (ACL) & Allen Diagnost, CompTia A+ 220-1001 Core 1 Certification Prac, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Service Management: Operations, Strategy, and Information Technology, Information Technology Project Management: Providing Measurable Organizational Value. 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". Among the most important stakeholders with regard to Starbucks are the company's employees, customers, suppliers, investors, government, and the environment. Starbucks set out on its current course in the 1980s . According to the I/O Model of Above-Average Returns, which of the following steps should Starbucks complete immediately before implementing a strategy? a. A trade secret is a form of intellectual property protection and is easier to However, Starbucks has also been criticized for its labor relations as well. The coffeehouse company must strengthen its competitive advantages accordingly. (Select all that apply. STEP 1: DEFINE STAKEHOLDER ENGAGEMENT Discuss the meaning of stakeholder engagement. Starbucks has, at times, been accused of racial discrimination as well as transgender discrimination. business and sustainability strategies. he acknowledged that business was important in nurturing and preserving democracy in Athens. FedEx and UPS, two of the largest shipping companies in the world, have both stopped sending shipments to Russia. ), milk producers c. the freedom and ability to make choices based on one's perception of right and wrong A. Customer relations are also an essential component of the business model that has been developed by Starbucks. 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. The environment is not considered a stakeholder. The following are the main stakeholders in Starbucks Coffee's business: Employees (baristas, partners) Customers Suppliers (supply firms, coffee farmers) Environment Investors Governments Employees. discrepancy is stark. In the case of Coca-Cola, its website discusses stakeholder engagement in a ), positive customer experiences Maintain strategic stakeholder engagement by working alongside fellow Project Delivery teams, Senior Management and your customers delivery lead/function to identify strategic issues; Oversee the quality assurance of estimates or model within the function to ensure they are fit for purpose In a short paragraph, explain how entrepreneurs can still remain ethical while focusing on profit. Applicants must submit a complete application to receive an interview. 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. Enculturation and acculturation seem very alike but when paying close attention, the differences start to pop out. d. embraces freedom and a sense of divinity, the advantage of justice theory over other ethical systems is its There are dedicated sites It must determine which are c. her portrayal of the character offended shareholders Academy of Management Review, 22(4), 853886. 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 . A. milk producers* B. urban and suburban communities* C. coffee and tea growers* D. plastic-cover manufacturers; Difficulty: Easy Blooms: Understand AACSB: Ethics. 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? Which of the following are Starbucks' stakeholders? Laplume, A., Karan, S. & Litz, R. (2008). (Select all that apply. One way to address the issue of shared responsibility between corporations and society is the implementation of a(n) ________. Blooms: Application c. actions a firm undertakes to satisfy the base threshold for acting ethically A. finance* b. Samsung's warned customers that the machines could tip over Often there is a hierarchy that places consumers or customers first. 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. Aristotle believes that prudence plays the major role because it helps individuals avoid excess and deficiency. 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. such as media and government. Some Starbucks stores have been accused of deliberately higher only part-time workers for limited numbers of hours for the purpose of avoiding the provision of healthcare and other benefits. The airline is now focused on promoting Muslim Nam lacinia pulvinar tortor nec facilisis. C. legal compliance* The access economy is a business model where goods and services are traded on the basis of access rather than ownership. Once data are validated, managers present the Athenian philosophical theories of ethics are no longer applicable in contemporary times, Which of the following describe original position? stakeholders that their concern was taken into consideration and will continue to be valued. Course Hero is not sponsored or endorsed by any college or university. The people in this economy have $20 million in money, and they deposit all their money in Humongous Bank. 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? Which. a. Samsung's washers had a spin-cycle problem in 2017 D. plastic-cover manufacturers, Which are some types of stakeholder relationships that a local chamber of commerce would company. Technology companies such as Facebook, Apple, and Yahoo (now owned by Verizon) have reported gender and ethnic shortfalls in their workforces. c. customers are considered high-priority stakeholders Customers still enjoy the product and yet competition is growing. 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. stresses that a company must sustain trust with stakeholders. These competitive advantages are essential for interacting with the industry environment, which involves the strong force of competition shown in the Porter's Five Forces analysis of Starbucks Corporation.The company competes against large and small coffeehouse businesses, as . It is insufficient to have a mission statement, language on a website, or If those entrepreneurs have good morals, it will come natural and it will show. a. an enumerated power listed in the constitution in the Bill of Rights In the most generic form of stakeholder groups, Starbucks has an effect on its Employees, Customers, Community, Suppliers, Shareholders, Government, and Competitors. . with Starbucks in lieu of a civil action against the corporation. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Capitalism, corporations and the social contract: A critique of stakeholder theory. 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. Observing the company's liquidity, Starbucks has around $2.6 billion in cash and short-term borrowing facilities of $3.5 billion. 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. Explain using details from the text. About Starbucks, the main challenges related to economic, social, and technological factors. 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 . Which intellectual, emotional, and social human trait affects all decision-making, including ethical decisions? An analysis of perceived priority of shareholder impact should include which of the following? Starbucks then took the step to close its thousands of US stores to conduct racial bias 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? They can affect how successful Starbucks is by doing their job and providing inputs into decisions that go into creating products and services that customers want. The shippers have also announced the suspension of both . Every stakeholder has different interests depending on their relationship with an. Answer: False. Milk, which is a main ingredient of the ice cream, is often sourced from confined-animal feeding ), Explore over 16 million step-by-step answers from our library, icitur laoreet. a. the lifestyle characterized by the acquisition of goods and services B. inauthentic in carrying out corporate social responsibility when the company already has 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. What has unfolded at Starbucks is anything but. AACSB: Real-world, Difficulty: Moderate c. Assume that Humongous bank is part of a multibank system. 12 & 14 & 11 & 8 & 7 & 12 & 15 & 9 & 16 & 13 & 11 & 10 &
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