Review Unit 1-4: 1. What Is Business Ethics? What Are The Needs For Business Ethics?

Review unit 1-4
UNIT 1: ETHICS AND CULTURE IN BUSINESS

1. What is business ethics? What are the needs for business ethics?
- Business ethics: the moral principles, policies and values that govern the way businesses
and individuals engage in business ativity
- The needs for business ethics are fundamental to the proper functioning and success of
any business
 Trust and Reputation: Ethics build trust and credibility, enhancing the company's
reputation and differentiating it from competitors.
 Legal Compliance and Risk Management: Ethics ensure legal compliance, prevent
legal issues and financial penalties, and help manage risks effectively.
 Employee Satisfaction and Retention: Ethical practices create a positive work
environment, increasing employee satisfaction and loyalty.
 Customer Loyalty and Investor Confidence: Operating ethically attracts and retains
customers and investors by upholding responsible and sustainable practices.
 Social Responsibility and Fair Decision-Making: Ethics ensure the company
contributes positively to society and provides a framework for making fair and
responsible decisions.
2. Have you ever heard of the 3Cs of business ethics? Read and give more insights into each
sub-category
The 3Cs of Business ethics:
- Compliane. The need for compliance of rules in cluding:

 Laws: Follow legal rules to avoid penalties.
 Principles of morality: Adhere to ethical standards like honesty and fairness.
 Policy of the company: Abide by internal rules to maintain consistency and ethical
behavior.
- The Contribution. Business can make to the society:
 The core values: Implement values such as integrity and respect in business practices.
 Quality of products/services: Provide high-quality products and services for the benefit of
customers.
 Employment: Offer fair wages and good working conditions.
 Usefulness of activities to surrounding activities: Engage in activities that benefit the
local community.
 QWL (Quality of Working Life): Improve working conditions and employee satisfaction
- The consequences of business activity:
 Toward environment inside and outside the organization
 Social responsibility toward shareholders, bankers, customers and employess of the
organization
 Good public image, sound activity
3. Explain the concept of corporate culture and its significance within an organization.
- Corporate culture is an organization’s values, ethics, vision, behaviors and work

environment. It shapes how employees interact with each other and with external
stakeholders, influencing everything from decision-making to daily operations
- Significance of Corporate Culture
 Influences Employee Engagement and Satisfaction: A positive culture increases
motivation and job satisfaction, leading to higher productivity and commitment
 Affects Organizational Performance: A strong culture fosters collaboration,
innovation, and alignment with company goals, driving overall success
 Impacts Recruitment and Retention: Companies with a good culture draw in and
keep employees who align with their values, reducing turnover
 Shapes External Perceptions: A positive culture improves how customers, partners,
and the public perceive the company, enhancing its reputation
 Facilitates Change Management: A solid culture helps in implementing changes
smoothly as employees are more likely to adapt to cultural alignments
4. Discuss the role of organizational leaders in shaping and defining a successful corporate
culture.
An organization's leaders must have a clear vision of what attitudes and values they want as
part of their corporate culture. This vision differs from organization to organization based on
leadership, employees, location, business and many other factors.
5. Evaluate the potential risks associated with a corporate culture that lacks transparency
and is considered toxic
Organization that lack a healthy culture or that have a toxic culture are at higher risk for poor
economic results, higher employee turnover and even failure. In fact, experts have found that
negative corporate cultures have caused or contributed to criminal corporate activity and other
serious problems.
6. What is corporate culture and identify the 4 types and how to ensure a positive corporate
culture.
- 4 types of corporate cultures:

 Clan culture: A family-like atmosphere focusing on mentoring, nurturing, and
teamwork.
 Adhocracy culture: A dynamic, entrepreneurial approach that values risk-taking and
innovation.
 Market culture: A results-oriented approach that values competition and
achievement.
 Hierarchy culture: An approach using structures and controls to ensure efficiency
and stability.
- To ensure a successful corporate culture, organizations can take specific steps:
 Define a clear vision: The organization's leaders must articulate what differentiates
their vision and values from others.
 Create goals or milestones: After establishing the vision, set clear goals and policies
to guide employees in supporting the overall culture.
 Focus on employee engagement: Provide feedback regularly, emphasize work-life
balance, reward good performance, and celebrate milestones to foster a positive
corporate culture.
 Provide continuous learning and training: Implement ongoing training opportunities
to help employees improve their skills and adopt the desired values
7. What is the role of DEI in corporate culture and the goals DEI strategies aim to achieve?
- Role of DEI in Corporate Culture:

Diversity, Equity, and Inclusion (DEI) plays a pivotal role in shaping a corporate culture
that values and respects individual differences, promotes fairness, and ensures all
employees have equal opportunities. DEI initiatives go beyond legal requirements to
foster an environment where diverse perspectives are not only welcomed but actively
encouraged.
- Goals of DEI strategies:
 Increased innovation resulting from new perspectives: Diverse teams bring new
perspectives, leading to constructive feedback and higher productivity.
 Expanded customer base: Inclusive organizations attract diverse clients. Leaders
and employees with similar experiences to target customers can connect better,
offering a competitive advantage.
 Improved workplace culture: A sense of belonging helps employees reach their full
potential. Inclusion prevents a toxic work culture and encourages employees to
share their views.
UNIT 2: OPERATIONS MANAGEMENT
1. What is operations management?
Operations management refers to the activities, decisions and responsibilities of managing the
production and delivery of products and services.
2. What is the operations function?
The operations function is the part of the organization that is responsible for the arrangement
of resources that are devoted to the production and delivery of products and services.
3. Who are operations managers?
Operations managers are the people who have particular responsibility for managing some, or
all, of the resources which comprise the operation function.
4. What are the essential components of operations management?
- Design of operations processes, products and services and the work of individuals
- Planning and control of operations once designs are in place and operational
- Ensuring quality of products and services produced and delivered and improving on
these
5. What involves in the design of operations?
- Design business processes

- Design products and services
- The transfer of technology
6. What involves in planning and control of operations?
- Controlling enterprise resources

- Developing lean operations
- Managing projects
7. How can quality of products and services be ensured?
Right Quality: The quality of a product is established based upon the customers' needs and
requirements. The right quality does not mean the highest and the best quality. Quality is
determined by the cost of the product and the technical specifications as suited to the specific
requirements.
8. How can companies deliver goods and services of the quality, quantity, cost and
availability that will satisfy the customers’ needs while at the same time making most
effective use of resources?
- Right Quality: The quality of a product is established based upon the customers' needs
and requirements. The right quality does not mean the highest and the best quality.
Quality is determined by the cost of the product and the technical specifications as
suited to the specific requirements.
- Right Quantity: The manufacturing company should have the production amount in
the right quantity. If they are produced more than the demand, the capital will block
up in the form of inventory and if the quantity is produced less than the demand, it
leads to shortage of product
- Right Time: One of the most important factors is the timeliness of delivery to judge the
effectiveness of the production department. Therefore, the production department
must make the optimal utilization of input resources to achieve its objective
- Right Manufacturing Cost: Manufacturing costs are determined before the product is
actually manufactured. Hence, all attempts should be made to produce the products at
the pre-determined cost, so as to decrease the difference between actual and the
standard (pre-established) cost.
9. Please differentiate between efficiency and effectiveness.
- Efficiency means doing something at the lowest possible cost. The goal is to produce a
good or provide a service by using the smallest input of resources
- Effectiveness means doing the right things to create the most value for the company
10. Is it often possible to maximize both effectiveness and efficiency simultaneously? Why?
It is often possible that maximizeing both effectiveness and efficiency simultaneously creates
conflict between the two goals. In this situation, the company needs to trade off and choose
between efficiency and effectiveness to some degree depending on the conditions.
Unit 3
1. What is strategic management?

Strategic management consists of the analyses, decisions and actions an organization
undertakes in order to create and sustain competitive advantages.
2. What does strategic management involve?
3. What is the essence of strategic management? And the 5 phrases of strategic
management.
4. How can companies achieve operational effectiveness?

5. What is the key feature of competitive strategy?
6. What is a crisis?
7. What are the biggest threats that might arise from a crisis?
8. What does crisis management involve?
9. State three major phases in crisis management?
10. Indicate the differences between crisis management and risk management.
Unit 4
1. In your opinion, what is the role of financial management?

2. What make financial management essential for an organization?
3. What are the objectives of financial management?
4. What are the four major areas of financial management? Is it different from Accounting?
5. Do you believe that having good financial management can contribute to the growth of
business?
6. How many types of risks are there in financial management?
7. How many types of key functions of financial management?
8. What are the key functions of financial management?
9. What are the roles of financial manager in financial reporting?
10. Discuss their importance of Financial Management and how they contribute to the
organization’s overall financial health.
11. What are the 3 areas of finance? And are these areas independent or they are interrelated
that someone must know something about each of the other areas?
12. How is the model of the corporate hierarchy?
13. Who is the CFO? Where does this individual fit into the corporate hierarchy?
14. What are some of the responsibilities of CFO?
15. Does it make sense for not-for-profit organizations such as hospitals and universities to have
cfos?

Review Unit 1-4: 1. What Is Business Ethics? What Are The Needs For Business Ethics?

Uploaded by

Copyright:

Available Formats

Review Unit 1-4: 1. What Is Business Ethics? What Are The Needs For Business Ethics?

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Review Unit 1-4: 1. What Is Business Ethics? What Are The Needs For Business Ethics?

Uploaded by

Copyright:

Available Formats

Review unit 1-4

UNIT 1: ETHICS AND CULTURE IN BUSINESS

The 3Cs of Business ethics:

- Compliane. The need for compliance of rules in cluding:

- Corporate culture is an organization’s values, ethics, vision, behaviors and work

- 4 types of corporate cultures:

- Role of DEI in Corporate Culture:

1. What is operations management?

2. What is the operations function?

3. Who are operations managers?

4. What are the essential components of operations management?

5. What involves in the design of operations?

- Design business processes

6. What involves in planning and control of operations?

- Controlling enterprise resources

7. How can quality of products and services be ensured?

9. Please differentiate between efficiency and effectiveness.

1. What is strategic management?

4. How can companies achieve operational effectiveness?

1. In your opinion, what is the role of financial management?

You might also like