MAR4480 EXAM 3 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Research has shown that ethical behavior can:
1) Enhance a company's reputation
2) Contribute significantly to its bottom line
Social Responsibility
Relates to an organization's obligation to maximize its positive impact on society while
minimizing its negative impact
4 Dimensions of Social Responsibility Pyramid
1. Economic (base)
2. Legal
3. Ethical
4. Philanthropic (top)
Economic Responsibility
Businesses should be profitable
- The foundation of social responsibility
- Responsible to all stakeholders for financial success
- Serves employees & community at large
Legal Responsibility
,A company's obligation to obey laws & regulations
- Designed to keep U.S. companies' actions within the range of acceptable conduct &
fair competition
Marketing Ethics (Ethical Responsibilities)
Refers to principles and standards that define acceptable marketing conduct as
determined by the public, government regulators, private-interest groups, competitors,
and the firm itself
- Most basic of these are codified into laws/regulations
- Goes beyond legal issues
-Fosters trust
What Do Ethics Decisions Benefit?
- Organizational performance
- Individual achievement in a work group
- Social acceptance and advancement in organization
- Stakeholders
Why Should Companies Address Ethical Issues Rather Than Ignore Them?
- Addressing ethical issues can save companies millions
- Ignoring the issues can destroy stakeholder trust and prompt government intervention
Philanthropic Responsibilities
Promote human welfare or goodwill above & beyond legal and ethical goals
- 3 ways to do this:
1) Cause-related marketing
, 2) Strategic philanthropy
3) Social Entrepreneurship
Cause-Related Marketing
Linking of products to a specific social cause
- i.e. For every goal Messi or Neymar scores Mastercard will help 10000 kids receive a
meal
- Appeals to customers because it provides an additional reason to "feel good" about
the purchase
Startegic Philanthropy
The synergistic use of organizational core competencies and resources to address key
stakeholders' interests and achieve both organizational and social benefits
- i.e. Home Depot buy a hammer help build a home program
Social Entrepreneurship
When an entrepreneur founds an organization with the purpose of creating social value
rather than profits
- i.e. Love Your Melon hats donating 50% of profit to pediatric cancer funding
What is the Major Difference Between Strategic Philanthropy and Social
Entrepreneurship?
Strategic philanthropy programs are not the primary purpose of the organization or
reason for its existence
- Social entrepreneurship is created primarily for philanthropic purposes
Sustainability
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Research has shown that ethical behavior can:
1) Enhance a company's reputation
2) Contribute significantly to its bottom line
Social Responsibility
Relates to an organization's obligation to maximize its positive impact on society while
minimizing its negative impact
4 Dimensions of Social Responsibility Pyramid
1. Economic (base)
2. Legal
3. Ethical
4. Philanthropic (top)
Economic Responsibility
Businesses should be profitable
- The foundation of social responsibility
- Responsible to all stakeholders for financial success
- Serves employees & community at large
Legal Responsibility
,A company's obligation to obey laws & regulations
- Designed to keep U.S. companies' actions within the range of acceptable conduct &
fair competition
Marketing Ethics (Ethical Responsibilities)
Refers to principles and standards that define acceptable marketing conduct as
determined by the public, government regulators, private-interest groups, competitors,
and the firm itself
- Most basic of these are codified into laws/regulations
- Goes beyond legal issues
-Fosters trust
What Do Ethics Decisions Benefit?
- Organizational performance
- Individual achievement in a work group
- Social acceptance and advancement in organization
- Stakeholders
Why Should Companies Address Ethical Issues Rather Than Ignore Them?
- Addressing ethical issues can save companies millions
- Ignoring the issues can destroy stakeholder trust and prompt government intervention
Philanthropic Responsibilities
Promote human welfare or goodwill above & beyond legal and ethical goals
- 3 ways to do this:
1) Cause-related marketing
, 2) Strategic philanthropy
3) Social Entrepreneurship
Cause-Related Marketing
Linking of products to a specific social cause
- i.e. For every goal Messi or Neymar scores Mastercard will help 10000 kids receive a
meal
- Appeals to customers because it provides an additional reason to "feel good" about
the purchase
Startegic Philanthropy
The synergistic use of organizational core competencies and resources to address key
stakeholders' interests and achieve both organizational and social benefits
- i.e. Home Depot buy a hammer help build a home program
Social Entrepreneurship
When an entrepreneur founds an organization with the purpose of creating social value
rather than profits
- i.e. Love Your Melon hats donating 50% of profit to pediatric cancer funding
What is the Major Difference Between Strategic Philanthropy and Social
Entrepreneurship?
Strategic philanthropy programs are not the primary purpose of the organization or
reason for its existence
- Social entrepreneurship is created primarily for philanthropic purposes
Sustainability
