Definitions
Actions that affect many parties in a companies environment.
Corporate Social Responsibility
What is the first step in handling an ethical dilemma?
Define the problem and collect the relevant facts.
When you make a decision that's unmistakably unethical or illegal you've commited a...
ethical lapse
The application of ethical behavior in business
Business Ethics
In the Johnson and Johnson example, what did they use as their criteria for making their decision.
Company credo
Describe the term stakeholders.
Anyone who has an interest or stake in how the company does.
Being ethical involves two parts. Name those two parts.
Knowing right from wrong. Knowing when you are doing one instead of the other.
What is the first step to ask yourself to avoid an ethical lapse?
Is the action illegal
Attract and keep customers, talented employees and capital.
This ethical situation involves "right vs right" choices
Ethical Dilemmas
List at least three of the five things to ask yourself to avoid an ethical lapse
Is it illegal. Is it unfair to some parties. If I take it will I feel badly about it. Will I be shamed to tell my family, friends, coworkers or boss? Will I be embarrassed if my action is written up in the local newspaper?
True or false. Acting ethically in business only involves following laws and regulations.
False. It also involves being honest, doing no harm to others, competing fairly and declining to put your own interests above those of your employer and coworkers.
This ethical situation involves "right vs wrong" choices
Ethical Decision
List at least three of the five steps to hand an ethical dilemma.
Define problem and collect facts. Identify feasible options. Assess the effect of each option on stakeholders. Establish criteria for determining the most appropriate action. Select the best option based on the established criteria.
How did Johnson and Johnson handle their ethical dilemma. What was the main benefit?
They recalled everything nationwide. Quickly regained public trust.