company. b. globalization A bribe is given with either an explicit or implied expectation of return that will benefit your business while a gift is given without any expectation of return and does not benefit your business. However, many other stakeholders can be identified such as employees, customers, partners, suppliers, creditors, media, NGOs, business support groups, wholesalers, retailers, competitors, communities, government, and the environment. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Which of the following is an example of an external stakeholder of an organization? 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. Business ethics exists on which of the following three levels? AACSB: Application, Analytical, Difficulty: Moderate There are dedicated sites D. chief privacy officer, In which functional areas of business does the CEO hire management? &\begin{array}{ccccccccccccc} Which of the following actions are needed to implement Howard Schulz's strategy of putting Starbucks' innovation on display? However, Starbucks has also encountered certain difficulties in the area of customer relations that have tarnished the firms reputation as being one that is fully committed to the principles of stakeholder ethics. Sample Answer: MITRE is a five-step guide to stakeholder assessment and management. Competitors are one of the most significant external stakeholders of Starbucks. Difficulty: Difficult d. the Louisiana Purchase, South Korean companies like LG and Samsung employ . Nam risus ante, dapibus a molestie consequat, ultrices ac magna. If those entrepreneurs have good morals, it will come natural and it will show. Starbucks baristas are paid above the minimum wage, even at the entry-level position. AACSB: Analytical, Difficulty: Moderate Customers still enjoy the product and yet competition is growing. Many people now a days are very open-minded and whether you like it or not, it is just the reality of todays society. Interacts directly with business stakeholders to understand business problems and to communicate ramifications of technical options; Presents recommendations clearly and persuasively to support business stakeholder decisions; Influences and negotiates with business and technology teams across Starbucks to resolve issues d. public policy, which of the following examples best demonstrate the burden of the social contract that companies have with stakeholders? (Select all that apply. AACSB: Reflection, Application, Difficulty: Difficult It is not necessary to conduct extensive market research. c. ethics is the guiding principle for dealing with others which of the following most likely contributes to a corporation's positive work atmosphere over the long term? Which seven-step guidelines are designed to help organizations with compliance and reporting? All Rights Reserved. Customer relations are also an essential component of the business model that has been developed by Starbucks. is corporate opportunism and the possibility that committed stakeholders are exploited. c. the freedom and ability to make choices based on one's perception of right and wrong \text { Cost } & \$ 930 & \text { Years to maturity } 10 & only applies to shareholders, and it is the amount of money a shareholder could make after selling a holding in a company, True or False: the prevailing current business philosophy is that the sole purpose of business is to make money for shareholders, True or False: customer feedback on social media sites does not affect a company's prospects or status as ethical, True or False: for utilitarianism, the intent of the actors and how humanely people are treated are treated are the determining factor, True or False: individuals, in are the most basic ethical unit, True or False: virtue emphasizes the formation of character, True or False: laws and regulations set the maximum standards by which society lives out ethical norms, morality, as considered by Kant I think of it like renting things temporarily rather than selling them permanently. c. he believed one secures one's own good outside of political science Which of the following does an entrepreneur typically need to be willing to do to start a business? Draw a T-account for the bank after this first round of loans has been made. What is a measure that accounts for an organization's results in terms of its effects on profits, planet, and people? Blooms: Understand The coffeehouse company must strengthen its competitive advantages accordingly. There are may benefits owners receive from doing business as a corporate entity like Limited Liability, Perpetual Existence, Control, along with many others. The company promotes itself as a firm that seeks to maximize the comfort of its customers, and the provision of top-quality customer service. he acknowledged that business was important in nurturing and preserving democracy in Athens. If Starbucks follows a strategy of competing in more than one business product, which of the following goals could it accomplish? a. Humongous Bank decides on a policy of holding 100% reserves. the belief that business is not culturally neutral. AACSB: Real-world, Difficulty: Moderate Although Starbucks lost profit from closing stores, it gained some credibility with communities. a. Samsung's washers had a spin-cycle problem in 2017 safeguard properties lawsuit 2017; syl johnson chad ochocinco father This includes race, color, religion, national origin or ancestry, sex and so on. Also, it is crucial that the company inform For Starbucks, its major stakeholders include employees, customers, suppliers and stockholders. Ability to create, manage and deliver Workday reports and Dashboards for different stakeholder groups; Experience of managing and support of Operational changes such as re-organisations, identifying impacts on Workday; Experienced with internal and external audits, able to demonstrate a positive improvement approach Which of the following is not a belief that businesses hold? Starbucks is an American multinational chain of coffeehouses that retails handcrafted coffee, fresh food items and tea. reidentify stakeholders. 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. B. occurs during the monthly vulnerability scanning. b. ethics is about what someone does In a perpetual existence, when a sole proprietor or partner dies, the assets may go to the heirs, but the business no longer exists. Pellentesque dapibus efficitur laoreet. On one hand, Starbucks is frequently praised as a company that is committed to corporate social responsibility and stakeholder ethics when it comes to labor relations (Miles, 2012). Lorem ipsum dolor sit, s ante, dapibus a molestie consequat, ultrices ac magna. Laplume, A., Karan, S. & Litz, R. (2008). Consider Fisher's remarks in the last two paragraphs. Consumers support big box stores that offer quality goods and reasonable prices, Which of the following are Starbucks' stakeholders? Summary. Blooms: Apply via the notion of what constitutes necessity as opposed to luxury. systemic ethics problems. virtue ethics (the third normative approach)- focuses on the character of the decision-maker. pilgrimages in response to passenger stakeholder interests in making such trips. Each employee prides in working in an organization that acknowledges his efforts. Blooms: Remember Utilitarianism (the first normative approach to)- an ethical action is one whose consequence achieves the greatest good for the greatest number of people. c. Citizens United Which concept means that the owners (shareholders) of corporations, as well as directors and managers, are protected by laws stating that their losses in case of business failure cannot exceed the amount they paid for their shares of ownership? Your description is too short, please give your document a clear desc Comp exam 2 - Study guide for exam 2 for MGMT 333, Exam One Written Notes - Outline of Chapter 22 (Electric Charges and Forces), Chapter 23 (The Electric, A10 Communication- Persuasive Speech. (A)[1,3](B)[0,2](C)[3,4]. How are Ben & Jerrys and Coca-Cola respective examples of greenwashing? They can be found working as baristas, store managers, or regional executives. PR Related Events and Strategies & Tactics Used Timeline of Key PR Related Events (Starbucks does not follow the traditional franchising terms.) b. the doctrine that a corporation has some of the same legal rights and responsibilities enjoyed by natural persons the risk of stakeholder displeasure and critique, which could result in bad publicity for a be detrimental to a company. Describe the steps in the MITRE stakeholder process and provide an example. * Blooms: Apply D. plastic-cover manufacturers, Which are some types of stakeholder relationships that a local chamber of commerce would A trade secret is a form of intellectual property protection and is easier to protect than a trademark or patent. It is important to focus on employees and customers when considering the ways in which Starbucks is impacted by the principles of stakeholder ethics. Large corporations such as Lorem ipsum dolor sit amet, consectetur adipiscing elit. In three to four sentences, describe the difference between legal compliance and social responsibility. The shippers have also announced the suspension of both . B. marketing* 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? Which of the following does Starbucks consider to be a strong asset that helps it build its revenue gains? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. One that not only. STARBUCKS CASE PART 3 - GROUP 1. Explain Lynn Stouts view of the role of shareholders and the implication for stakeholder Describe at least two ethical duties an employer owes to their employees. D. Present information to the board of directors. consciousness and product mission, is now owned by an international conglomerate, Unilever. Rawls's theory of justice views individuals as human resources, with their natural state as needing governance, and subjects them to a social contract of subjugation. Thus, Ikea changed in response to consumer Identify and describe two benefits of employee diversity in the workplace. a. milk producers 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. c. media (Select all that apply. Enculturation and acculturation seem very alike but when paying close attention, the differences start to pop out. They need to develop sustainable sources of quality beans. 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 . e. They have not directly addressed the matter of symbolic speech. Consumer responsibility is diminished if advertising is directed toward children. In 1981, Howard Schultz (Starbucks chairman and chief executive officer) had first walked into a Starbucks . Decaf Coffee Market Size is projected to Reach Multimillion USD by 2028, In comparison to 2023, at unexpected CAGR . Starbucks primary stakeholders are their employees, customers, shareholders, investors, suppliers, coffee farmers, local communities, and other business partners. 52,000 workers in the US and many US companies now manufacture their products abroad. being committed to ethical business practices. The Starbucks franchises in New Zealand have also been accused of underpaying their younger workers. Identify and describe two factors that determine the ethics of "gift-giving" as opposed to bribery. 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. Identify shareholders. Which is the best example of a recent company crisis caused by poor leadership? the cost of stakeholders. inauthentic in carrying out corporate social responsibility when the company already has Labor union membership remains much higher in Europe and other Group of Seven countries than in the United States, in part because some of those countries allow managers to be members of the union. So many customers now . 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? than as a means to achieve better financial results. C. Stakeholder perceptions have a large impact on success. social media, they are apt to speak up about their customer experience. Environmentalists raise the issue of species and Consequently, the ways in which Starbucks engages with these two groups of stakeholders is a significant reflection on the corporations approach to stakeholder concerns on a more general level. A. b. courage, honor, and loyalty Starbucks confirmed the results of the vote to CNN Business. 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. For the fiscal year 2022, group revenue increased by 55 per cent to $1.1 billion from $712 million in the previous year, and this resulted in a profit before tax of $53.7 million compared to a . b. CAFOs are condemned by animal rights activists as being harmful to the STEP 1: DEFINE STAKEHOLDER ENGAGEMENT Discuss the meaning of stakeholder engagement. a. humanity in ethics 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 main reason for forming a corporation is to limit the liability of the owners. Therefore, some employees work for Starbucks to gain that status. a. consumerism D. compensation. 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 definitions best describes mercantilism? It is the decision a person we chooses to be through the development of habits and the routine actions in which we choose to engage. The people in this economy have $20 million in money, and they deposit all their money in Humongous Bank. Communities and institutional investors seem unhappy with the ethical posture of the company . In China, Ikea allows its visitors to take naps on On the line before each of the following words, write S for singular or P for plural. A. milk producers* B. urban and suburban communities* C. coffee and tea growers* D. plastic-cover manufacturers The principles of stakeholder ethics overlap with the parallel principles of corporate social responsibility. His expertise also extends to areas such as leadership, corporate responsibility and business strategy. Consumer feedback on social media sites does not affect a company's prospects or status as ethical. Starbucks CEO Kevin Johnson earned a $1.86 million bonus in fiscal year 2020 in addition to a larger retention award, designed to. It is important for executives to interact with outside-environment stakeholders 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. 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. A firm's vision is the foundation for its mission. AACSB: Application, Difficulty: Easy (b) Analyze: Why do you think Juliet trusts the Friar? Explain how owners benefit from doing business as a corporate entity. A diverse workforce yields many positive outcomes for a company. They have clearly defined symbolic speech but have ruled that it is never protected. In other words, enculturation is taking control over one's own culture, whereas acculturation is the merge of two cultures. 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. (Select all that apply. coffee and tea growers. a positive bottom line. This incident caused a global C. coffee and tea growers* B. government liaison/lobbying director Additionally, the company maintains a range of opportunities for internal promotion. Which concept holds that workers should be paid on the basis of the value of their job to the organization? a. he viewed those outside economic and political circles as virtuous Starbucks was founded by Jerry Baldwin, Gordon Bowker, and Zev Siegl, opening its first store in 1971 near the historic Pike Place Market in Seattle. Sample Answer: Customers are articulate about their views of a company. AACSB: Application, Real-world. Stakeholders: Essentially contested or just confused? The emphasis was on And there are two types of stakeholders, including the primary and seconday stakeholders ( Clarkson, 1995). a. an enumerated power listed in the constitution in the Bill of Rights operations (CAFO). Which of the following are well-documented outcomes? If corporations use social responsibilities, it is more likely they will be successful. B. her portrayal of the character was not approved AACSB: Application, Ethics, Difficulty: Moderate Develop or acquire assets and skills needed to implement the strategy. Thornton & Ross, part of the Stada group, are one of the UK's fastest-growing, leading producers of household pharmaceutical products & own some of the country's most loved brands such as Covonia, Hedrin, Cetraben as well as the leading disinfectant Zoflora. most important, given its provision of goods and services. Today, it is a global roaster and retailer of coffee with more than 24,000 stores, 40% of which are in some 70 countries worldwide. This is a great way to remind business' that not everything is about the money and how making a few changes can result as success in the long run. Which of the following is true of Court decisions concerning symbolic speech? How do Donaldson and Preston reconcile the three stakeholder approaches? A firm's vision is the foundation for its mission. Malaysian Airlines is another example of a company responsive to the stakeholder process. 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? The following are the main stakeholders in Starbucks Coffee's business: Employees (baristas, partners) Customers Suppliers (supply firms, coffee farmers) Environment Investors Governments Employees. "Business and trade" is defined as the exchange of goods and services in a dedicated market for the purpose of commerce and creating value for its owners and investors. It has had success in the United States 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? (2013). Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Urban and suburban communities Also, a bribery is very unethical and can look bad for the business. the importance of companies considering the priority of such parties. Answer: False. Answer: True, True or false? How is Starbucks diversifying in India to fit into the local culture? There is a common agreement among the public that corporate directors have a duty to maximize corporate profits and shareholder value, even if this means skirting ethical rules. people do not need some of the promoted products or services. AACSB: Ethics, Difficulty: Easy Millennials are ten times more likely than older generations to change jobs, and 90 percent will change jobs within the first year. (Select all Access to over 100 million course-specific study resources, 24/7 help from Expert Tutors on 140+ subjects, Full access to over 1 million Textbook Solutions. \text { Par value } & \$ 1,000 & \text { Coupon interest rate 6\% } & \text { Tax bracket 20\% } \\ Employee diversity in the workplaces can enhance performance and drive innovation. A normative approach views stakeholders as ends in themselves rather Stakeholder ethics involves a body of thought which insists that the ethical responsibilities of corporations extend not only to the shareholders but also to the full range of interests that are impacted by corporate activity. a. ethics applies solely to business-making A. milk producers* ventana canyon golf membership fees; what ships are in port at norfolk naval base? Blooms: Apply Which of the following is a resource made available to employees, in addition to salary? In the case of Dodge v. Ford Motor Company, the Michigan Supreme Court ruled in favor of shareholder primacy. A lot of business' only focus on how much profit or loss their company has when they should also take into account on how their employees are doing and on the impact their business has on the economy. What constitutes a reasonable profit may be unfair. 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 Blooms: Apply A. entities and people invested and influential in the success of an organization* chief executive officer. C. legal compliance* The airline is now focused on promoting Muslim Starbucks' primary business is running a quick service restaurant chain with a coffeeshop model. consumed by 20% of the worlds population. uproar. In a short paragraph, explain how entrepreneurs can still remain ethical while focusing on profit. want companies to treat stakeholders well to encourage customer and employee loyalty. Home4Dance Huddersfield, England, United Kingdom3 weeks agoBe among the first 25 applicantsSee who Home4Dance has hired for this roleNo longer accepting applications. AACSB: Real-world, Difficulty: Moderate Which is the primary law prohibiting religious discrimination in the private sector workplace? Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Select the best answer. Which of the following describes the efficacy of legislation like the California Transparency in Supply Chains Act? 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. For that law, companies are. AACSB: Application, Difficulty: Easy with Starbucks in lieu of a civil action against the corporation. Donec aliquet. There is a growing recognition of the need for corporate accountability. Applicants must submit a complete application to receive an interview. When expanded it provides a list of search options that will switch the search inputs to match the current selection. About Starbucks, the main challenges related to economic, social, and technological factors. Blooms: Apply Ethical standards do not remain the same; they convert in response to evolving situations. Once data are validated, managers present the which are the universal principles of behavior? AACSB: Application, Real-world, Difficulty: Moderate We are, therefore, Secondly, Starbucks Coffee Company is a big name and anybody loves to be associated with a big company. 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. Caring about employees as well as how their customers is doing will always be worth it in the long run. b. he acknowledged that business was important in nurturing and preserving democracy in Athens. The California Transparency in 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. From the beginning, Starbucks set out to be a different kind of company. protect than a trademark or patent. d. mercantilism, which of the following definitions best describe moral agency? B. Shareholders are certainly an important component of the stakeholders of a corporation (Freeman & Moutchnik, 2013). Quality Glossary Definition: Stakeholder. a. leads people to treat others as a means to an end 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 . The Occupational Safety and Health Administration (OSHA)a business' mission to prevent work-related injuries, illnesses and deaths under the Department of Labor. (1997). Blooms: Evaluate 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. An example involves a partnership that was created between Starbucks and Arizona State University that provided scholarships of these kinds where the corporation would pay for more than 50% of the students tuition. Blooms: Analyze AACSB: Application, Difficulty: Moderate Journal of Management, 34(6), 11521189. Which insurance covers the damage to the fire hydrant? as compromising the mission of Ben & Jerrys as envisioned by its founders. Has opportunity to lead a team. An ethical financial advisor must ________. Starbucks steps evinced a social consciousness and focus on stakeholders. b. corporations need to maintain initial priority of stakeholders Managing and executing the strategy of a company C. It is ineffective because it uses consumer stakeholders to pressure suppliers and make (Select all that apply.) CSR and greenwashing are the same concepts. 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. service, for example. FedEx and UPS. The coffee farmers supply coffee to Starbucks. 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. and avoiding bias. a. the barista at Starbucks b. the Starbucks district manager c. the President and CEO of Starbucks d. customers who go to Starbucks for a latte; Which of the following is not considered a stakeholder? influence suppliers working conditions. 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. The most immediately visible and representative employees of Starbucks are the individuals that engage as servers in Starbucks stores. According to Donaldson and Preston, what are the three theoretical approaches to considering stakeholder claims? Too Short! c. is an unattainable goal of perfect virtue D. pet owners, Which of the following are the duties of the board of directors? In several sentences, describe one ethical draw-back of job-sharing. essence of Stouts view is concern that shareholders may want to maximize their investment at The mayor's wife often___ to the front of church on Sunday to show off her expensive, new clothes. (Select all that apply.) 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 f(x)=x48x2+16, (A)[1,3](B)[0,2](C)[3,4](A)\ [-1,3]\qquad (B)\ [0,2]\qquad (C)\ [-3,4] What is the projected market size and growth rate of the Decaf Coffee Market?