What are our ethical responsibilities to ourselves and the business we work for?

Discussion #8 Responses

Instructions:

Instructions for Classmate ResponsesRespond specifically to your classmate’s answer of Question 2. Refute your classmate’s answer by providing support from another course material source other than the one your classmate used. Example: your classmate used the eBook to support an opinion about responsibilities that employers should have to their employees and to society. You argue that she does not necessarily have one or more of those responsibilities, using another source from course content (other than the eBook) to argue your case.

All citations of course materials in this course should include a page or paragraph number (except videos and podcasts). (i.e. – (Brown, 2016, p. 160) or (Brown, 2016, para 7))

Response 1:

What are our ethical responsibilities to ourselves and the business we work for?

Ethical responsibilities are essential in how a person operates in life and in their business operations (The Business Ethics Workshop, 2012, p. 33). They are also modified with any shifts in life and business development (The Business Ethics Workshop, 2012, p. 207). The ethical responsibilities needed for you success in business are honoring their expertise and integrity, and to excel at work. There is also an ethic responsibility to your colleagues, in showcasing some of their progressive duties. The ethical responsibilities due to your employers is integrity, and the ability to choose a profession that will best fit your needs (The Business Ethics Workshop, 2012, p. 199). Make sure your values income, conformability, and reliability align with the ethic responsibilities that are worked for (The Business Ethics Workshop, 2012, p. 201)

What responsibilities should employers have toward their employees and to society?

Employers responsibilities to their employers should consist of good ethical behavior, along with fair compensation, and to treat them with dignity. Employers should also have a social responsibility to the community (The Business Ethics Workshop, 2012, p. 556). It should not be just about making dollars. Employers of corporations owe society a model of connecting with them in an ethical manner (The Business Ethics Workshop, 2012, p. 589). It is also in their best interest to safeguard their society for the good of the environment. There is also a responsibility for employers to act ethically to society beyond the parameters of the law (The Business Ethics Workshop, 2012, p. 590).

How do we act ethically across the borders of many countries, with innovative technology, and environmental sustainability? 

Our ethical behavior across the borders of countries as it pertains to unconventional telecommunications show up in the advancement of solar and wind power generation. Because the universe permits economic development through its advancement of technology, the world can sustain itself with minimal destruction to the environment (The Business Ethics Workshop, 2012, p. 650). Ethically we should help to preserve the environment while going in business and making a profit. There is a duty to sustain the environment’s preservation. Contributing to a green planet with assist in these efforts by recycling, and not releasing toxins in earth. We must take action to sustain and revive natures natural state of being (The Business Ethics Workshop, 2012, p. 594).

References

The Business Ethics Workshop. (2012). Saylor academy. https://saylordotorg. Retrieved December 12, 2020, from https://saylordotorg.github.io/text_the-business-ethics-workshop/index.html

Response 2:

 What are our ethical responsibilities to ourselves and the business we work for?

Our ethical responsibilities to ourselves and the business we work includes a set of values that guide personal actions. It considers morality and the guidelines that people should follow, the difference between what is right and wrong. In business ethics, it encompasses the values, facts, and arguments of the economic world (University of Maryland Global Campus, 2009, p. 1). We need to be cognizant of cultural relativism as well to our ethical responsibility. It considers values and morality of specific cultures so we cannot just dismiss a set of rules (The Business Ethics Workshop, 2012, p. 140).

What responsibilities should employers have toward their employees and to society? 

From an ethical standpoint, the responsibilities that employers should have toward their employees and to society are the manager’s responsibility to the company and the company’s responsibility to the public. The manager’s responsibility is to ensure problems do not arise and that operations continue to run smoothly and the company continues to profit (The Business Ethics Workshop, 2012, p. 337). The company’s responsibility is to protect the company image, avoid discrimination and walk the fine line between what is ethical and what is the law.

How do we act ethically across the borders of many countries, with innovative technology, and environmental sustainability?

As business is done internationally with innovative technology and environmental sustainability in mind, when it comes to ethics, what is morally good or bad must always be considered when it comes to the economic world (The Business Ethics Workshop, 2012, p. 139-140). Cultural relativism is what defines ethics when interacting with other countries – it means that values and morality is culture specific. There is no way to follow a specific set of ethical rules to apply to all different cultures. For example, what is considered a bribe stateside may be considered a genuine gift in other countries. 

REFERENCES: 

The Business Ethics Workshop. (2012). Saylor Academy. https://saylordotorg.github.io/text_the-business-ethics-workshop/index.html 

University of Maryland Global Campus. (2009). A Framework for Thinking Ethically. BMGT 496.

Initial Question

Discussion #8 Question

This final week of our class is devoted to thinking about the lessons we will take away from the course and discussion topics over the past eight weeks. Answer the questions below using course materials from ALL eight weeks as support.

  • What are our ethical responsibilities to ourselves and the business we work for?
  • What responsibilities should employers have toward their employees and to society?
  • How do we act ethically across the borders of many countries, with innovative technology, and environmental sustainability?  

Be sure to use the course materials from all eight weeks of the class to support and substantiate your responses.

My submitted response to Question 3

2. The employer of a business needs to possess concrete responsibility towards society and the employees. The Conversation (2017) reports that the employer, despite being focused on the profitability and growth of the business, needs to ensure the overall benefit of the social structure in the business. The employer should concentrate on the cognitive and social development of the employees which in turn can result in a healthy workplace environment. The employer also needs to donate a part of his total income to charity to ensure positive results for society.

References:

The Conversation. (2017). When some US firms move production overseas, they also offshore their pollutionhttps://theconversation.com/when-some-us-firms-move-production-overseas-they-also-offshore-their-pollution-75371

Course Material

Week 1

Theme 1: What is Ethics?

Ethics is concerned with distinguishing between good and evil in the world, between right and wrong human actions, and between virtuous and non-virtuous characteristics of people. Ethics is the study of basic concepts and fundamental principles of decent human conduct.  It includes the study of universal values such as the essential equality of all men and women, human or natural rights, obedience to the law of land, concern for health and safety, and, increasingly, also for the natural environment. Similarly, business ethics is the study of how businesses and individuals define and construct values and moral behavior in the conduct of business.

Chapter 1: What Is Business Ethics? (pages 4-32) – Attached Separately

Theme 2: Why Ethics Matters? 

https://insights.ethisphere.com/culture-the-key-to-corporate-governance/
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/risk/us-aers-corporate-culture-112514.pdf

Course Material

Week 2

Theme 1: The Importance of Ethical Theory to Making Ethical Decisions in Business

Chapter 3: Theories of Consequence Ethics: Traditional Tools for Making Decisions in Business When the Ends Justify the Means (pages 91-125) – Attached Separately

Chapter 4: Theories Responding to the Challenge of Cultural Relativism (Start on section 4.4 Virtue Theory, and read pages 154-176) – Attached Separately

https://www.youtube.com/watch?v=-a739VjqdSI
https://www.youtube.com/watch?v=PrvtOWEXDIQ
https://www.thoughtco.com/kantian-ethics-moral-philosophy-immanuel-kant-4045398

Theme 2:  Ethical Issues Surrounding Banking & Investment Activity

https://tifwe.org/why-creating-wealth-is-not-exploitative/
https://money.cnn.com/2018/09/07/news/companies/wells-fargo-scandal-two-years/index.html
https://nam03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.jonesday.com%2Fen%2Finsights%2F2016%2F12%2Fus-supreme-court-clarifies-standards-for-tippee-insider-trading-liability&data=02%7C01%7CSusan.Morris%40umuc.edu%7C02134c08bd854113080a08d73fc1d71f%7C704ce3d6a4bf4e098516d52840c9f7a9%7C0%7C0%7C637047974081487343&sdata=KhUCgFnL9rC%2BwjnCQwMSfVc9%2FWT7Vhwg2XSndNbPtx8%3D&reserved=0
https://www.cbsnews.com/video/60-minutes-investigates-high-frequency-trading/
https://www.sec.gov/news/speech/speech-peirce-072418

Course Material

Week 3

Chapter 8: Manager’s Ethics: Getting, Promoting, and Firing Workers (pages 327-377) – Attached Separately

Theme 1:  Safety/Civility

Your Person

http://business-ethics.com/2016/12/19/0711-oshas-wall-of-shame-agency-targets-severe-violators/
https://www.lexisnexis.com/legalnewsroom/workers-compensation/b/recent-cases-news-trends-developments/posts/the-top-10-bizarre-workers-compensation-cases-for-2015

Your Psyche

http://www.nfl.com/news/story/0ap3000000994219/article/kareem-hunt-faces-more-than-baseline-sixgame-suspension
https://qz.com/1079344/the-silent-killer-of-workplace-happiness-productivity-and-health-is-a-lack-of-basic-civility/
https://www.youtube.com/watch?v=IMSayTfQQM0

Your Money

https://www.shrm.org/resourcesandtools/legal-and-compliance/state-and-local-updates/pages/employers-payroll-debit-cards-.aspx
https://www.pwbcpas.com/new-overtime-rules-suspended-for-now/
https://www.nceo.org/articles/esops-too-risky-be-good-retirement-plans

Theme 2:  Freedom From Discrimination

Illegal Discrimination

https://fas.org/sgp/crs/misc/R44204.pdf
https://www.hr.com/en/communities/legal/legal-discrimination-in-four-letters-bfoq_eacylj3d.html
https://www.businessinsider.com/how-can-hooters-hire-only-women-2015-9
https://www.lexology.com/library/detail.aspx?g=482b0e83-df69-443e-be11-dc60c8e7a2dd
https://www.fisherphillips.com/resources-newsletters-article-eeoc-settles-beef-with-restaurant

Legal Discrimination

https://www.ttec.com/resources/articles/hidden-obstacle-great-corporate-culture-unconscious-bias#.XApgKVFRepo
https://www.nbcnews.com/news/us-news/former-hooters-waitress-awarded-250-000-racial-discrimination-case-n337396
https://www.mcrazlaw.com/lifestyle-discrimination-is-it-legal/
https://www.aol.com/2012/11/19/8-ways-employers-can-discriminate-against-workers-legally/
http://www.wbal.com/article/108061/3/anne-arundel-medical-center-wont-hire-smokers-in-the-future
https://www.forbes.com/sites/kimelsesser/2018/09/05/pay-transparency-is-the-solution-to-the-pay-gap-heres-one-companys-success-story/#7640b5145010
https://www.nytimes.com/2018/02/16/business/economy/salary-history-laws.html
https://www.laboremploymentperspectives.com/2017/05/08/employers-must-use-caution-when-basing-pay-decisions-on-prior-salary-history/
https://www.economist.com/business/2015/08/20/when-workers-are-owners
https://www.eeoc.gov/facts/multi-employees.html
https://www.theguardian.com/world/2017/nov/20/eu-to-push-for-40-quota-for-women-on-company-boards
https://www.bbc.com/news/world-europe-39264845

Course Material

Week 4

Chapter 7: Employee’s Ethics: Making the Best of the Job you have as you get from 9 to 5 – Attached Separately

Theme 1:  Pharmaceutical Industry
The Importance of Patents: It Pays to Know Patent Rules

Why Patent Protection In The Drug Industry Is Out Of Control

First-To-File Patent Law Is Imminent, But What Will It Mean?

Theme 2: Products of Liability

The Danger Of Loosely Regulated Supplements

Unregulated supplements send thousands to hospital each year

The ethics of global clinical trials In developing countries, participation in clinical trials is sometimes the only way to access medical treatment. What should be done to avoid exploitation of disad

Supreme Court lets pay-to-delay ruling against pharma stand

Appendix K Antibiotics In Animal Feeds

The War on Opioids: An Ethical Perspective

Theme 3:  Whistleblowing

From The Business Ethics Workshop, Read Chapter 7 – Employee’s Ethics: Making the Best of the Job You Have as you Get from 9 to 5 (use link to eBook below). In addition to Chapter 7, read the following:

5 famous whistleblowers who risked everything

Our Successful Whistleblower Cases

Course Material

Week 5

Chapter 12: The Selling Office: Advertising and Consumer Protection (pages 529-566) – Attached Separately

Theme 1Ethical Issues Related to Marketing

Offensive/Exploitive/Insensitive/Violent—short of illegal

False Claims to Making One Healthier, Richer, Younger–illegal

Exploitive/Dangerous to Children & Vulnerable Populations

Stealth Advertising/Conflicts of Interest/Biased Reviewers

Theme 2:  Ethical Issues Related to Brand Protection

Controversial Ingredients and Testing of Ingredients

Assembly & Manufacturing Problems

Consumer Privacy

Pricing

Theme 3:  Ethical Issues Related to Food & Drink Production

Course Material

Week 6

Theme 1:  Emerging Technology

Theme 2:  Data Protection

Theme 3:  Privacy

Consumer Privacy Bill of Rights—not the law

Course Material

Week 7

Theme 1:  Ethical Issues Related to the Environment

The Business Ethics Workshop (2012) Washington, DC: The Saylor Foundation

Chapter 14: The Green Office: Economics and the Environment (pages 627-664)

Theme 2:  Sustainable Business Practices

Course Material

Week 8

Theme 1: Global Business Ethics

The Business Ethics Workshop (2012) Washington, DC: The Saylor Foundation

Chapter 4: Theories Responding to the Challenge of Cultural Relativism (Start on section 4.1 What is Cultural Relativism and read pages 137 – 153) – Use Link Below

Theme 2: Foreign Corrupt Practices Act

Sub Theme 1:  Operating in China

Sub Theme 2:  Operating in India

Sub Theme 3:  Operating in Latin America

Sub Theme 4:  Operating in Russia

Sub Theme 5:  Operating in Africa

Discussion #8 Responses

Instructions: Use required course materials in all responses to move the discussion forward and explains the ‘why and how.’ Do not repeat what has been stated but consistently brings in new ideas or aspects related to discussion topic to enhance discussion.

Response 3:

a) Describe, in detail, the process of developing a strategic review for  a hypothetical strategy you   identify in your post.

The purpose of a strategic review is to measure if the objectives linked with the strategies for the goal are being met.  To analyze this, standards and mechanisms must be put in place to access the outcome, along with a method of interpreting results. Reporting procedures must be established along with designating a leader to report to evaluate the success of the strategy and ensure that the outcomes are being met. If the strategy is failing to perform in line with organizational objectives, it must be re-evaluated or modified.

For instance, if I have a strategic goal to increase e-commerce sales by 10 percent within a year, a hypothetical strategy would be to implement omni – channel marketing strategy. To accomplish this strategy the tactics I could use are grow Instagram following, implement influencer marketing strategies, implement affiliate marketing programs.  Ways in which I can measure this is by monitoring analytics to see if e-commerce site traffic increased, monitoring increases in social media followers, using K.P.I,’s and other ratios to measure conversion rates.  Appointing a digital project manager along with a digital marketing team to implement strategic objectives and report to the project manager would be a way of evaluating performance results. Ways of monitoring the project would be developing a project plan with a scope and timely project deliverables, along with developing a digital marketing team and assigning roles to each team member, in addition to scheduling sprints to monitor the progress of the project.

b) Identify a qualitative measure or a quantitative business metric that might be used to evaluate the strategy you identify and what the how the measure or metric would be used to measure the strategy’s effectiveness.

A quantitative measure is a way to measure the success of the goal numerically. For instance, a growth in 10 percent sales revenue within a year can be measured by using the balance sheet as a benchmark to measure percentage increase in sales revenue in comparison to the previous year. The success of the omni-channel marketing or social media marketing can be quantitatively measured by an increase in followers, along with conversion rates. For example, a ratio to determine how many Instagram followers are converted to customers (19 Social Media Metrics That Really Matter-And How to Track Them, 2020).  This can be analyzed by measuring the percentage of followers that click on the link and purchase something.  Another ratio that can be used to measure the success of a social media campaign is engagement ratios, which measure how long a customer is engaging with the post (19 Social Media Metrics That Really Matter-And How to Track Them, 2020) . Another quantitative is using Google analytics to measure sources of traffic, long with bounce rates to measure how long visitors are active on a page.  A quantitative business metric is a way to measure the effectiveness of a strategy non-numerically (Cross, 2019) . Examples of qualitative metrics in business are customer and employee surveys, focus groups, and benchmarking against rival firms.  Surveys can be done online via questionnaires (Cross, 2019) . Facebook groups, and boards can also be a way to gain feedback about a brand (19 Social Media Metrics That Really Matter-And How to Track Them, 2020) .

References

19 Social Media Metrics That Really Matter-And How to Track Them. (2020, November 09). Retrieved December 13, 2020, from https://blog.hootsuite.com/social-media-metrics/

Cross, V. (2019, February 11). What Is Qualitative Business Metrics? Retrieved December 13, 2020, from https://bizfluent.com/info-8603054-qualitative-business-metrics.html

Wright, G., & Chaffey, D. (2020, January 22). How to grow your e-commerce business in 2020. Retrieved December 13, 2020, from https://www.smartinsights.com/digital-marketing-strategy/how-to-grow-your-ecommerce-business/

Response 4:

a.) Measures for initiatives are necessary for successful implementation of strategies for all businesses. Consider the need of car manufacturers to implement new operational devices into vehicles that comply with the standards of operation within countries of markets they wish to enter into. Successful implementation requires the metrics to be reviewable and have the ability to correct output controls to adjust variables (Chapter 9: Executing Strategy Through Organizational Design). This requires that management have the ability to review the information of the processes that are generating data that controls the effectiveness of evaluating the strategic outcomes for safety versus the required goals (Executive Finance, 2012). The clarity of information matters and it dictates the accessibility that others looking to learn about the company processes will have.

The information about the goals and initiatives should paint a clear picture about the strategic advantage being gained or maintained through the establishment of this set of goals to everyone from board members to shareholders. Impacts that are made to the company in the form of financial outcomes need to be measured through accounting data. The ability to review the strategic outcome versus the alignment of the organizational structure must be maintained by managers to ensure integrity. It is required that employees be made to understand the necessity of the strategic implementation which requires the ability to explain why this is important from management at all levels throughout an organization. 

These considerations should ensure the ability of a company like a vehicle manufacturer to correctly adhere to the necessary requirements to enter a new market through measurable initiatives that weigh the cost versus the effectiveness of the strategy. The controls in place should allow for a gradual transition through market testing to display the potential viability of the strategy to scale.  

b.) A quantitative goal requires a measurable statistic to help management analyze performance relative to current controls put in place. Product launches can be an incredibly difficult period for businesses, so being able to measure current output of total vehicles that are ready to enter into the new market is crucial performance metric for success. It is important for companies not to overpromise and underdeliver which has become more commonplace as consumer markets demand products almost immediately. When manufacturers fail to deliver the expectations of consumers in a new market it can hurt the image of the company and diminish the trust and profitability of a promising market (McKinsey & Company. n.d.). Knowing if the production schedule is ahead or behind the anticipated total inventory allows a manufacturer the greatest ability to adjust controls to meet the desired quota.

A qualitative metric is based on more intangible data but aims to direct analyzation to why measures were successful or not. A qualitative metric of the hypothetical strategy of a car company entering a new market might be interested in consumer satisfaction ratings. Understanding why consumers responded positively or negatively to the entrance of a competitor in a new market will help the company to determine the strengths and weaknesses of their approach to help translate success to similar markets. Ultimately qualitative metrics can save firms that pay attention to them vast amounts of money by reducing expenses in redundancies.     

References:

Executive Finance. (2012, September 24). 10 Strategic Management: Strategy Evaluation and Control. YouTube. https://www.youtube.com/watch?v=NfKLoGZiR4s

Mastering Strategic Management; Chapter 9: Executing Strategy Through Organizational Design. (n.d.). Washington, DC: Saylor.

McKinsey & Company. (n.d.). Emerging Markets | Automotive & Assemblyhttps://www.mckinsey.com/industries/automotive-and-assembly/how-we-help-clients/emerging-markets

Initial Question

Discussion #8 Question

After a Strategic Plan has been developed, approved and implemented, it’s progress should  be monitored, reviewed and evaluated to determine if the specific strategic objectives are being met.

a) Describe, in detail, the process of developing a strategic review  for  a hypothetical strategy you   identify in your post.

b) Identify a qualitative measure or a quantitative business metric that might be used to evaluate the strategy you identify and what the how the measure or metric would be used to measure the strategy’s effectiveness..

My submitted response to all Questions

Part A

Developing a new strategic review is important because it helps an organization monitor its strategy progress and develop new opportunities (Ketchen & Short, 2012). Without a strategic review, organizations would not be able to effectively and efficiently monitor their objectives in a company that produces leather shoes. The first phase of the review will evaluate if the program design increases the number of production units per week. The second phase of the strategic review will assess if the strategy meets its target efficiently and effectively and other ways of improving the process. The review will also assess the inputs such as human labor and capital required if delivered on time to meet the new objectives. The review will then evaluate the numbers, discover if they have achieved their objectives, and evaluate the impact of the strategy on the business and the customers.

Part B

The development of ideal key performance indicators (KPI) helps organizations measure their strategies’ effectiveness and efficiency. To measure and evaluate the strategy’s effectiveness and efficacy, an organization may use goal-based strategy monitors (Barton et al., 2017). These goal monitors help to measure the satisfaction of the attainment of an organizational goal. For instance, the KPI can measure if the company is selling more production units per month than previously. The business equivalent of the objective would be to assess the number of profit returns. Additionally, it may also assess the number of orders placed per week and per month to see if there are any sales increase. As if not enough, the company may also monitor the customer’s feedback, quality, quantity, and accessibility of the leather shoes.

References

Barton, D., Manyika, J., Koller, T., Palter, R., Godsall, J., & Zoffer, J. (2017, February 8). Where companies with a long-term view outperform their peers. Retrieved from https://www.mckinsey.com/featured-insights/long-term-capitalism/where-companies-with-a-long-term-view-outperform-their-peers

Ketchen, D., & Short, J. (2012). Strategic management: Evaluation and execution (v. 1.0). Chapter2, 70-75.

Course Material

Where companies with a long-term view outperform their peers (mckinsey.com)

10 Strategic Management: Strategy Evaluation and Control – YouTube

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