Define the following concepts:- Moral Standard Business Ethics Stakeholder theor
ID: 2565588 • Letter: D
Question
Define the following concepts:-Moral Standard
Business Ethics
Stakeholder theory
Shareholder theory
Pure Monopoly
2) Why most nations of the world have embraced and tried hard to maintain competitive market systems precisely, then provide an example to support your answer?
3) State the four models of CSR, and illustrate which one is the prevalent among companies that engage in CSR efforts?
4)How do oligopoly markets affect consumers, provide an example if you can?
Define the following concepts:-
Moral Standard
Business Ethics
Stakeholder theory
Shareholder theory
Pure Monopoly
2) Why most nations of the world have embraced and tried hard to maintain competitive market systems precisely, then provide an example to support your answer?
3) State the four models of CSR, and illustrate which one is the prevalent among companies that engage in CSR efforts?
4)How do oligopoly markets affect consumers, provide an example if you can?
Define the following concepts:-
Moral Standard
Business Ethics
Stakeholder theory
Shareholder theory
Pure Monopoly
2) Why most nations of the world have embraced and tried hard to maintain competitive market systems precisely, then provide an example to support your answer?
3) State the four models of CSR, and illustrate which one is the prevalent among companies that engage in CSR efforts?
4)How do oligopoly markets affect consumers, provide an example if you can?
Explanation / Answer
Answer 1
Moral standards are those standards that protect life and are respectful of the dual life value of self and others. The great moral values, such as truth, freedom, charity, etc., have one thing in common. When they are functioning correctly, they are life protecting or life enhancing for all. But they are still relative values. Our relative moral standards must be constantly examined to make sure that they are always performing their life-protecting mission.
Business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations. Business ethics refers to contemporary organizational standards, principles, sets of values and norms that govern the actions and behavior of an individual in the business organization.
3.Stakeholder Theory:
Stakeholder theory is introduced by Edward Freeman in 1988. The Stakeholder theory is a theory of organizational management and business ethics that addresses morals and values in managing an organization. Stakeholder theory looks at the relationships between an organization and others in its internal and external environments. It also looks at how these connections influence how the business conducts its activities. Think of a stakeholder as a person or group that can affect or be affected by an organization. Stakeholders can come from inside or outside of the business. Examples include customers, employees, stockholders, suppliers, non-profit groups, government, and the local community, among many others. The core idea of stakeholder theory is that organizations that manage their stakeholder relationships effectively will survive longer and perform better than organizations that don't.
4.Shareholder Theory:
Shareholders theory is introduced by Milton Friedman. In 1970. Shareholder theory equates to an influential view on the role of business in society which pushes the idea that the only responsibility of managers is to serve in the best possible way the interests of shareholders, using the resources of the corporation to increase the wealth of the latter by seeking profits. According to this theory, such behavior, done within the constraints of law and without deception or fraud, would be beneficial for society as a whole. Within this theory corporate social responsibility is defined in purely economic profit making terms.
5.Pure Monopoly:
A pure monopoly is a market structure where one company is the single source for a product and there are no close substitutes for the product available. Pure monopolies are relatively rare. In order for a provider to maintain a pure monopoly, there must be barriers preventing competitors from entering the market such as legal barriers, control of resources and economies of scale.
Answer 2
The most nations of the world have embraced and tried hard to maintain competitive market system precisely due to its following advantages:
Answer 3
Four Models of CSR are as follows:
Directors Responsibility
Legal Responsibility
Economic Responsibility
Ethical Responsibility
Principles of CSR
Institutional:
Legitimacy
Organizational:
Public responsibility
Individual:
Managerial discretion
Outcomes of
Corporate Behavior
Social impacts
Social program
Social policies
Processes of Social
Responsiveness
Environmental
Assessment
Stakeholder
Management
Issues management
Motivate idealist
Corporate Individual Focus on Responsibilities
Strategic
Answer 4
Oligopoly Market:
An oligopoly is a form of market where only a small group of companies or suppliers control all of the market. This is different than a monopoly, which is where only one company or business control the entire market. There are many different industries that are ruled by oligopolies, some of the most common are the health care industry, the media industry, and the cellular phone service industry. The suppliers are generally very large, and have set standards among each other in order to keep competition and prices under control. To know the effects of oligopoly market, we have to know its advantages and disadvantages for consumers:
Advantages
1. High Profits
Since there is such little competition, the companies that are involved in the market have the potential to bring a large amount of profits. The services and goods that are controlled through oligopolies are generally highly needed or wanted by the large majority of the population.
2. Simple Choices
Having only a few companies that offer the goods or service that you are looking for makes it easy to compare between them and choose the best option for you. In other markets it can be difficult to thoroughly look at all of the competitors to compare pricing and services offered.
3. Competitive Prices
Being able to easily compare prices forces these companies to keep their prices in competition with the other companies involved in the market. This is a great benefit for the consumers because prices continually go lower as other companies lower their prices.
4. Better Information and Goods
Right along with price competition, product competition plays a huge part in a the oligopoly market structure. Each company scrambles to come out with latest and greatest thing in order to sway consumers to go with their company over a different one. This also goes with the advertising and amount of information and support that they provide their customers.
Disadvantages
1. Difficult To Forge A Spot
For small business and other people with creative ideas in a oligopoly market, the outlook for their business is grim. Extremely large and advanced companies completely control the market, making it nearly impossible for small or new businesses to break into the market place.
2. Less Choices
In many cases having to choose a company in an oligopoly is like choosing the lesser evil. The consumers have very limited choices and options for the services that they want. This is one of the biggest pitfalls of a oligopoly.
3. Fixed Prices Are Bad For Consumers
While competitive prices come into play, they are rarely very far apart from any other company that they could go with. This is because the businesses and corporations that are part of the market agree to fix prices. Meaning there is a set limit for just how low prices can go, forcing consumers to pay high prices no matter what.
4. No Fear of Competition
Often times the companies that are in the oligopoly market become very settled with their business. The profits and the way they run are guaranteed to work, so they no longer feel the need to come up with creative or innovate new ideas.
Directors Responsibility
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.