Assignment # 04
C15J: Principles of Management
Date: October 7th, 2014
Question 1: Using your own words, briefly describe what social responsibility means to you?
Social Responsibility is the belief that corporations have responsibilities to conduct their affairs ethically to benefit employees and the larger society. Social responsibility thus means that a businesses organization exist to do much more than make money; they exist to use the power of business to solve social and environmental problems. Social Responsibility shows that a business organization has a duty to conduct its affairs in an ethical manner that is beneficial to both its employees and society. Most businesses have a lot
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Managers used values-based management to make both major strategic and everyday operating decisions. Depending on the level of the manager these concepts might be for the whole organization, other might be for department or units while other concepts might be for operation. When values-based management is properly executed, it is an approach to management that aligns an organization 's overall aspirations, analytical techniques, and management processes to focus management decision making on the key drivers of value. Values-based management focuses on better decision making at all levels in an organization. It recognizes that top-down command-and-control structures cannot work well, especially in large multi-business corporations. Instead, it calls on managers to use value-based performance metrics for making better decisions. It entails managing the balance sheet as well as the income statement, and balancing long- and short-term perspectives of the organization for sustainability. Managers and executives must constantly look for investment and growth opportunities that will create value, and the must also use the corganization 's capital in ways that ensure long-term success.
Question 1: To analyze the need to balance the interests of a variety of stakeholder groups, what questions should management ask? Provide four (4) questions.
1. What confrontation strategy to be used? Confrontation Strategy is defined as one means a firm may