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    Chapter 3 Core Principles in Business Operations

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    Claire Evann Villena Ebora
    The document discusses several core principles for business operations including fairness, accountability, transparency, and stewardship. It provides definitions and explanations for each principle. For example, it defines accountability as the obligation to be responsible and transparent in one's actions and decisions. It also gives examples of how major companies implement principles like integrity and customer service in their own core values.

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    Chapter 3 Core Principles in Business Operations

    Uploaded by

    Claire Evann Villena Ebora
    2K views20 pages
    The document discusses several core principles for business operations including fairness, accountability, transparency, and stewardship. It provides definitions and explanations for each principle. For example, it defines accountability as the obligation to be responsible and transparent in one's actions and decisions. It also gives examples of how major companies implement principles like integrity and customer service in their own core values.

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    busethics

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    The document discusses several core principles for business operations including fairness, accountability, transparency, and stewardship. It provides definitions and explanations for each principle. For example, it defines accountability as the obligation to be responsible and transparent in one's actions and decisions. It also gives examples of how major companies implement principles like integrity and customer service in their own core values.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    2K views20 pages

    Chapter 3 Core Principles in Business Operations

    Uploaded by

    Claire Evann Villena Ebora
    The document discusses several core principles for business operations including fairness, accountability, transparency, and stewardship. It provides definitions and explanations for each principle. For example, it defines accountability as the obligation to be responsible and transparent in one's actions and decisions. It also gives examples of how major companies implement principles like integrity and customer service in their own core values.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 20

    Core Principles

    in Business
    Operations
    Core Principles in Business
    Operations
    1. Fairness
    -the level of even-handedness in dispensing
    justice whereby claims are recognized in
    the order of their legal and contractual
    priority
    - Has been used with regard to an ability to
    judge without reference to one’s feelings or
    interests
    Justice- giving each person what he or she
    deserves or giving each person his or her
    due
    - Has been used with reference to a
    standard of rightness
    - its foundation can be traced to the
    notions of social stability,
    interdependence, and equal dignity
    Principles of justice
     Equals should be treated equally and
    unequals unequally
     Individuals should be treated the same,
    unless they differ in ways that are relevant
    to the situation in which they are involved
    Different Kinds of Justice
    1. Distributive justice- the extent to which
    society’s institutions ensure that benefits
    and burdens are distributed among
    society’s members in ways that are fair
    and just
    2. Retributive or corrective justice- the
    extent to which punishments are fair and
    just
    3. Compensatory justice- the extent to
    which people are fairly compensated for
    their injuries by those who have injured
    them
    2. Accountability
    -the obligation of an individual or organization to
    account for its activities, accept responsibility for
    them, and to disclose the results in a transparent
    manner
    - The management control process in which
    responses are given for a person’s actions
    - Used synonymously with responsibility,
    blameworthiness, and liability
    - In leadership roles, accountability is the
    acknowledgement and assumption of
    responsibility for actions, products, decisions, and
    policies including the administration, governance,
    and implementation within the scope of the role
    or employee position
    - Obligation to report, explain, and answer for
    resulting consequences
    Corporate accountability-act of being
    accountable to the stakeholders of an
    organization, which may include
    shareholders, employees, suppliers,
    customers, the local community, and even
    the particular country that the firm operates
    in
    3. Transparency
    -lack of hidden agenda and conditions,
    accompanied by the availability of full
    information for collaboration, cooperation,
    and collective decision making
    -minimum degree of disclosure to which
    agreements, dealings, practices, and
    transactions are open to all for verification
    - Unimpeded visibility as all transactions are
    subject to scrutiny
    - in a business or governance context
    means honesty and openness
    Corporate transparency
    -the extent to which a corporations’ actions
    are observable by outsiders

    Transparency and accountability are two


    main pillars of good corporate governance
    4. Stewardship
    Domestic steward, from stig(house,hall) and
    ward (ward, guard, guardian, keeper)
    - Household servant’s duties for bringing
    food and drink to the castle’s dining hall
    - Responsible planning and management
    of resources
    - In business, as a steward, you try to leave
    the company in better shape for your
    successor than it was handed over to you
    by your predecessor
    The benefits of designing and
    implementing business ethics programs to
    address the legal, ethical, social
    responsibility and environmental issues they
    face:
    1. Enhanced reputations and good will
    2. Reduced risks and costs
    3. Protection from their own employees
    and agents
    4. Stronger competitive positions
    5. Expanded access to capital, credit and
    foreign investment
    6. Increased profits
    7. Sustained long-term growth
    8. International respect for enterprises and
    emerging markets
    Sample of core principles of
    companies
     Shell core values
     Honesty
     Integrity
     Respect for people

     Bank of America
     Customer-driven
     Great place to work
     Mange risk
     Operational excellence
     Deliver for share holders
     Twitter
     Mission statement: To give everyone the power
    to create and share ideas and information
    instantly, without hesitation
     Build a bear workshop
    six core value: reach, learn, di-bear-sity, collie-
    bear-ate, give, cele-bear-ate
     Whole Foods market
     Purpose statement: With great courage,
    integrity, and love-we embrace or responsibility
    to co-create world where each of us, our
    communities, and our planet can flourish. All the
    while, celebrating the sheer love and joy of
    food
     L.L. Bean
     Core Values: Sell good merchandise at a reasonable
    profit, treat your customers like human beings, and they
    will always come back for more
     Zappos.com
     Core Values
     Deliver WOW through service
     Embrace and drive change
     Create fun and little weirdness
     Be adventurous, creative, and open-minded
     Pursue growth and learning
     Build open and honest relationships with
    communications
     Build a positive team and family spirit
     Do more with less
     Be passionate and determined
     Be humble
     Wegmans food Market
     Our “who we are” values: caring, high
    standards, making a difference, respect,
    and empowerment
     Bright horizons family solutions
    Core values statement
     Honesty
     Excellence
     Accountability
     Respect
     teamwork
    Case Analysis
    An international soft drink company has a
    signature soft drink that it sells all over the
    world. In India, the version of the soft drink
    complies with Indian food and health
    regulations, but is less healthy than the
    drink sold in the European market where
    the law is stricter. The soft drink company
    is obeying the law in India, but it is selling
    an inferior, less healthy product in a
    developing country.
    Guide Questions
     What are the issues of integrity, ethics and
    law posed in the case study?

     Why the company and the country


    would benefit and not benefit from the
    current position?
     What are the possible alternative should
    the company do to adhere to the core
    principles in business operations?

     Arethe company and country acting


    ethically, with integrity, and consistent
    with law?

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