AFM333 Lecture Notes - Lecture 10: Social Enterprise, Product Design, Soot

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM333
• Professor: Mark Anarson

Document Summary

Relatvism ethical truths differ from group to group (ex japanese company may think bribery is wrong but will pay bride in countries where practice is customary and culturally allowed. Normativism believe that ethical behavioural standards are universal, firms and individuals should try to uphold them around the world. In countries with questionable ethical norms, it is usually best to maintain ethical standards superior to what is required by local laws and values. This strategy helps garner goodwill in the local market and averts potentially damaging pub- licity in the firm"s other markets. An ethical dilemma is a predicament with major conflicts among different interests and in which determining the most appropriate course of action is confounded by a set of solutions that are equally justifiable, and often equally imperfect. Possible actions may be mutually exclusive: the choice of one automatically negates the other(s) (ex. child labor but if you fire her she"ll have to turn to prostitution )