MGMT 1000 Chapter Notes - Chapter 3: Cheque, Consumerism, Liquid Oxygen

• School: University of Guelph
• Department: Management
• Course: MGMT 1000
• Professor: Kathleen Rodenburg

Document Summary

Ethi(cid:272)s: i(cid:374)di(cid:448)idual sta(cid:374)da(cid:396)ds/(cid:373)o(cid:396)al (cid:448)alues (cid:396)ega(cid:396)di(cid:374)g (cid:449)hat"s (cid:396)ight/(cid:449)(cid:396)o(cid:374)g a(cid:374)d good/(cid:271)ad. Business ethics: ethical/unethical behaviours by a manager or employee of an organization. If we put financial gain as our top priority, then we might develop an ethics code that supports the pursuit of material comfort. If we prioritize family/friends, (cid:449)e"ll de(cid:448)elop othe(cid:396) standards: they are culturally and personally defined. Managerial ethics: standards of behavior that guide individual managers in their work. Conflict of interest: occurs when an activity benefits an employee at the expense of the employer (ex. A shoe buyer for a large department store chain accepts a free vacation from a shoe manufacturer. If the manufacturer then asks, the buyer to increase the size of an order, the buyer may feel an obligation to do so. The buyer might also conclude that more large orders will result in another vacation next year. Most companies have policies that forbid buyers from accepting gifts from suppliers.