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A comprehensive overview of key concepts and relationships within the field of business and society (bsns111). It explores major themes such as pluralism, corporate social responsibility (csr), stakeholder management, and the interdependence of business, government, and society. The document also delves into ethical considerations, sustainability, and the role of capitalism in shaping business practices. It includes definitions, examples, and explanations of various concepts, making it a valuable resource for students preparing for exams or seeking a deeper understanding of the subject.
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What are the major themes in BSNS111? - ANS- - Pluralistic Society
Pluralism - ANS- A theory of government that holds that open, multiple, and competing groups can check the asserted power by any one group.
Non-profit - ANS- created to benefit the community or members & no goal for making profit Corporate & Social Entrepreneurship - ANS- the use of start-up companies and other entrepreneurs to develop, fund and implement solutions to social, cultural, or environmental issues Globalisation - ANS- A process in which consumers, organisations & governments are increasingly interconnected across the nation's boarders. Negative effects include shifting power away from host governments (they have less power), bigger gap between rich and poor, temptation for lower socio-economic countries to lower standards, encourages advanced nations to shift production to cheaper countries where there are lower safety and quality standards. Hegemony - ANS- describes the dominance of one social group or class in a society Triple Bottom Line - ANS- The concept seeks to encapsulate for business the three key spheres of sustainability that it must attended to; economic, social and environmental. Some organisations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value Crisis management - ANS- management of issues that have become major threats, things that have escalated into critical state. Issue management: process by which organisations identify issues in the stakeholder environment, analyse and prioritise those issues, plan potential response. Risk management - ANS- involves efforts to keep issues from arising: potential issue that may or may not occur Kaplan and Mikes Framework for Risk Management - ANS- preventable risks: Failing to prevent these risks can cause serious damage and so risk managers should eliminate them whenever possible. Because they are internal and foreseeable, preventable risks lend themselves to a rule based compliance approach. Strategic risks: These risks are not necessarily bad unlike preventable risks. Risks and return are linked. Example: BP too extra management approach. 1 - Reducing the probability of the risk event occurring, and 2 - Developing the capability to manage the risk event should it occur. A strategic risk management program does not prevent a firm from taking on strategic risks; it simply enables the firm to do so more effectively. External risk: External threats that cannot be controlled/ these are beyond firm's control. Example: natural disasters, economic shock. Generally, very difficult to predict as they can happen anytime anyplace. This is when scenario planning and analysis can come in handy in an organisation; planning for the worst-case scenario. How ICT changes business - ANS- Mobile solutions, connectivity and social impact, productivity/costs, data and analysis.
Justice approach - ANS- moral decisions must be based on standards of equity, fairness, and impartiality Practical approach - ANS- Bases decisions on prevailing standards of the professions and larger society, taking interests of all stakeholders into account Gig economy - ANS- A free market system in which temporary positions are common and organisations contract with independent workers for short-term engagements Short Answers - ANS- Identify and apply concepts to characterise the business, government, and society relationships and to understand the interdependence between these. Identify and demonstrate an understanding of the assumptions implicit in business, government, and society relationships. Evaluate the social and/or environmental implications of business decisions. thesis statement - ANS- a statement or sentence that states the purpose of a paper or essay