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BSNS111 (Business and Society) Exam Practice: Key Concepts and Relationships, Exams of Business and Society

Fitchburg State University (FSU)Business and Society

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.

Typology: Exams

2024/2025

Available from 12/16/2024

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BSNS111 (Business and Society) - Exam
Practice 2024-2025
What are the major themes in BSNS111? - ANS- - Pluralistic Society
- Shareholder vs economic, social, environmental wealth
- Ethics
- Sustainability
- Corporate Social Responsibility (CSR)
- Stakeholder management
- Interdependent nature of Business/Industry and Society
What is corporate social responsibility? (CSR) - ANS- The belief that organisations
and businesses should maximise their positive impacts while minimising their
harmful ones.
- give back to the community, take part in philanthropic causes, and provide positive
social value
What does philanthropic mean? - ANS- private initiatives, for the public good,
focusing on quality of life
- a person or organisation seeking to promote the welfare of others; generous and
benevolent
What are the three interacting elements between Business, Government and
Society? - ANS- 1. Ideas
2. Institutions
3. Material things
- land, natural resources, infrastructure and manufactured goods.
What is capitalism? - ANS- An economic system based on private property and free
enterprise.
- capitalism is assumed to be inevitable
- companies: businesses exist separately from owners
Profit Motive? (Free markets and capitalism) - ANS- Crucial assumption about
human nature motivated by monetary interests
Competition? (Free markets and capitalism) - ANS- makes individual pursuit of self
interest beneficial
Private property - ANS- Private ownership of the major means of production
Nested/Bullseye model - ANS- system of how business and society interacts
- Stakeholder, pluralism and system theory
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BSNS111 (Business and Society) - Exam

Practice 2024- 2025

What are the major themes in BSNS111? - ANS- - Pluralistic Society

  • Shareholder vs economic, social, environmental wealth
  • Ethics
  • Sustainability
  • Corporate Social Responsibility (CSR)
  • Stakeholder management
  • Interdependent nature of Business/Industry and Society What is corporate social responsibility? (CSR) - ANS- The belief that organisations and businesses should maximise their positive impacts while minimising their harmful ones.
  • give back to the community, take part in philanthropic causes, and provide positive social value What does philanthropic mean? - ANS- private initiatives, for the public good, focusing on quality of life
  • a person or organisation seeking to promote the welfare of others; generous and benevolent What are the three interacting elements between Business, Government and Society? - ANS- 1. Ideas
  1. Institutions
  2. Material things
  • land, natural resources, infrastructure and manufactured goods. What is capitalism? - ANS- An economic system based on private property and free enterprise.
  • capitalism is assumed to be inevitable
  • companies: businesses exist separately from owners Profit Motive? (Free markets and capitalism) - ANS- Crucial assumption about human nature motivated by monetary interests Competition? (Free markets and capitalism) - ANS- makes individual pursuit of self interest beneficial Private property - ANS- Private ownership of the major means of production Nested/Bullseye model - ANS- system of how business and society interacts
  • Stakeholder, pluralism and system theory

Pluralism - ANS- A theory of government that holds that open, multiple, and competing groups can check the asserted power by any one group.

  • society, system of government, or organisation that has different groups that keep their identities while existing with other groups or a more dominant group. Systems theory - ANS- theory that describes the interconnected elements of a system in which a change in one element affects all of the other elements Characteristics of an indigenous economy - ANS- 1. the philosophical space driving economic activity is associated with the respective Indigenous worldview; and
  1. an approach that values 'accumulation of sharing' (equitable distribution of wealth amongst the community) Utilitarian - ANS- Actions are "Good" if they create a greater balance of pleasure over pain for the greatest number. Focus on observable outcomes
  • definition: practical Friedman Doctrine - ANS- The business of business is business. There is one & only one social responsibility of business. To use its resources & engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open & free competition without deception or fraud. The Invisible Hand - ANS- If everyone acts in their own shellfish interest, a positive result will result for society (only justification for free markets) The Social Contract - ANS- A set of understandings that characterise the relationship between two major institutions. Philanthropy: - ANS- contributions to charity & other worthy causes Philanthropic responsibilities - ANS- are not literal responsibilities they are perceived as responsibilities as they reflect current expectations of business by the public. It is the dairy industries philanthropic responsibility to clean up New Zealand. Conscious Capitalism - ANS- To choose a business strategy that aids in the welfare of individuals & the environment CSR Greenwashing - ANS- intentionally seeking to convey the image of a socially responsible firm when their isn't evidence to support it Corporate citizenship: - ANS- How companies deliver their core values in a way that minimises harm & maximises benefits and being aware of how you are making your money. sustainable development - ANS- Resource use that meets human needs whilst preserving the environment so that the needs can be met for future generations

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

  • should be no more than 2 sentences example of a good thesis statement - ANS- workshop Four key strategy levels - ANS- 1. Enterprise
  1. Corporate
  2. Business
  3. Functional What is enterprise level strategy?(Questions raised) - ANS- - What is the role of this organisation in society?
  • For what do we stand? What is corporate level strategy?(Questions raised) - ANS- - In what businesses should we be in? Mergers, acquisitions, and divestitures are examples of decisions made at this level What is business level strategy? - ANS- - How should we compete in a given business or industry? A company whose products or services take them into many different industries will need a business-level strategy to define it's competitive posture in each
  • mulitiple strategies What is functional level strategy? - ANS- How should a firm integrate it's various sub functional activities and how should these activities be related to changes taking place in diverse functional areas(finance, marketing, human resources, IT, and operations)? What is the triple bottom line? - ANS- People, Planet, and Profit; measures an organisation's social, environmental, and financial performance