MNB1501 EXAM STUDY GUIDE
Corporate Social Responsibility (CSR) - Answers- Companies' acknowledged
responsibility to society. Is the responsibility of the company for the impacts of its
decisions and activities on society and the environment, through transparent and ethical
behavior.
Corporate Citizenship (CC) - Answers- is the recognition that the organization is an
integral part of the broader society in which it operates, affording the organization
standing as a juristic person in the society with the rights but also the responsibility and
obligations.
Triple Bottom Line (TBL) - Answers- A business strategy that includes social, economic,
and environmental criteria. Advocates that a company's ultimate worth should be
measured in financial, social and environmental terms.
Business ethics - Answers- A subset of ethics that focuses on deciding between right
and wrong in the workplace and in business generally.
Executive Director - Answers- Members of the management team who are appointed to
the board. They are full-time employees of the company. Have a role as senior
management.
Non-exclusive directors - Answers- Are not involved in the day-to-day operation of the
business of the company and do not receive any remuneration other that their director's
fees. They are independent of management and should be free from any significant
business or other relationship with the company that could materially hamper their
independence.
Value-based system - Answers- The CSR (Corporate Social Responsibility) policy is
aligned with the company's own vision, mission, values and guiding principles, is used
when a company addresses CSR in a proactive manner.
Stakeholder-Engagement Process - Answers- Allows stakeholders to determine what
they want from the company and what they consider to be the issues and culture of the
company, is a reactive approach.
Combined Value-based and stakeholder-engagement processes - Answers- Ofther
wmerges from an original emphasis on a values-based approach but develops in a
combination approach when the company moves from setting its own objectives aligned
with its values to involving its stakeholders. This allows the company to ensure that its
strategy satisfies its own needs as well as the needs of its stakeholders.
Primary Stakeholders - Answers- Stakeholders whose ongoing support for the
company is vital for its survival. Have a direct stake in the organization and its success.
, Secondary Stakeholders - Answers- Stakeholders who have a less direct impact on the
company.
Steps in the stakeholder-engagement process - Answers- 1. Prepare - Identify and
understand the territory.
2. Plan - Set objectives and parameters.
3. Design - Co-develop the engagement plan.
4. Engage - Successfully meet the objectives through execution.
5. Evaluate - Assess the outcomes of engagement for both company and stakeholders.
6. Apply - Share information and integrate the outcomes.
4 basic resources in company - Answers- 1. Human resources (managers)
2. Financial resources (Shareholders)
3. Physical resources (Buildings)
4. Information resources (Market research reports)
Management - Answers- The process of accomplishing the goals of an organization
through the effective use of people and other resources.
Management does 4 things - Answers- 1. Planning - what should be done
2. Organising - How it should be done
3. Leading - how and when it should be done
4. Control - Ascertains whether the tasks have been carried out.
Top management - Answers- Highest level of management, consisting of the president
and other key company executives who develop strategic plans. Controls the business
and in whom the final authority and responsibility for the execution of the management
process rests.
Example Board of directors, partners, Managing director and the chief executive. CEO,
CFO and COO.
Middle Mangement - Answers- Is responsible for certain functional areas of the
business and is primarily accountable for executing the policies, plans and strategies
determined by top management.
Example Marketing manager, human resource management.
Lower management (or supervisory management) - Answers- is primarily responsible
for operational goals/plans.
Example product manager or sales manager in the marketing department.
4 supporting management activities - Answers- 1. Gathering and processing of
information to make decisions possible.
2. Decision-making
3. Communication
4. Negotiation
Corporate Social Responsibility (CSR) - Answers- Companies' acknowledged
responsibility to society. Is the responsibility of the company for the impacts of its
decisions and activities on society and the environment, through transparent and ethical
behavior.
Corporate Citizenship (CC) - Answers- is the recognition that the organization is an
integral part of the broader society in which it operates, affording the organization
standing as a juristic person in the society with the rights but also the responsibility and
obligations.
Triple Bottom Line (TBL) - Answers- A business strategy that includes social, economic,
and environmental criteria. Advocates that a company's ultimate worth should be
measured in financial, social and environmental terms.
Business ethics - Answers- A subset of ethics that focuses on deciding between right
and wrong in the workplace and in business generally.
Executive Director - Answers- Members of the management team who are appointed to
the board. They are full-time employees of the company. Have a role as senior
management.
Non-exclusive directors - Answers- Are not involved in the day-to-day operation of the
business of the company and do not receive any remuneration other that their director's
fees. They are independent of management and should be free from any significant
business or other relationship with the company that could materially hamper their
independence.
Value-based system - Answers- The CSR (Corporate Social Responsibility) policy is
aligned with the company's own vision, mission, values and guiding principles, is used
when a company addresses CSR in a proactive manner.
Stakeholder-Engagement Process - Answers- Allows stakeholders to determine what
they want from the company and what they consider to be the issues and culture of the
company, is a reactive approach.
Combined Value-based and stakeholder-engagement processes - Answers- Ofther
wmerges from an original emphasis on a values-based approach but develops in a
combination approach when the company moves from setting its own objectives aligned
with its values to involving its stakeholders. This allows the company to ensure that its
strategy satisfies its own needs as well as the needs of its stakeholders.
Primary Stakeholders - Answers- Stakeholders whose ongoing support for the
company is vital for its survival. Have a direct stake in the organization and its success.
, Secondary Stakeholders - Answers- Stakeholders who have a less direct impact on the
company.
Steps in the stakeholder-engagement process - Answers- 1. Prepare - Identify and
understand the territory.
2. Plan - Set objectives and parameters.
3. Design - Co-develop the engagement plan.
4. Engage - Successfully meet the objectives through execution.
5. Evaluate - Assess the outcomes of engagement for both company and stakeholders.
6. Apply - Share information and integrate the outcomes.
4 basic resources in company - Answers- 1. Human resources (managers)
2. Financial resources (Shareholders)
3. Physical resources (Buildings)
4. Information resources (Market research reports)
Management - Answers- The process of accomplishing the goals of an organization
through the effective use of people and other resources.
Management does 4 things - Answers- 1. Planning - what should be done
2. Organising - How it should be done
3. Leading - how and when it should be done
4. Control - Ascertains whether the tasks have been carried out.
Top management - Answers- Highest level of management, consisting of the president
and other key company executives who develop strategic plans. Controls the business
and in whom the final authority and responsibility for the execution of the management
process rests.
Example Board of directors, partners, Managing director and the chief executive. CEO,
CFO and COO.
Middle Mangement - Answers- Is responsible for certain functional areas of the
business and is primarily accountable for executing the policies, plans and strategies
determined by top management.
Example Marketing manager, human resource management.
Lower management (or supervisory management) - Answers- is primarily responsible
for operational goals/plans.
Example product manager or sales manager in the marketing department.
4 supporting management activities - Answers- 1. Gathering and processing of
information to make decisions possible.
2. Decision-making
3. Communication
4. Negotiation
