BUS 410 Test 1 Review
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1. Chapter 1:
2. amoral managers (p. 24): do not believe ethics applies to business, or they just don't think about ethics
when it comes to their behavior and making decisions.
3. business (p. 7): a firm that sells a product for a profit. A product may be a good, a service, or both.
4. business ethics (p. 25): is the application of ethics to issues that arise in business.
5. ethics (p. 24): is the moral standard of right and wrong that influences behavior.
6. cheating (p. 24): is breaking rules.
7. government (p. 7): includes the executive, legislative, and judicial branches at the local, county, state,
federal, and international levels.
8. honesty (p. 24): indicates a tendency not to lie, cheat, or steal.
9. legal environment (p. 15): the judicial branch of government.
10. lying (p. 24): is making statements that one knows to be false or misleading.
11. market environment (p. 11): includes owners, employees, suppliers, customers, and competitors.
12. market strategies (p. 20): are used to compete for customers with the help of suppliers.
13. nonmarket environment (p. 14): which includes interactions with society and government.
14. moral management (p. 24): includes moral, immoral, and amoral managers.
15. nonmarket society environment (p. 14): interest groups and communities and the news media.
16. political environment (p. 15): political environment includes the executive and legislative branches of
government;
17. nonmarket strategies (p. 20): guide the firm's interactions with society and government stakeholders.
18. product (p. 7): may be a good, a service, or both.
19. public sentiment (p. 15): The collective community develops public sentiment in favor of or against
business, which influences business, societal interest groups, and government to take or not take specific action.
20. social problems (p. 8): occur when society's expectations are not met by business and/or government.
21. societal interest groups (p. 7): groups are nonprofit organizations that promote a cause.
22. society (p. 7): is the people, including interest groups, and the communities affected by business.
23. special interest groups (p. 8): include any profit, nonprofit, or government organization that is working
for its own best interest, sometimes at the expense of others.
24. stealing (p. 24): is taking something that does not belong to the thief.
25. stakeholders (p. 25): are affected by the business and can affect firm performance.
26. strategy (p. 20(: guides the firm's interactions with its stakeholders to achieve the firm's objectives.
27. Chapter 2:
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28. values (p. 25): are important desired behaviors.
29. 3 As of crisis communication (p. 50): Acknowledge the crisis, state the Action to deal with the crisis,
and state how the crisis will be Avoided in the future.
*Acknowledge.* Admit to the crisis.
*Action.* Tell what is being done to contain or repair the crisis damage.
*Avoid.* Establish a plan to avoid a repeat crisis in the future.
30. 5 I's strategic analysis (p. 52): The 5 Is strategic analysis stages include:
(1) issue identification- Logically, we need to start our analysis by knowing what the issue is.
(2) interested strategic stakeholders- Developing stakeholder public policies requires an understanding of stakehold-
ers.
(3) incentive of stakeholders- Even within the business, society, and government categories, different stakeholders can
have different expectations, concerns, and requests for firm action to meet their special interest.
(4) information—objectives- Information is what people know or believe about the issue and the forces affecting the
issue's development.
(5) interaction strategies. - Developing interaction strategies includes generating alternative strategies to meet the
objective, forecasting the market and nonmarket reactions and consequences of each alternative, selecting strategies,
and implementing and evaluating strategies.
31. crisis (p. 47): is a major unexpected event that has a large negative consequence.
32. information strategies (p. 48): 3 include outside sources conducting research, getting expert testi-
mony, and getting stakeholder support.
33. crisis management stages (p. 47): stages include:
(1) developing the crisis team;
(2) planning;
(3) managing the crisis—communication;
(4) analyzing post crisis.
2/5
Study online at https://quizlet.com/_hproj2
1. Chapter 1:
2. amoral managers (p. 24): do not believe ethics applies to business, or they just don't think about ethics
when it comes to their behavior and making decisions.
3. business (p. 7): a firm that sells a product for a profit. A product may be a good, a service, or both.
4. business ethics (p. 25): is the application of ethics to issues that arise in business.
5. ethics (p. 24): is the moral standard of right and wrong that influences behavior.
6. cheating (p. 24): is breaking rules.
7. government (p. 7): includes the executive, legislative, and judicial branches at the local, county, state,
federal, and international levels.
8. honesty (p. 24): indicates a tendency not to lie, cheat, or steal.
9. legal environment (p. 15): the judicial branch of government.
10. lying (p. 24): is making statements that one knows to be false or misleading.
11. market environment (p. 11): includes owners, employees, suppliers, customers, and competitors.
12. market strategies (p. 20): are used to compete for customers with the help of suppliers.
13. nonmarket environment (p. 14): which includes interactions with society and government.
14. moral management (p. 24): includes moral, immoral, and amoral managers.
15. nonmarket society environment (p. 14): interest groups and communities and the news media.
16. political environment (p. 15): political environment includes the executive and legislative branches of
government;
17. nonmarket strategies (p. 20): guide the firm's interactions with society and government stakeholders.
18. product (p. 7): may be a good, a service, or both.
19. public sentiment (p. 15): The collective community develops public sentiment in favor of or against
business, which influences business, societal interest groups, and government to take or not take specific action.
20. social problems (p. 8): occur when society's expectations are not met by business and/or government.
21. societal interest groups (p. 7): groups are nonprofit organizations that promote a cause.
22. society (p. 7): is the people, including interest groups, and the communities affected by business.
23. special interest groups (p. 8): include any profit, nonprofit, or government organization that is working
for its own best interest, sometimes at the expense of others.
24. stealing (p. 24): is taking something that does not belong to the thief.
25. stakeholders (p. 25): are affected by the business and can affect firm performance.
26. strategy (p. 20(: guides the firm's interactions with its stakeholders to achieve the firm's objectives.
27. Chapter 2:
1/5
, BUS 410 Test 1 Review
Study online at https://quizlet.com/_hproj2
28. values (p. 25): are important desired behaviors.
29. 3 As of crisis communication (p. 50): Acknowledge the crisis, state the Action to deal with the crisis,
and state how the crisis will be Avoided in the future.
*Acknowledge.* Admit to the crisis.
*Action.* Tell what is being done to contain or repair the crisis damage.
*Avoid.* Establish a plan to avoid a repeat crisis in the future.
30. 5 I's strategic analysis (p. 52): The 5 Is strategic analysis stages include:
(1) issue identification- Logically, we need to start our analysis by knowing what the issue is.
(2) interested strategic stakeholders- Developing stakeholder public policies requires an understanding of stakehold-
ers.
(3) incentive of stakeholders- Even within the business, society, and government categories, different stakeholders can
have different expectations, concerns, and requests for firm action to meet their special interest.
(4) information—objectives- Information is what people know or believe about the issue and the forces affecting the
issue's development.
(5) interaction strategies. - Developing interaction strategies includes generating alternative strategies to meet the
objective, forecasting the market and nonmarket reactions and consequences of each alternative, selecting strategies,
and implementing and evaluating strategies.
31. crisis (p. 47): is a major unexpected event that has a large negative consequence.
32. information strategies (p. 48): 3 include outside sources conducting research, getting expert testi-
mony, and getting stakeholder support.
33. crisis management stages (p. 47): stages include:
(1) developing the crisis team;
(2) planning;
(3) managing the crisis—communication;
(4) analyzing post crisis.
2/5
