BMAL-590 Week 2 Business
Ethics/Stakeholder Relationships, Social
Responsibility, and Corporate
Governance Section 4
Primary stakeholders: - correct answer ✔✔those whose continued association is absolutely necessary
for a firm's survival; these include employees, customers, investors, and shareholders, as well as the
governments and communities that provide necessary infrastructure.
Secondary stakeholders: - correct answer ✔✔do not typically engage in transactions with a company and
thus are not essential for its survival; these include the media, trade associations, and special-interest
groups.
stakeholder orientation: - correct answer ✔✔The degree to which a firm understands and addresses
stakeholder demands
stakeholder orientation comprises three sets of activities: - correct answer ✔✔(1) the organization-wide
generation of data about stakeholder groups and assessment of the firm's interactions with these
groups, (2) the distribution of this information throughout the firm, and (3) the organization's
responsiveness as a whole to this information.
social responsibility and stakeholder orientation - correct answer ✔✔business ethics embodies
standards, norms, and expectations that reflect a concern of major stakeholders, including consumers,
employees, shareholders, suppliers, competitors, and the community. In other words, these stakeholders
have concerns about what is fair, just, or in keeping with respect to stakeholders' rights.
Many businesspeople and scholars have questioned the role of ethics and social responsibility in
business. Legal and economic responsibilities are generally accepted as the most important
determinants of performance.
ISO (expanded) - correct answer ✔✔International Organization for Standardization
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