Social
People
Ethical
(adj.) Having to do with morals, values, right and wrong; in accordance with standards of right conduct; requiring a prescription for purchase
GDP (Gross Domestic Product)
the total value of all goods produced and services provided in a country during one year.
Growing Population results from
birth rate, illegal immigrants, longer life expectancy (results from healthcare, technology, nutrition)
Frost Belt
refers to the colder states in the north and northeast
-people who tend to live in the north and northeast states move to the sun belt areas
Sun Belt
refers to the warmer states in the south and southwest
-tends to have higher tourism and elderly
-influx right now from the Frost Belt to the Sun Belt because of Covid
Rust Belt
refers to the north central and northeastern states where major manufacturing firms once dominated
-ex: Detroit, Minnesota
What is the reason we need to know the ethnicity of the general populations?
In order to understand your target audience when marketing goods and services
Currently, more than ______% of Americans are considered non-white.
35
What is the largest ethnic category (also the largest minority)?
White non-hispanic
Predicted growth rate for 2021
Decrease due to COVID
Changing Populations
-Gen Z (1995 -2015)
-Millenial (1980 - 1994)
-Gen X (1965 -1979)
-Baby Boomer (1944-1964)
Gen Z Population (1995-2015)
We don't know too much information just because they are the newest generation and we have not gathered enough data.
Millennial (1980-1994)
Bed reputation because of their entitlement
Gen X (1965-1979)
Independent
-both parents are out of the house working
-they are extremely hard working and are used to doing things for themselves because of their parents being out of the house
Baby Boomer (1944-1964)
super old people
-no idea how to use the technology today and are extremely old fashioned
labor force
People 16 or older who are available for work, employed or unemployed. Full time students, full time homemakers and retirees are not part of the labor force.
-necessary to know because we need to know how many people are available for work
labor participation rate
The % of the labor force either employed or actively seeking employment. Calculated by dividing the labor force by the adult population.
The opposite of Labor participation rate is _____.
Unemployment Rate"
-the goal for any economy is to have a low unemployment rate
-best to keep it anywhere below 4%
In the workplace, the labor participation gap between men and women has ________.
Narrowed down
-more exclusivity today in the work force
-women and men must be equally represented in the work force
Equal employment (men and women)
It is still very difficult to get promoted or obtain jobs on an equal basis
Women tend to go into fields that are less lucrative, such as _____.
Teaching, nursing and secretarial jobs
Glass Ceiling (regards to upper level management)
An invisible barrier to job advancement usually for women and minorities
-"shattering the glass ceiling" �> cracking the barrier for women to be the top at the company
Sticky Floor Syndrome (regards to lower level management)
The inability of workers to move up from low-paying job that require skill and education
-GOOD COMPANIES pay for people to go back to school and have better opportunities to better themselves within the company (seen as an investment in the company)
The Glass Ceiling is an example of ______
Discrimination on the basis of sex
-for every
Poverty
Between 13% and 15% of the population line in poverty. The richest 20% of families have made more money over the years while the poorest 1/5th of the income has remained the same
-people living under the poverty line
-if you make less, then the government
Comparable Worth
On average females are only paid 78% of what males are paid for most jobs. Comparable worth means equal pay for equal work. To determine whether work is of equal value, factors such as special skills, physical strength, job dangers, responsibilities, and
Transformation of the Family
- # of children living with both parents continues to fall (divorce rate is high)
- birth rate has declined, as women delay marriage and pursue careers
- both parents work to support the family
- dining at home is being replaced by dining out
Transformation of the Workplace
Sexual harassment cases have increased
- this is because more women are in the workplace, they go to HR department to file a lawsuit
What do employees think about each day after they leave home?
Thinking about personal problems
Redesigning Jobs
When jobs are repetitive (like in a factory), workers get bored, productivity decreases and morale is low
-to keep employees happy
Ways to redesign jobs:
-job sharing
-empowerment
Job sharing
Employees regularly switch jobs with others to learn new skills
-avoids repetition and minimizes boredom
Empowerment
Employees are making more decisions, serve on committees to look for ways to improve quality, etc..
-letting people decide how they are doing their job
Improving Health & Safety
Wellness & fitness programs, no smoking laws, warnings for hazardous work, and drug testing (some employers are not hiring smokers because they take more breaks in comparison to non smokers)
-goal: to have healthy and happy employees
Employers have established what facilities to care for their employees with children?
Day care facilities
-mother's can bring kids to work and don't need to miss work, which improves attendance
Family Medical Leave Act
Provides 3 months unpaid leave for those who are giving birth or wish to adopt
-job will not be affected
-women take it more than men
Flex-Time
Employees start late and leave late or start early and leave early
-flexible time
Telecommuting
Allows employees to work at home using computers. Good for working mothers and handicapped employees.
-benefit for company because there is no rent to pay, so they are saving a lot
-working from home
-learned a lot in COVID
Sustainability
Involves using strategies that consider the needs of the environment, society, and the economy to meet present needs without compromising the ability of future generations to meet their needs
-many companies have become environmentally focused and many pe
Managing the Environment
Better management of our limited natural resources and improved disposal methods of waste products are critical concerns of society and business
-do this through recycling
Recycle
Reusing products or product packaging whenever possible
Government
Tightened pollution standards in order to conserve natural resources. These laws are very expensive for business. Foreign countries make goods cheaper because of looser restrictions.
-environmental protection agency
Environmental Protection Agency (EPA)
The US federal agency with a mission to protect human health and the environment.
-Clean Air Act
-Clean Water Act
-Federal Pesticide Controls
Ethics
A code of moral conduct that set standards for what is valued as right and wrong behavior for one Per�n
-know the difference or right and wrong
-not trying to cheat consumer
Business Ethics
What is right and wrong for an organization. Not all firms have the same rules of conduct
- they have the manual for each firm
Code of Ethics
a formal, published collection of values and rules used to guide the behavior of an organization toward its various stakeholders. Must be communicated in memos, newsletters, and employee manuals (differ from culture to culture)
-written down and communica
Primary goal of business
Make a profit for the ownerss
Social Responsibility
Refers to the duty of a business to find tribute to the well being of society. The organization has an obligation to aid the community in which it operates.
-ex: Ben & Jerry's
Stakeholders
owners, customers, suppliers,
employers, creditors, government, the public
- all expect business to be responsible and responsive to their interests.
-anyone that has a responsibility to the company