If Eli Starts His Own Business, His Firm's Activities and Policies

question 124

Multiple Choice

If Eli starts his own business, his firm's activities and policies will impact many different groups of stakeholders, including employees, customers, creditors, suppliers, and people living in the community where his business is located. Which of the following statements represents how Eli should deal with these various groups? Eli should 

• A) take the needs of all of these groups into account, and try to satisfy each group as much as possible.
• B) concentrate on meeting the needs of his customers, since they are crucial to the success of his business, but ignore the needs of other groups in order to keep costs low.
• C) satisfy whichever group complains the loudest, using the "squeaky wheel gets the grease" philosophy.
• D) concentrate on maximizing his own profits and let everyone else look out for themselves.

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Definitions:

Titles

Words or phrases used as the name of books, articles, documents, or as formal distinctions attached to individuals' names.

Polychronic Cultures

Cultures that perceive time as simultaneous and flexible, often multitasking and valuing interpersonal relationships over strict schedules.

Ethnic Diversity

The inclusion and representation of individuals from a variety of ethnic backgrounds and cultures.

Workplace

The physical or virtual space where work is conducted or the environment in which employees operate.