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BUS 101 – chapter 9

what are four arguments in favor of political involvement by business?
a pluralistic system invites many participants
economic stakes are high for firms
business counterbalances other social interests
business is a vital stakeholder of government
what are four arguments against political involvement by business?
managers are not qualified to engage in political debate
business is to big, too powerful – an elephant dancing among chickens
business is too selfish to care about the common good
business risks its credibility by engaging in partisan politics
what are the three strategic types of corporate political strategy (strategies for influencing government)?
information strategy
financial-incentives strategy
constituency-building strategy
what is information strategy?
– Businesses seek to provide government policymakers with information to influence their actions (Lobbying)

– direct communication
– expert witness testimony

what is financial-incentives strategy?
– Businesses provide incentives to influence government policymakers to act in a certain way (Political contributions)

– economic leverage
– political consulting aid
– office personnel

what is constituency-building strategy?
– Businesses seek to gain from other affected organizations to better influence government policymakers to act in a way that helps them (Stakeholder coalitions)

– advocacy advertising
– public relations
– legal challenges

Lobbyist are banned by law from joining a business firm after serving as a regulator in that industry (true/false)
true
what are the three ways to promote an information strategy?
lobbying
direct communications
expert witness testimony
what is lobbyists do?
Lobbyists communicate with and try to persuade others to support an organization’s interest or stake as they consider a particular law, policy, or regulation
what is a revolving door?
when businesses hire former government officials as lobbyists and political advisers
what does direct communications entail?
Businesses invite officials to participate in activities that will improve government officials’ understanding of management and employee concerns
what does an expert witness testimony entail?
Businesses provide facts, anecdotes, or data to educate or influence government leaders at public forums like congressional hearings
what are the two ways to promote a financial-incentive strategy?
political action committees (PACs)
economic leverage
what are political action committees (PACs)?
Independently incorporated organizations that can solicit contributions and then channel those funds to candidates seeking political office
what is economic leverage?
Occurs when a business uses its economic power to threaten to leave a city, state, or country unless a desired political action is taken
advocacy advertising focuses on….
A company’s view on a controversial political issue
what are the four ways to promote a constituency-building strategy?
stakeholder coalitions
advocacy advertising
trade associations
legal challenges
what are stakeholder coalitions?
Businesses try to influence politics by mobilizing various organizational stakeholders to support its political agenda
what is advocacy advertising?
Advertisements that focus on a company’s views on controversial political issues
what are trade associations?
Coalitions of companies in the same or related industries used to coordinate businesses’ grassroots mobilization campaigns
what are legal challenges?
Business seeks to overturn a law after it has been passed

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