Question Description
Help me study for my Management class. I’m stuck and don’t understand.
Does the rise of interest in business ethics and corporate social responsibility always mean that business is becoming more ethical? What are the dangers and the benefits of corporate social responsibility and ethical behaviour, for organizations? Use examples to support your answer
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Explanation & Answer
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Running head: CSR AND BUSINESS ETHICS
CSR and Business ethics
Student’s Name
Institutional Affiliation
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CSR AND BUSINESS ETHICS
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Introduction
✓ Corporate social responsibility and business ethics play a vital role in the
management of a business, whether private or public.
✓ Business ethics entails knowing what is right as well as what is wrong in the light
of business.
✓ It encompasses evaluating and examining ethical decisions, norms, and beliefs
as well as actions that are adopted in the process of doing business.
✓ Social corporate responsibility addresses business conduct taking into account
the general social values in a business environment.
Corporative social responsibility and business ethics in an organization
✓ Businesses are put in place to generate profits for the owner and other
concerned shareholders.
✓ Additionally, stakeholders are also crucial to the overall functioning of the
business.
✓ Stakeholders, for instance, dealers, customers, owners, and the surrounding
communities, form a significant part of the organization's activities.
✓ Customers, who are the target for the organizations, prefer products that meet or
exceed their expectations.
✓ Organizations must make them feel the value for their money while ensuring that
they are satisfied by the service delivery of the organization workers.
✓ Ethics in a firm are responsible for inline profits while ensuring the business
resources are well utilized to enhance support in the market.
✓ Ethics are responsible for pointing out to the organization on what prices to install
in their products as well as the wages best suited for their associates.
✓ Various companies in the United States strives to be incorporated among the
best business corporation in the Fortune Magazine.
✓ Corporate Social Responsibility focuses on enhancing the general community
where the franchise exists as well as the communities it serves.
✓ For instance, Google Go Green CSR initiative as well as Ben and jerry’s initiative
through its trademark Vermont-based brand.
Disadvantages of corporate social responsibility
CSR AND BUSINESS ETHICS
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✓ It yields a shift in the primary objective of the company which is making profits.
✓ It alters the company's reputation as it creates shortcomings in the products they
produce.
✓ It can lead to impatient clients.
✓ It can result in a sudden increment in the general cost of production.
✓ It leads to increase in product prices to fund the community projects
Disadvantages of business ethics
✓ Business ethics yields reduced freedom to maximize profits.
✓ Companies can be forced to source their raw materials from Fairtrade suppliers.
✓ The process of integrating business ethics in a firm is long.
✓ As the process is long, it can lead to the development of false expectations
Conclusion
✓ Business ethics and corporate social responsibility are closely intertwined as they
are essential to business engagements.
✓ Therefore, firms need to observe the rising needs and demands of society and
integrate themselves appropriately, if any progress in business is to be made.
CSR AND BUSINESS ETHICS
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Running head: CSR AND BUSINESS ETHICS
CSR and Business ethics
Student’s Name
Institutional Affiliation
1
CSR AND BUSINESS ETHICS
2
Introduction
Corporate social responsibility and business ethics play a vital role in the
management of a business, whether private or public. All the companies feel the need
to integrate the two principles in their culture to foster growth, better customer
satisfaction, and enhanced reputation. Business ethics entails knowing what is right as
well as what is wrong in the light of business. It encompasses evaluating and examining
ethical decisions, norms, and beliefs as well as actions that are adopted in the process
of doing business (Griseri & Seppala, 2010). Thus, every franchise is inclin...