MGMT 1P93 Lecture 9: Chapter 2 - Business Ethics and Social Responsibility
16 Jan 2019
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2-1 ethics and social responsibility: a close relationship. Ethics: are a set of beliefs about right and wrong, good and bad. Ethics relate to individuals and their day to day decision making. Social responsibility: the obligation of a business to contribute to society. Meet the needs of all their stakeholders not only investors but also employees and customers. Promoting high-calorie/low nutrient foods with inadequate information about the risks. Producing products that you know will break before their time. Embezzling money, engaging in sexual harassment, encouraging fraudulent accounting. Treating employees fairly, contributing to the community, respecting the environment. Providing rock-bottom prices only to distributors in undeserved areas. Universal ethical standards: ethical norms that apply to all people across a broad spectrum of situations (trustworthiness, respect, responsibility, fairness, caring, citizenship) Business ethics: the application of right and wrong, good and bad in a business setting.
