ADM 1301 Lecture Notes - Lecture 6: Triple Bottom Line, Reputation Management, Complex Interdependence

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Traditional view of business as merely profit-making entity. Corporations are like people and can therefore be held accountable for their actions. Corporations are social institutions with social responsibilities. Top: philanthropic responsibilities - desired, be a good corporate citizen. Contribute resources to the community; improve quality of life: ethical responsibilities - expected, be ethical. Obligation to do what is right: legal responsibilities - required, obey the law, economic responsibilities - required, be profitable. Cs refers to activities demonstrating the inclusion of social, environmental, and economic responsibilities in business operations as they impact all stakeholders. Reputation management is an effort to enhance a corporation"s image. Previous focus on media and public relations as well as crisis management. Today, focus is on relationships with all stakeholders. Reputations take a long time to be established, but can be destroyed quickly. The field of inquiry at the intersection of business needs and wider societal concerns that reflects and respects the complex interdependence between the two.

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