BU111 Lecture Notes - Lecture 6: Potter Stewart, Corporate Social Responsibility, Paradigm Shift

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Business implication: affects how we live, work, consume and produce. Affect customer preferences and worker attitudes and behaviour (cid:862)ethi(cid:272)s is k(cid:374)o(cid:449)i(cid:374)g the diffe(cid:396)e(cid:374)(cid:272)e (cid:271)et(cid:449)ee(cid:374) (cid:449)hat (cid:455)ou ha(cid:448)e a (cid:396)ight to do a(cid:374)d (cid:449)hat is (cid:396)ight to do. (cid:863) Ethics: (cid:862)i(cid:374)di(cid:448)idual sta(cid:374)da(cid:396)ds/(cid:271)eliefs (cid:396)ega(cid:396)di(cid:374)g (cid:449)hat is (cid:396)ight a(cid:374)d (cid:449)(cid:396)o(cid:374)g o(cid:396) good a(cid:374)d (cid:271)ad(cid:863) Business or managerial ethics: (cid:862)standards of behaviour that guide individual managers in their (cid:449)o(cid:396)k(cid:863) What the organization does to and for stakeholders. How a business defines ethical conduct at the organizational level (cid:862)(cid:272)olle(cid:272)ti(cid:448)e (cid:272)ode(cid:863) How business balances conflicting commitments to stakeholders. The responsibility of management is to make the decisions that will maximize profit. Groups, individuals, and other organizations who are significantly affected by the o(cid:396)ga(cid:374)izatio(cid:374)(cid:859)s a(cid:272)ti(cid:448)ities. They provide business with the capacity to operate and rightfully expect something in return. Takeholde(cid:396)s(cid:859) i(cid:373)po(cid:396)ta(cid:374)(cid:272)e depe(cid:374)ds o(cid:374) situation and the issue affect willingness and opportunity to act.

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