BU111 Study Guide - Final Guide: Corporate Social Responsibility, Protection Mechanism, Business Ethics
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BU111 Full Course Notes
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Ethics: the beliefs an individual has about what is right and wrong. Business ethics: standards that managers hold and guide managers in their work. Corporate social responsibility (csr): the responsibility that organizations have to all stakeholders. Two opposing views: focus only on profits (investors) vs. actively considers other stakeholders. A complex ethical situation: not lack and white, comes in 50 or more shades of grey. Managers must determine how to approach these situations. Rights approach: read basic laws and regulations and stick to them. Utilitarian approach: do the most to the most people, example: managers look at the external environment. Fairness/justice approach: distributing burdens and rewards in an equitable manner. Caring approach: consistent with how ppl are responsible to one and other. Do as little as possible, and work to do less. Doing only what you"re required to do. Going a bit above what you need to do. Looking for opportunities to incorporate csr into a business strategy.
