RSM100Y1 Chapter Notes - Chapter 2: Corporate Social Responsibility, Johnson & Johnson, Nyse American
Document Summary
Business ethics: standards of conduct and moral values regarding right and wrong actions in the business environment: shaped by ethical climate within an organization or even within a country. Corporate social responsibility (csr): primary objective is to enhance society"s well- being through philosophies, policies, procedures, and actions. Businesses basically must find a balance between what is right and what is profitable: should benefit both the company and consumers. In business, as in life, deciding what is right or wrong is not always an easy choice. Firms have many responsibilities to customers, to employees, to investors, and to society as a whole. Trying to serve the different needs of these groups can lead to conflicts. Code of conduct and ethical standards play important roles in businesses that support and applaud doing the right thing: code of conduct: a formal statement that defines how an organization expects its employees to resolve ethical issues.
