ADMS 1000 Chapter Notes - Chapter 2: Corporate Social Responsibility, Role Conflict

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ReadingsChapter 2
Business & Society
Unethical behaviour is rarely dealt with
Unethical misuse of natural resources, too close of a relationship to gmnt, not treating
employees fairly, corporations too large & powerful
Ethic violations Enron
Managing Stakeholder Interests
Stakeholders: individuals or groups with whom business interacts & who have a stake or
vested interested in a business
External stakeholders include the gmnt, consumers & community members
Internal stakeholders include business owners & employees among principal groups
Stakeholders can influence the organizations actions/decisions
Corporate Social Responsibility
Social responsibility includes the production of goods/services at a profit, & the requirements
of competition, legal regulations or customs
An obligation to create policies, make decisions & engage in acts in terms of a societys values
& objectives
A business must address economic responsibilities it must generate goods/services society
wants, & it must follow laws in order to fulfill its legal responsibilities
The 4 Components of CSR
Economic responsibilities: society requires generate rational business strategy, make
profits, minimize costs
Legal responsibilities: society requires honour all relevant laws & regulations governing
business activities
Ethical responsibilities: society expects engage in business practices that are in line with
what society considers acceptable, fair, just
Philanthropic responsibilities: society desires engage in activities that help the better of
society (charity)
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