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Chapter 2

Chapter 2 Notes

4 Pages
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Department
Administrative Studies
Course Code
ADMS 1000
Professor
Eytan Lasry

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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)
THE CSR DEBATE
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Description
Readings—Chapter 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 organization’s 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 society’s 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 requir esgenerate rational business strategy, make profits, minimize costs Legal responsibilities: society requireshonour all relevant laws & regulations governing business activities Ethical responsibilities: society expectsengage in business practices that are in line with what society considers acceptable, fair, just Philanthropic responsibilities: society desi resengage in activities that help the better of society (charity) THE CSR DEBATE www.notesolution.com Against social responsibility business is business, business plays by its own rules, business should not dictate morality, organizations can’t be held accountable for their actions For social responsibility business should conform to societal expectations, CSR is a practical strategy, must acknowledge network of stakeholders, long-term benefits The Case Against CSR 1. Business is Business businesses want the most profit, & does not have any other purpose no company can be expected to serve the social interest unless its self-interest is also served 2. Business Plays by its Own Rules Business can’t be judged by the same set of rules or standards of moral conduct that we apply out of business “bluffing” is okay in business a company can tell customers that its product is worth more than the cost of producing it 3. Business Should Not Dictate Morality Managers are not skilled in social policy, so they shouldn’t have to carry out responsibilities 4. Organizations Can’t be Held Accountable for their Actions The Case For CSR 1. Conform to Societal Expectations Business plays a role
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