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

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ADMS 1000 Full Course Notes
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ADMS 1000 Full Course Notes
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unethical misuse of natural resources, too close of a relationship to gmnt, not treating employees fairly, corporations too large & powerful. Stakeholders: vested interested in a business individuals or groups with whom business interacts & who have a stake or. External stakeholders include the gmnt, consumers & com munity me mbers. Internal stakeholders include business owners & employees among principal groups. 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. A business must address economic responsibilities it m ust generate goods/services society wants, & it must follow laws in order to fulfill its legal responsibilities. Economic responsibilities: society requires generate rational business strategy, make profits, minimize costs. Legal responsibilities: society requires honour all relevant laws & regulations governing business activities.

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