Podcast
Questions and Answers
What is considered key to ethical labor practices?
What is considered key to ethical labor practices?
Which of the following is NOT a benefit of treating employees ethically?
Which of the following is NOT a benefit of treating employees ethically?
Which stakeholder is primarily concerned with long-term financial performance?
Which stakeholder is primarily concerned with long-term financial performance?
How does a business's social actions primarily affect customers?
How does a business's social actions primarily affect customers?
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What role do businesses have in society regarding weaker sections?
What role do businesses have in society regarding weaker sections?
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What is corporate social responsibility (CSR)?
What is corporate social responsibility (CSR)?
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Which approach focuses on consumers at the base of the economic pyramid?
Which approach focuses on consumers at the base of the economic pyramid?
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What do businesses contribute to environmental sustainability?
What do businesses contribute to environmental sustainability?
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What does the 'Business Simply Being Business' approach emphasize?
What does the 'Business Simply Being Business' approach emphasize?
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How can businesses enhance their long-term profitability?
How can businesses enhance their long-term profitability?
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Study Notes
Business Ethics and Social Responsibilities
- Business ethics are moral principles and values guiding individual and organizational behavior in the business world.
- Businesses have social responsibilities, including promoting ethical labor practices (fair wages, employee loyalty, and positive company reputation).
- Key stakeholders impacted by business actions include employees, customers, communities, the environment, and shareholders.
- Businesses play a role in poverty alleviation through various approaches: Corporate Social Responsibility (CSR), Bottom of the Pyramid (BOP) businesses, and simply adhering to legal and ethical standards.
- Fair wages are crucial for ethical labor practices; businesses should pay living wages, be transparent about salaries, and review compensation regularly. Providing fair wages cultivates positive reputation, attracting talent, and promoting a just society.
- Employee loyalty is gained through ethical treatment; loyal employees bring valuable experience and benefits to their employers.
- A strong business reputation relies on public perception based on factors like product quality, ethical standards, leadership, and social impact. A positive reputation fosters trust, customer loyalty, and business success; conversely, a negative reputation can harm sales and hinder success.
- Business roles in a sustainable future include reducing environmental impact, promoting ethical and sustainable practices throughout their supply chains, developing eco-friendly products, supporting policies that prioritize sustainability, and contributing to overall environmental and social well-being. Sustainable practices also contribute to long-term profitability and positive reputation.
Social Functions of Business
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Business responsibilities towards society include helping disadvantaged sections, preserving societal and cultural values, generating employment, and protecting the environment.
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A business's social actions influence stakeholders—shareholders, employees, customers, the community, and the environment—in various ways.
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Shareholders are concerned with long-term financial performance and risk.
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Employees are affected by working conditions, wages, and opportunities.
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Customers are influenced by product ethics and sustainability.
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Communities are impacted by local engagement and environmental impact.
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The environment is affected by the business's sustainability practices.
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Poverty is a condition where people's basic needs for food, clothing, and shelter aren't met. Poverty due to malnutrition weakens primary business resources.
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Poverty alleviation approaches for businesses include: CSR (companies voluntarily integrate social and environmental concerns into operations and stakeholder interactions), BOP (businesses focus on creating products and services for low-income consumers), and companies prioritizing profits and adhering to legal/ethical standards.
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Description
Explore the principles of business ethics and the social responsibilities that businesses hold. Understand the importance of ethical labor practices, fair wages, and the impact of corporate actions on various stakeholders. This quiz delves into how businesses can contribute to poverty alleviation and promote employee loyalty through ethical practices.
