Ethics and Corporate Social Responsibility in Strategic Management

According to Friedman's traditional view of business, what is the primary goal of a corporation?

Maximizing profits

In the context of social responsibility, what are Carroll’s four responsibilities of business?

Financial, Legal, Ethical, Environmental

What does social responsibility expect businesses to strive for in terms of societal welfare?

Improving the overall welfare of society

Which aspect is NOT included in measuring the triple bottom line for firms?

Technological performance Signup and view all the answers

Why do sustainability projects sometimes yield substantial benefits despite being difficult to quantify?

They have a positive impact on society Signup and view all the answers

What concept does Friedman's traditional view of business argue against?

Social responsibility Signup and view all the answers

What is the nature of social capital based on the text?

Opens doors in foreign communities Signup and view all the answers

Why might a socially responsible firm charge premium prices?

To gain brand loyalty Signup and view all the answers

How can a firm utilize social capital during difficult times?

Seek support from public officials Signup and view all the answers

What does sustainability need to be broadened to include, as per the text?

Economic, social, and environmental concerns Signup and view all the answers

Why might reputable firms be viewed as desirable long-term investments by investors?

As they are seen as reputable and socially responsible Signup and view all the answers

What does ethical decision-making refer to?

Evaluating and choosing among alternatives in a manner consistent with ethical principles Signup and view all the answers

Who are considered primary stakeholders in a corporation?

Shareholders and creditors Signup and view all the answers

What is the main purpose of developing ethical standards for employees?

To help move conversations towards using a model to decide ethical violations Signup and view all the answers

Who are considered secondary stakeholders in a corporation?

Trade associations and activists Signup and view all the answers

Why is it important to estimate the effect on each stakeholder group from any particular strategic decision?

To understand how different decisions can affect various stakeholder groups Signup and view all the answers

What is the three-step process for stakeholder analysis in a corporation?

Identify primary stakeholders, identify secondary stakeholders, estimate effects on each group Signup and view all the answers

Ethics and Corporate Social Responsibility in Strategic Management - Strategic Decision Makers

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