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Business 101: Chapter 4 – Business Ethics & Social Responsibility

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Ethics:
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beliefs about right and wrong
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Social Responsibility:
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the obligation of a business to contribute to society
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6 Universal Ethical Standards:
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1. trustworthiness 2. respect 3. responsibility 4. fairness 5. caring 6. citizenship
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6 Keys for a Code of Ethics:
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1. executive buy-in 2. clear expectations 3. integrated approach 4. global & local 5. whistleblower support 6. reporting & enforcement
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Stakeholders:
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Groups with a personal interest in the performance & actions of an organization
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Responsibilities to Employees:
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meet legal standards, workplace safety, minimum wage & overtime requirements, value employees, work/life balance
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Responsibilities to Consumers:
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consumers have the rights to be safe, informed, to choose, and to be heard
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Planned Obsolescence:
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intentionally designing products to fail
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Responsibilities to Investors:
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meet legal requirements (ie: Sarbanes-Oxley), responsible use of corporate money, honesty
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Responsibilities to Community:
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cause-related marketing, corporate philanthropy (donations to nonprofits), corporate responsibility (actions)
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Responsibilities to Environment:
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sustainable development, monitoring carbon footprint, green marketing
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Social Audit:
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systematic evaluation of how well a firm is meeting is objectives on ethics & social responsibility