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Business 101: Chapter 4 – Business Ethics & Social Responsibility

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

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