1. Business Ethics, Social & Corporate Responsibility

Question 1

What is business ethics?

Answer 1

a set of values and principles that influence how organisations behave

Question 2

How do business ethics help organisations?

Answer 2

company ethics with decisions as, should a product harmful to consumers be withdrawn from the market? or should a bride be used to help win a contract?

Question 3

What is social responsibility?

Answer 3

where companies act in a way that takes into account the obligations they have to society.

Question 4

What is corporate responsibility?

Answer 4

the idea that a company has obligations to all those connected to it and should attempt to address the needs of all its different stakeholders, both internal and external.

Question 5

What are the benefits to a business being socially responsible for their behaviour?

Answer 5

-Companies which do adopt socially responsible policies often make use of them in their advertising and promotion

Question 6

What are the disadvantages to a business being socially responsible for their behaviour?

Answer 6

-Decrease in profit
-Costs to the business could increase
-a danger that being socially responsible could backfire

Question 7

What are some environmental policies in organisations?

Answer 7

-use less energy as most sources of energy have polluting effects on the environment
-using less water and reducing water pollution
-waste reduction
-packaging
-noise pollution
-reducing the impact of transport

Question 8

What is the impact of businesses becoming environmentally aware?

Answer 8

-production techniques or materials may have to be changed (use more energy efficient manufacturing equipment)
-increased costs
-decreased costs
-increased investment in research and development
-possible increased demand for products