307 ehtical factors Flashcards
1
Q
what are business ethics
A
- an ethical business considers the needs of all stakeholders when making decisions
- they take into consideration social responsibilities when making decisions
- and concidered the moral rights and wrongs of strategic decisions made
2
Q
identity types of ethical issues a business may face
A
- environmental pressure groups eg.green peace
- animal welfare
- treating employees ethically
- suppliers treated fairly- sticking to agreed contacts s
- customers- quality product at a fair price
3
Q
what are the 4 different approaches to ethics
A
- amoral businesses
- legislative
- responsive
- ethical
4
Q
describe amoral business
A
- seek to win in at all cost - ethics are absent
(+) effectively improve ability to maximise profits
quicker decision making
(-) ruined brand reputation
legally bad
5
Q
describe legislative business
A
- they will comply with the law exactly as written, but nothing more than that
(+) comply with law - no lawsuits
(-) they don’t get brand loyalty advances of being ethical
6
Q
describe responsive business
A
- accept that being ethical has some benefits
(+) reduce long term cost , increases market share, acsess to new markets
(-) being responsive- behind fully ethical businesses, depends on effective marketing in
7
Q
describe ethical business
A
- ethical practice is at the core of the business, wishing to benefit all shareholders
(+) may lead to one term ostensibly saving and brand loyalty
(-) opportunity cost compared to less ethical businesses , may make them too niche
8
Q
what is the meaning of corporate social responsibility (CSR)
A
- the concepts that business have a responsibility that goes beyond making proits for that shareholders
- bus is jess need to monitor and take responsibility for their impact that have made both socially and for the envirionement
- some large busisneses need to make public relevant activities and make a coverage responsibility report to the public
