3.4 Business ethics

Question 1

Ethics

Answer 1

Moral guidelines which govern acceptable behaviour.

Question 2

Ethical code of practise informs decision making and sets out how:

Answer 2

behave responsibly with enviroment
avoid negative impact on animals
adapt fair working practises

Question 3

Businesses embed ethical codes of practise into:

Answer 3

Recruitment
Induction and training programmes
Performance management cycles and reward systems

Question 4

Advantages of a business implementing ethics

Answer 4

Long term loyalty
Competitive advantage

Question 5

Salaries, wages and financial reward play a role in:

Answer 5

Rewarding and motivating existing staff
Attracting new employees
Maximising productivity

Question 6

Current ethical concerns

Answer 6

Gender pay
Minimum wage

Question 7

CSR

Answer 7

Involves conducting business activity in an ethical way and balancing interests of shareholders with wider community.

Question 8

Example of CSR

Answer 8

Sustainable sourcing
Responsible marketing
Protecting the enviroment

Question 9

Benefits of CSR

Answer 9

Enhance business image
Attractive to shareholders
Recruit strong candidates

Question 10

Disadvantages of CSR

Answer 10

Increase business costs
Media scrutiny can be damaging
Likely a business will water CSR down for profits