Business Ethics (Applied ethics)

Question 1

What is a stakeholder?

Answer 1

Someone who is impacted in any way by the business.

Question 2

What is Hypocritical window dressing?

Answer 2

Only ethical in order to make money.

Question 3

What is Corporate social responsibility

Answer 3

-a companies commitment to manage social environmental and economic effects.
-its self regulating and allows companies to be socially accountable

Question 4

What are the key areas of CRS?

Answer 4

Environmental responsibility (reduce carbon more sustainability)
Ethical labor practices
Philantropy

Question 5

What are benefits of CRS?

Answer 5

-enhanced brand reputation
-customer loyalty
-employee satisfaction
-reduce legal risks

Question 6

Disadvantages of CSR?

Answer 6

-financial costs
-divert away from original objectives
-greenwashing
-increased accountability
-stakeholder conflict.