Chapter 1.8 - Business ethics and socially responsible management

Question 1

What is socially responsible management?

Answer 1

Socially responsible management is managing an organisation in way that the broader social welfare of the community is taken into consideration when making decisions.

Question 2

Why might ethical questions arise to a business?

Answer 2

These questions might arise because of a businesses relationship with its stakeholders. Stakeholders may not be happy with the the way the business is operating ethically.

Question 3

What are ethics?

Answer 3

Ethics are most is morally acceptable and unacceptable regarding behaviour. Business ethics are standards that apply to businesses such as non-discrimination of customers.