Ethics And Social Responsibility Flashcards
Whats the difference between morals and ethics
Morality is right vs wrong
Ethics is the application of morality (good or bad)
What are business ethics
The application of moral standards to business situations
What are the personal philosophies and legal factors influencing or choices
Justice
Utilitarianism
Following our obligation and duties
Individual right
What is justice
The question of fairness
What is utilitarianism
Seeking the best for the majority
How do organisation influence ethical conduct (6)
Leading by example
Offering ethics programmes
Establishing a formal code of ethics
Making the right decisions
The feeling test
The newspaper or social media test
What is the code of ethics
A guide of principles designed to help professionals conduct business honestly and with integrity. It may outline how professionals are supposed to approach problems. It should also be based on core values
Why is it challenging to implement a code of ethics
Culture
Design
Enforcement
What are 7 examples of unethical behaviour by companies
False claims regarding products
Unethical accounting
Fine print (hidden terms in user agreement0
Poor working condition
Harassment
Defaming completion/customers/staff/suplliers
Bribery
What is social responsibility
The acknowledgement that business activities have an influence on society and realisation that this influence impacts business decision-making
What are two positives of social responsibility
It could mean good business and the level to which it is applied could influence consumer decisions
What is a negative impact of social responsibility on business
It is expensive
How can the degree to which a business uses SR impact a business
It can impact consumer decisions on wether they should support a business
Explain the pyramid of corporate social responsibility from bottom to top
Lowest- economic responsibilities (business must be profitable in order to survive)
Second- legal responsibility (business must follow the law)
Third- ethical responsibility (a business can only focus on ethical matters once it is profitable and run legally)
Top- philanthropic responsibility (can only be considered after the previous three)
What are the two dimensions of SR
Legality and responsibility
What are the three aspects of legality
- illegal and irresponsible behaviour
- irresponsible but legal behaviour
- legal and responsible behaviour
What does responsibility refer to
The responsibility towards the stakeholders
Who are the stakeholders(6)
Employees
Customers
Society
Environmental protection
Corporate philanthropy
Investors
Personal responsibility
The impact our lifestyles have (buying overpacked products increases packaging waste)
Triple bottom line
People, planet, profit
Self regulation
Business try to stay ahead of regulation, even doing more than required
Green lobbying
Creating a competitive advantage in social responsibility. When individuals or groups advocate for environmental issues and policies to influence gov, public opinion and business practise
Green washing
Insincere behaviour aimed at creating publicity
Consumer backlash
When green washing goes to far
