govsor reviewer Flashcards
A wide range of principles and standards that guide behavior in the world of commerce.
Business ethics
The way organizations are run, ensuring that everything is managed effectively, ethically and transparently.
Good governance
The idea that organizations should contribute to the welfare of society and not just focus in making profit.
Social responsibility
8 Importance of Business Ethics:
- Trust and credibility
- Reputation management
- Legal and regulatory compliance
- Employee morale and productivity
- Customer loyalty and satisfaction
- Long-term sustainability
- Innovation and growth
- Societal impact
It refers to the application of moral principles and standards to business behavior.
The relationship between ethics and business
2 foundations of business practices:
- Moral principles and values
- Corporate social responsibility
The universal moral principles:
- honesty
- integrity
- fairness
- respect
4 impacts on business operations:
- trust and reputation
- risk management
- employee relations
- customer loyalty
3 ethical decision-making in business:
- leadership and culture
- decision-making frameworks
- transparency and accountability
3 long-term benefits of ethics in business:
- Sustainable growth
- Innovation and development
- Community and societal impact
2 challenges and considerations:
- globalization and cultural differences
- balancing profit and ethics
It is examining whether the pursuit of profit by businesses is morally acceptable and, if so, under what conditions.
Morality of profit
Businesses can pursue profit ethically by:
- adhering to moral principles
- ensuring that their profit- making activities contribute positively to the society
- balancing the interests of all stakeholders
- engaging in corporate social responsibility and sustainable practices
A business model that helps companies be socially accountable to themselves, their stakeholders, and the public.
Corporate Social Responsibility
5 key concepts of csr:
- voluntary commitment
- ethical responsibility
- stakeholder engagement
- sustainability
- philanthropy and community engagement
