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Quick Reference Notes Week 7

BA101 Introduction to Business

Business Ethics

• Business ethics is doing the right thing; It’s a responsible approach that can keep your business around for a long term

• Ethics is specifically important when dealing with customers

• An organization’s ethics increases integrity which is essential to building and maintaining strong customer relationships

• Ethics is important when considering how the business handles customer issues and service

Social Responsibility

• Is becoming an expectation

• Organizations are continuously being told by government, media and outspoken consumers about the advantages of acting socially responsible

• Organizations can a competitive edge by appealing to the increasing numbers of socially and environmentally responsible consumers, investors and employees

Corporate Social Responsibility Three Approaches

• The Responsibility Project: a company assigns groups to undertake projects that establish standards, planning, and evolution of various aspects of the business

• The Responsibility Program: companies become more proactive and comprehensive

• The Responsible Business: A business understand its actions can actually improve and evolve healthy systems and responsibility becomes fully integral to the way all business activity and thinking is conducted

• An ethical organization takes care of its employees, its customers, its suppliers and its stockholders while still being able to make a profit – It’s a win/win for everyone. • Social Responsibility defined is an organization’s initiatives to assess and take responsibility for its effects on the environment as well as its impact on social welfare. • Corporate Social Responsibility ‘s activities include activities such as: Volunteering, philanthropy, and supporting community-improvement initiatives. The advantage to a business by being socially responsible includes:

• The business creates goodwill among the community it serves • The business increases trust among the community

• Consumer trust and having a good reputation are some of a business’ most beneficial assets • Without trust and reputation, a business could potentially fail

• Being socially responsible can change a business’ culture creating an environment where employees enjoy coming to work and the community will choose to buy products.

Business Ethics/Social Responsibility/Corporate Social Responsibility