Ethical Factors - Corporate Social Responsibility Flashcards

1
Q

what are ethics

A

concerned with the judgements about whats right and wrong in a particular sisutation

theres no legal requirements for a buisness or its employees to operate ethically (NOT A LEGAL OBLIGATION)

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2
Q

benefit of acting ethically

A
  • can attract new customers
  • encourage investment
  • create positive publicity
  • increased sales and profits
  • attract better and new employees
  • encourage employees to stay with the business
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3
Q

examples of ethical buisness

A
  • paying living wage
  • treating workers well
  • not harming the environment
  • sponsership work with community or charity work
  • not discriminating at all
  • behaving responsibly towards all employees by being aware of business affects on others i.e. local community
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4
Q

not behaving ethically

A
  • harm a business’ reputation
  • keading to failure or a drop in profits
  • public acting out
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5
Q

CSR

A

the wider responsibility of the buisness to other stakeholders and society

now typical of many UK businesses now

a recognition that the business is no longer judged solely on its ability to deliver the good/service - delivery manner more important

CARE MORE THAN JUST ABOUT PROFITS
good returns in profit for a small monetary investment

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6
Q

concerned with:

A
  • environment and ethical issues
    (responding to demands of society and government to play their part in these areas of global warming, pollution etc. + 5p bags in shops, recyable packaging)
  • charity and fundraising
    (to raise their business profile)
  • diversity
    (their operations should better represent and include a more respresentation of our diverse UK population)
  • financial responsibility
    (the financial sector has had to become more aware of the need to control access to credit cards + loans especially to those more financial vulnerable)
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