Business Ethics and Corporate Social Responsibility-BA260

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Business Ethics and Corporate Social Responsibility:

Business Ethics and Corporate Social Responsibility By: Johanna Zivotic

What are ethics?:

What are ethics? The moral principles and values that generally govern the conduct of an individual or a group. Unwritten rules and standards we have developed for our personal conduct and decision making. Not all individuals, companies or organizations have the same standards/values, giving “ethics” a broad definition.

Business Ethics:

Business Ethics Business ethics reflect personal beliefs and values and cannot be separated from personal ethics. Something that is lawful does not mean it is ethical. The consumers perception of a company’s ethics influences the image of that business and can influence purchase/investment decisions. 80% of customers base their buy decisions on their perception of that firms ethics (Zwilling, 2011.

A few Ethical traits:

A few Ethical traits Results in: Trust Loyalty Positive image Competitive Advantage Honesty Respect Accountability Commitment Fairness Having the consumers best interest in mind

Corporate Social Responsibility (CSR):

Corporate Social Responsibility (CSR) is a business’s concern for society’s welfare varies with each company’s ethics and beliefs Sustainability: A newer theory that states that socially responsible companies will outperform their peers by focusing on the worlds social problems and viewing them as opportunities to build profits and help the world at the same time.

Slide 6:

How much social responsibility do businesses have?

Slide 7:

“What’s the cost of that?” Home Depot's Robert Nardelli says, “corporations have the reach, means, and responsibility to give something important back to communities.” “That’s an investment.” “No, it’s a responsibility.” “Isn’t that a burden...” (O’Connell, 2005) home Depot: Just do the right thing

Profitability First:

Profitability First CSR must adapt to circumstances. We are in a recession. Reality: businesses must create jobs, pay taxes, and strengthen the economy. You have to make money first to give it away. What do you think about companies being "socially responsible" during these difficult competitive times? Is it a necessity or a luxury? (Welch, 2009)

Questions to consider::

Questions to consider: Are today’s business ethics based on more than just personal values and standards, such as environmental and social responsibilities as well? Do a majority of business use green initiatives, environmental concerns, contributions to society, and/or community involvement as a marketing strategy rather than a core business value and responsibility?

Additional information:

Additional information YouTube Video: (Time: 2:07) “Business Ethics Success Story: Gates Home Furnishings” Marketing to Children: Accepting Responsibility An article from “Business Ethics Magazine” URL: http://business-ethics.com/2011/05/31/1441-marketing-to-children-accepting-responsibility/

The End:

The End By: Johanna Zivotic

References:

References Zwilling, M. (2011, May 17). Learn to 'do the right thing' for your startup. Forbes , Retrieved from http://blogs.forbes.com/martinzwilling/2011/05/17/learn-to-do-the-right-thing-for-your-startup/ O'Connell, P. (2005, August 15). Social responsibility: do the right thing. Bloomsberg Businesweek , Retrieved from http://www.businessweek.com/magazine/content/05_33/b3947114_mz017.htm Welch, J & S. (2009, May 20). Corporate social responsibility in a recession. Bloomsberg Businesweek , Retrieved from http://www.businessweek.com/magazine/content/09_22/b4133000801325.htm W., C, F., J, & McDaniel, C. (2010). Mktg 4 (with marketing coursemate with ebook printed access card) . South-Western Pub.

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