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Chapter 2

Chapter 2 - Chapter Two Business Ethics and Social...

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Chapter Two Business Ethics and Social Responsibility Objectives o Define business ethics and social responsibility and examine their importance in business. o Detect some of the ethical issues that may arise in business. o Specify how businesses can promote ethical behavior. o Explain the four dimensions of social responsibility. o Debate an organization’s social responsibilities to owners, employees, consumers, the environment and the community. o Evaluate the ethics of a business’s decisions. Business Ethics and Social Responsibility o Business Ethics: The principles and standards that define acceptable conduct in business o Social Responsibility: A business’s obligation to maximize its positive impact and minimize its negative impact on society The Role of Ethics in Business o If society judges an action unethical or wrong, whether correctly or not, that judgment directly affects an organization’s ability to achieve its goals. o Well-publicized incidents of unethical and illegal activity strengthen the public’s perceptions that ethical standards and the level of trust in business need to be raised o Business ethics goes beyond legal issues o Ethical issues are not limited to for-profit organizations Recognizing an Ethical Issue o An ethical issue is an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical Misconduct Observed in the Workplace Reasons For Not Reporting Observed Misconduct o Didn’t believe corrective action would be taken o Feared retribution or retaliation from supervisor or management o Feared they wouldn’t remain anonymous o Thought someone else would report the misconduct o Didn’t know who to contact 1
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Ethical Issue Categories o Conflict of interest o Fairness and honesty
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Chapter 2 - Chapter Two Business Ethics and Social...

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