Ch5 - Chapter 5 Classical view the managers primary...

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Chapter 5 Classical view: the manager’s primary responsibility is to operate the business in the best interests of the stockholders, whose single concern is financial return Socioeconomic view: based on the belief that corporations are not independent entities responsible only to stockholders, but have a responsibility to the larger society that allows their formation through various laws and regulations and supports them by purchasing their products and services Social responsiveness: managers are guided by social norms and make practical decisions about the societal actions in which they engage Social responsibility: adds an ethical imperative to do those things that make society better and not do those that could make it worse Approaches to being green: o Legal approach: simply doing what is required legally; organizations exhibit little environmental sensitivities; obey laws, rules, and regulations willingly and without legal challenge, but that is the extent of their being green o Market approach: organizations respond to the environmental preferences of their customers; whatever customers demand in terms of environmentally friendly products will be what the organization provides o Stakeholder approach: the organization works to meet the environmental demands of multiple stakeholders such as employees, suppliers, or the community o Activist approach: an organization looks for ways to respect and preserve the earth and its natural resources; exhibits the highest degree of environmental sensitivity Global Reporting Initiative (GRI): an independent entity that develops and disseminates globally applicable Sustainability Reporting Guidelines ISO 14000: organizations develop a total environmental management system for meeting environmental challenges; must minimize the effects of its
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Ch5 - Chapter 5 Classical view the managers primary...

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