CH3 MLR465

CH3 MLR465 - 3-2Responsibilities of a Business FirmSocial...

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Unformatted text preview: 3-2Responsibilities of a Business FirmSocial Responsibility: proposes that a private corporation has responsibilities to society that extend beyond making a profit3-3Responsibilities of a Business FirmFriedmans traditional view of a business firm: Argues against the concept of social responsibilityPrimary goal of business is profit maximization not spending shareholder money for the general social interest3-4Responsibilities of a Business FirmCarrolls four responsibilities of business: (in order of priority)EconomicLegalEthicalDiscretionary3-5Carrolls four responsibilities of business: 3-6Responsibilities of a Business FirmThe ability to enter local and international marketsEnhanced reputationCompetitive advantageCost savingsThe ability to charge premium pricesImproved relationships with suppliers and distributorsThe ability to attract better talentGoodwill in the eyes of public officialsAccess to capitalSocial capitalrefers to the goodwill of key stakeholdersand provides a company with:3-7Responsibilities of a Business FirmCharacteristics of SustainabilityEnvironmentalEconomicSocialTriple Bottom Line - Profits, People, Planet3-8Corporate Stakeholders...
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CH3 MLR465 - 3-2Responsibilities of a Business FirmSocial...

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