DSST Business Ethics and Society 2

Relativism to be judged based upon ones own feelings

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Relativism – to be judged based upon one’s own feelings about what is right and wrong a) Not popular because society generally prefers universal standards of right and wrong 42) Social Responsibility – when a company takes into account society’s values and objectives when making decisions a) Companies that practice social responsibility try to balance being profitable with the needs of the those in the company a.i) Examples: fair employment practices, helping urban renewal and development, working with educational institutions, and limiting pollution 43) Corporate Social Responsibility (CSR) - also called Corporate Citizenship - emphasized obligations and accountability
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a) Weighs the impact of the company’s actions on society b) Also includes Corporate Social Responsiveness, and Corporate Social Performance 44) William Frederick – used the terms: a) CSR1 – for Corporate Social Responsibility b) CSR2 - for Corporate Social Responsiveness – emphasizes activity and action b.i) According to Ackerman and Bauer – social responsiveness is essential in that it denotes a dynamic action-oriented condition b.ii) According to Ian Wilson’s view of Social Responsiveness there are 4 possible business strategies and are modes of philosophies; which are (b.ii.1) Reaction – an organization that denies responsibility for its actions is assuming reaction strategy, (b.ii.1.a) an example of this was when the company that manufactured asbestos discovered it caused fatal lung disease, chose to hide the evidence rather than try and find safer working environments (b.ii.1.b) Or the tobacco company who knew that tobacco was addictive yet continued to promote “light cigarettes” and market them to teens (b.ii.2) Proaction – an organization that actively seeks to improve the welfare of society (b.ii.2.a) Example: Mary Kay contributing to women’s health issues like breast cancer (b.ii.3) Defense - a company that admits responsibility for its actions but responds by doing only the bare minimum (b.ii.4) Accommodation – a company that readily adapts their behavior to conform to public policy and responds to public expectations (b.ii.4.a) Example – a bank that goes beyond the minimum requirement of disclosure and maintains an on- demand disclosure policy c) CSR3 – Corporate Social Rectitude – concerns the moral correctness of policies formulated and actions taken 45) CSR Economic Responsibility - requirement that a company earn a profit comes under the heading economic responsibility a.i) Companies are required by the public to keep costs low, maximize sales, and earn a profit 46) CSR Legal Responsibility – when a company strives to meet its contractual obligations a) The public expects companies to obeying laws even when they disagree with them 47) CSR Ethical Responsibility – actions society regards as fair, in keeping with the protection of the stakeholders moral rights a) Activities that are because of the result of laws 48)
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