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Soc. Responsibility
| Question | Answer |
|---|---|
| What is the social responsibility towards employees? | The business has a responsibility to its employees to pay them a fair wage and provide them with safe and healthy working conditions. They must also treat them with respect and must not discriminate against them. |
| What is the social responsibility towards investors? | These are the people that share the business risk by providing the capital, and so they are entitled to a fair dividend and the business needs to be transparent and honest in all matters, e.g. financial information. |
| What is the social responsibility towards suppliers? | The business has a responsibility to its suppliers to always pay them in full and on time. It should not exploit its suppliers and should pay them a fair price for what they supply. |
| What is the social responsibility towards consumers? | The business should provide the consumer with good quality and safe products and services at a fair price. They should also ensure that advertising to customers is done in a legal, decent, honest and responsible way. |
| What is the social responsibility toward the local community? | The business should avoid all types of pollution and must preserve and protect the local environment. The business should also provide local employment and support local suppliers. |
| What is the social responsibility toward the government? | The business must pay their taxes on time and in full, and also obey any government regulations and laws. |
| What are the 4 Advantages of being socially responsible? | 1. Increased Sales 2. Reduced Costs 3. Easier to Attract Capital 4. Easier to Attract and Retain Employees |
| What are business ethics? | They a set of moral principals that guide business people regarding how they should act in business situations – the ‘right thing to do’ versus the ‘wrong thing to do’. |
| What does conducting 'ethical business practice' mean? | This means conducting business according to a set of moral principles. This ensures the business behaves in an honest, fair and legal manner. It means doing the right thing in all situations, regardless of the effect on profit. |
| By breaking the law, is this the only way that you can be unethical? | Some actions or decisions may not break any law but they may be unethical, unfair and dishonest. |
| What are the 4 ways to improve Business ethics? | 1. Lead by example 2. Encourage employees to report to others 3.Draw up a Code of Ethics 4.Ethical audits |
| How does a manager 'lead by example' in order to improve business ethics? | A manager must set a good example and be ethical at all times. They should also disapprove of, and punish, unethical behaviour and reward ethical behaviour. |
| How does a manager 'encourage employees to report others' to improve business ethics? | Managers must encourage employees to report any instances of unethical behaviour. This is called ‘whistle-blowing’. |
| What is a 'Code of Ethics'? | This is a formal written document that sets out rules and guidelines for employees and managers to follow when making decisions. |
| What information is in a 'Code of Ethics'? | It tells them the correct way to behave and the right thing to do in a given situation, and should be included in staff training. |
| What is an 'Ethical audit'? | The business should be assessed by an independent outsider (ethics auditor) to examine that all aspects of the business are conducted ethically, |
| What would be analysed in an Ethical audit? | Example: where it buys its materials, how it treats employees and other stakeholders, etc. |
| Is an 'Ethics Audit' a compulsory or voluntary measure? | The ethics audit is a voluntary measure taken by a business to improve its ethics. |
| What are the Benefits of a Code of Ethics? | 1. Increased Sales 2. Employee Standards 3. Prevent Mistakes 4. Act Appropriately |
| What are the Challenges of a Code of Ethics? | 1. Difficult to Introduce 2. Enforcing 3. Training |
| What are the Environmental Issues (Responsibilities) presented to Businesses? | 1. Climate Change 2. Waste Management 3. Pollution 4. Sustainable Development |
| What are the Characteristics of an Environmentally Conscious Business? | 1. Sensitive to the Environment 2. Open to New Ideas 3. Sustainable Development 4. Consult Others 5. Honest about Environmental Matters |
| What are the effects of the environment on a business? | 1. Increased Sales 2. Increased Costs 3. Damage to Reputation 4. Increased Regulation |
| What are the effects of the environment on revenue (income)? | 1. Increased sales 2. Easier to attract capital 3. New markets 4. Marketing tool 5. Efficient production |
| What are the effects of the environment on costs? | 1. Increased wage bill 2. Increased manufacturing costs 3. Increased material costs 4. Lower legal costs 5. Lower energy costs 6. Disposal of waste 7. Dividends |
Created by:
MsHayes1
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