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Obligation of managers to take actions that protect and improve the welfare of society as a whole along with their own interests
To produce customized products To establish fair prices of products consistent
with quality, efficiency and reasonable profit to the firm.
To provide prompt, adequate, courteous, and friendly service to customers.
To ensure fairly wide distribution of products among all sections of consumers.
To improve their standard of living in society by producing goods and services which they need
Fair remuneration Job security and safety Proper working conditions and
employee welfare Trade union rights Employee promotion and code of
conduct Employee participation in
management.
Help the local civic administration to provide better public services
Promote community help by indulging into philanthropical activities
Aid schools, colleges and other educational institutions Promote cultural enrichment of the community by
encouraging greater appreciation of art, music and drama. Encourage sports and provide recreational facilities. Organize community forums and discussion groups and thus
promote better understanding of national and local affairs. Minimize the problem of pollution and help community efforts
in this direction. Abandon ostentatious living and display of wealth, and
develop socially desirable standards of living for themselves.
1. Take corrective action before it is required.2. Work with affected constituents to resolve mutual
problems.3. Work to establish industry-wide standards and
self-regulation.4. Publicly admit your mistakes.5. Get involved in appropriate social programs.6. Help correct environmental problems.7. Monitor the changing social environment.8. Establish and enforce a corporate code of conduct.9. Take needed public stands on social issues.10. Strive to make profits on an ongoing basis.
• Changed public expectations• Better environment for business• Balance power with responsibility• Business has resources• Prevention is better• Moral responsibility• Globalization• Better employees
• Profit maximization• Society has to pay the cost• Lack of social skills• Social overhead cost• Lack of broad support• Experts’ views
Corporate social responsibility programmes
Government programmesShareholder/
investor pressures
Philanthropic requests and
initiatives
Competitive advantage
Environmental concerns
Community forces
Factor conditions
Demand conditions
Context for strategy and
rivalry
Related and supporting industries
Cost
Social responsibility
scope Relevance
efficiency
Ethics-system of moral principles- a sense of right and wrong, and goodness and badness of actions and their motives and consequences
religion
Legal systemBUSINESS
ETHICSculture
Ethical behaviors
Code of ethicsTop
management
Ethics committees
Ethics auditTraining
programsEthics hotline
is an identification and examination of the activities of the firm in order to assess, evaluate, measure and report their impact on the immediate social environment
It helps to determine the areas where the firm could be vulnerable to public criticism.
Organizations can inform the public regarding their activities for society.
The true picture of corporate accountability can be given to the society.
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