BU111 Lecture 6: Social Factors Note
19
BU111 Full Course Notes
Verified Note
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Document Summary
Demographic characteristics: business implication: affects how we live, work, consume and produce, why: affect customer preferences and worker attitudes, behaviour, standards of business conduct and corporation social responsibility. Ethics and its importance: ethics: individual standards/beliefs regarding what is right and wrong, good or bad, business or managerial ethics: standards of behaviour that guide individual managers in their work. Managerial preferences in diamond-e: ethics and business ethics results in corporate social responsibility. Corporate social responsibility: what the organization does to and for the stakeholder, how a business defines ethical conduct at the organizational level, collective code , how a business balances conflicting commitments to the stakeholders, two opposing views. How you balance them depends on managerial ethics and approach to corporate social responsibility. Approaches to corporate social responsibility: four levels of corporate social responsibility, obstructionist stance: do as little as possible. Will often go into illegal activities: defensive stance: legally required only.
