COMMERCE 1E03 Study Guide - Final Guide: Environmental Values, Gerber Baby, Corporate Social Responsibility
15 Dec 2017
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Often arise out of a firm"s relationship with its stakeholders. E. g. , investors want financial decisions to boost sales, profits, and return on investment (roi) E. g. , customers expect products to be safe, reliable, and reasonably priced. E. g. , employees expect fair treatment in hiring, promotion, and compensation. E. g. , competitors expect fair and honest business practices. Regardless of the intensity of the competition or the shifting external business environment, firms must compete in an ethical manner. Business ethics: the application of moral standards to business. Laws: society"s values and standards that are enforceable in the courts o. Standards that are legal may not always be ethical, and vice versa. Morals: rules people develop as a result of cultural values and norms: ethics consists of personal moral principles and values rather than societal prescriptions, thus, morals may be considered the foundation of ethical behaviour. There is increased pressure on businesspeople to make decisions in a society characterized by diverse value systems.
