BUAD 307 Chapter Notes - Chapter 4: Brand Equity, Corporate Social Responsibility, Global Issue
3 Oct 2016
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Business ethics moral or ethical dilemma that might arise in a business setting. Corporate social responsibility entails voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders. Important to balance short-term profits with society"s long-term needs. Want employees that have high ethical standards. Identify the 4 steps in ethical decision making. Facts that are important to the ethical issue (e. g. legal information) Identify all the individuals and groups that have a stake in how the issue is resolved. All parties relevant to the decision should come together to brainstorm any alternative courses of action. Weigh the various alternatives and choose a course of action that generates the best solution for the stakeholders: use ethical practice. Describe how ethics can be integrated into a firm"s marketing strategy. Including ethical statements in the firm"s mission or vision statements.
