CHapter 5 Summary

Social responsibility makes a company more competitive and reduces the risk of sudden damage to the company’s reputation and sales.

Businesses, specifically larger corporations, play a major role in what occurs in society therefore, they are responsible to their stakeholders not only to pursue economic goals but the greater social good as well. Corporate social responsibility (CSR) means that a corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment. (Lawrence, 2010). Social responsibility is becoming the norm so much so that some businesses have incorporated it into their business model. There are three components of the bottom line of social

Because corporations are established to profit and shareholders invest money with expectations of a greater return, managers cannot be given a directive to be “socially responsible” without providing specific criteria of checks and balances to which needs to adhere. Therefore, it is imperative to the success of a corporation for managers to not act solely but rather to act within the policies of the shareholders.

or so many years our society has been thinking of forming new creative and innovative businesses, which would be more environmental and customer friendly. Nowadays a large number of different companies follow the social, ethical, as well as moral consequences when it comes to their decision making. One of the relatively new concepts involving economic and social concerns is Corporate Social Responsibility. Many of us apply this approach not only at work, but also in everyday life without even recognizing.

Company Q is a corporation whose stakeholders have not placed a major emphasis on social responsibility, instead it appears that the primary focus is placed on profit. With their profits on the decline, they are shying away from opportunities to help their community. By placing a higher priority on social responsibility Company Q will have the opportunity to help the community through charitable donations, employee volunteer initiatives, and creating quality jobs for the persons who live in the community. At the same time, Company Q will can also improve their public image and potentially increase profit.

Many believe that business entities should have an ethical duty to be socially responsible, to work towards increasing its positive effects on society while decreasing its negative effects. Many organizations look for opportunities to be socially responsible while also creating shareholder wealth.

The expectation that businesses behave responsibly and positively contribute to society all while pursuing their economic goals is one that holds firm through all generations. Stakeholders, both market and nonmarket, expect businesses to be socially responsible. Many companies have responded to this by including this growing expectation as part of their overall business operations. There are companies in existence today whose sole purpose is to socially benefit society alongside businesses who simply combine social benefits with their economic goals as their company mission. These changes in societal expectations and thus company purpose we’ve seen in the business community over time often blurs the line of what it means to be socially

Kessler, E. H. (Ed.) (2013). Encyclopedia of management theory (Vols. 1-2). Thousand Oaks, CA: SAGE Publications Ltd. doi: 10.4135/9781452276090

Ferrell, O.C., Fraedrich, J., & Ferrell, L. (2015). Business ethics: Ethical decision making and cases (10th ed.). Mason, OH: Cengage.

Ethics is important to everyone for the society as a whole. Whether it is in a person’s professional career or personal life, ethics and morals play an important role. The key to an organization’s success is the way they handle business ethically. Although it is not always simple to do the right thing, it is something that must be done. Conducting an Ethics Awareness Inventory is a way someone can learn how they as individuals see ethics; what is important to them the most, and what is important to them the least. I completed this inventory, and will discuss how it relates to my

Kessler, E. H. (Ed.) (2013). Encyclopedia of management theory (Vols. 1-2). Thousand Oaks, CA: SAGE Publications Ltd. doi: 10.4135/9781452276090

(Panza & Potthast, n.d.) Ethics is very important to a company’s success. Ethical behavior can bring benefits to a business. They can attract customers, which can lead to a boost in sales and profits. It can attract the right employees and increase productivity. It can also attract investors and keep the company’s share price high. Unethical behavior on the other hand can damage a company’s reputation and make it less appealing to stakeholders. It could also result in lower profits.

Using 2 different companies as example, analyse and evaluate the ethical decision making process within a business setting.

The purpose of this research is a self-reflection on the author’s personal leadership style. This research will include qualities of effective leadership, the author’s philosophy of leadership, and examples of the author’s leadership style. This research will also include a reflection of the author’s personal strengths as well as how the author’s personal strengths influence the leadership qualities the author has and how the author can improve her leadership style in the future.

Corporate social responsibility has been one the key business buzz words of the 21st century. Consumers' discontent with the corporation has forced it to try and rectify its negative image by associating its name with good deeds. Social responsibility has become one of the corporation's most pressing issues, each company striving to outdo the next with its philanthropic image. People feel that the corporation has done great harm to both the environment and to society and that with all of its wealth and power, it should be leading the fight to save the Earth, to combat poverty and illness and etc. "Corporations are now expected to deliver the good, not just the goods; to pursue