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Why should an organization operate in an ethical and socially responsible manner?
An organization should operate in an ethical and socially responsible manner to build trust and credibility with stakeholders, including customers, employees, and the community. Ethical practices enhance brand reputation and can lead to increased customer loyalty, which ultimately drives long-term profitability. Moreover, socially responsible actions contribute positively to society, fostering a sustainable environment and improving the quality of life for future generations. In an increasingly aware consumer landscape, ethical behavior can differentiate an organization from its competitors, leading to a competitive advantage.
Why is maximizing shareholders wealth a good philosophy?
Shareholders are actually owners of the company in which they hold stock in. All decisions should be made with the consideration of maximizing shareholders wealth. It is not to just increase the size of the company or to see that executives get rich but rather to maximize the return for shareholders/owners of the corporation.
How can you be socially aware?
There are different ways for becoming socially aware. Some which I can list are: One must watch news. Have keen observation. Should be aware of the surroundings. Must read Newspaper.
Why should a business seek to balance its economic legal and social obligations?
In every business, there will be influences from an economic, social and legal obligation. Here has to be a balance in these three sectors for effectiveness to be achieved. A business should be able to give customers a product or service and also provide jobs, it should also contribute to the progress of that particular community and the country as a whole and it should pay taxes from its revenues. also the business has CSR without it; it won't survive for long run according to "Iron law of responsibility" which says that in the long run, those who do not use power in ways that society considers responsible will tend to lose it. And to do so there should be balance between this three aspects: economic, legal and social obligationsWhere the business has an economic obligation through producing profit to survive and satisfy its shareholders and owners. It should also, obey laws and regulations so it has legal obligation but law often lag behind what is considered appropriate behavior that is why business has society obligations where the business 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.Business has to manage these three elements and develop strategies that support it in meeting each of these critical responsibilities.
Should ethics be imposed on business?
Ethics should not be imposed on business. Each business should have its own inside code of ethics and shouldn't need someone else to tell them what to do.
Why should businesses be socially responsible?
Yes business organization should be socially responsible. When a business is socially responsible they are able to establish a strong customer relationship with their consumers as well as maintain a strong consumer value.
What do shareholders want from organization?
Shareholders buy shares in a business on the stock market, putting capital into that business. What shareholders usually want is a return (profit) on their investment, usually in the form of dividends, or by selling off shares should share value rise.
Who is responsible for a business?
The organization responsible for businesses. And also owners and employees who worked there should responsible for business.
When should a business be divested?
when shareholders would be beter served if the company sells the buisness for a generous premium.
What should be done with assets when closing a business?
When closing a business, assets should be liquidated or sold to pay off debts and distribute any remaining funds to shareholders or owners.
Does sponsorship contradict maximisation of shareholders wealth?
Not really. Donations would help build the image of the business as a socially responsible corporate and would raise its goodwill. This would enable it to earn more profits in the future and, thus, actually increase shareholder's wealth.
What is a responsibility of being a member of society?
People should be responsible members to society in order to contribute to their well being and not engage in socially harmful acts.
Why should an organization operate in an ethical and socially responsible manner?
An organization should operate in an ethical and socially responsible manner to build trust and credibility with stakeholders, including customers, employees, and the community. Ethical practices enhance brand reputation and can lead to increased customer loyalty, which ultimately drives long-term profitability. Moreover, socially responsible actions contribute positively to society, fostering a sustainable environment and improving the quality of life for future generations. In an increasingly aware consumer landscape, ethical behavior can differentiate an organization from its competitors, leading to a competitive advantage.
Should a company become a customer-focused business Why or why not?
Most businesses should be customer-centered because it will help them attract loyal customers. With loyal customers, they can maximize their profits for their shareholders.
Why should company recover losses first and not the shareholders?
Because shareholders only invest their money in the business while the company does all the operations and work hard to get the profits.If the company is doing all the operations than they deserve to recover loses first.
When to Capitalize the S in shareholders?
You should capitalize the "S" in "Shareholders" when using it as a title before a specific group's name, like "ABC Company Shareholders."
What are the characteristics of socially responsible people?
I suppose that the answer to that can vary based on what one individual considers to be "socially responsible". However, I think that general consensus will stand that socially responsible people take responsibility for their actions, considers others as well as themselves, and makes an effort to restrain themselves from doing things that will make them a burden on society. One should maintain a job, not take government services that they don't NEED, and raise their children as properly as possible to keep THEM from becoming a burden on society. They should exercise restraint when making choices of a seedy nature, and try to make those choices as responsible as they can be. In an effort to stop, I will say that the rest is simply at an individuals discretion.
