Importance of ethics and social responsibility in the business world

Introduction

Strategic ethics and social responsibility are two of the around important, yet perhaps most misunderstood concerns in the solid ground of telephone line today. By their very nature, these fields are controversial, and in that location is no universally accepted approach for solving their questions. On the other hand, government is encouraging organizational accountability for estimable conduct, and organisations are being asked to prevent and control misconduct by implementing ethics programs. By defining strategic ethics, we can splice and compare it with the concept of social responsibility. In this way, we can go through applications in the transaction context, thus drawing conclusions about their sections in strategy.

Strategic ethics comprises principles and standards that guide behaviour in the world of backup Ferrell and Fraedrich (2000:6). Social responsibility on the other hand is the arrangement a business assumes toward society. Jennings (2003:6) defines these responsibilities as being economic, legal, ethical and philanthropic. A business economic responsibilities are to produce goods and services that society involve and wishings at a price that can perpetrate the business and satisfy its obligation to investors. The legal responsibilities are the laws that they must obey. ethical responsibilities are defined as behaviours or activities that are pass judgment of business by society but are not codified in law. Philanthropic responsibilities are those behaviours and activities that society desires and business value dictate.

Social responsibility then can be viewed as a contract with society, whereas business ethics involves carefully ideal out rules of business organizational conduct that guide finis making. Business ethics relates to rules and principles that guide individual and work congregation decisions, whereas social responsibility concerns the effect of organizational decisions on society.

The role of ethics and social responsibility in strategy

When a corporations values and ethics support its strategy, the companys stability and success is enhanced. Ethics and...

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