Business Ethics and Corporate Social Responsibility

1664 words (7 pages) Business Assignment

10th Jun 2020 Business Assignment Reference this

Tags: Business AssignmentsBusinessCSRBusiness Ethics

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Business ethics is the study of proper business procedures and policies. These are important to know incase of governance, trading, bribery, and customer service, its work ethic but for an entire company. Companies aren’t able to permit them self’s from having poor customer service unsanitary working conditions, or poor community support. Business ethics applies to every aspect of the company, such as employees, managers, shareholders, and the owner of the company. Business ethics also is about analyzing marketing, distribution, production and consumption of goods and services. Companies can enforce business ethics by having an ethics management program. Business ethics preaches that rules apply to everyone even the people who think they don’t, each individuals action effects them and the entire company they work for. For example, when the wrong person is promoted it can drive the business ethic down just by them being promoted. Each business should have business ethics to maintain an organized, well run ning company. Business ethic principles are: compliance, sustainable customer work, and data protection. Compliance is important, complying with rules and regulations not only makes your business look good but would make more customers promote your business. Sustainable customer work is important because having good respect for customers is key for them to keep buying from your company. Data protection is important, because without it rival companies could steal ideas or other documents they don’t need to know about. Also, some companies keep records of customer information that could get a company in trouble if it gets out. In today ‘s society, hackers are known for messing with companies just for fun so data protection is key for business ethics. I agree with the principles of business ethics, every company should have them. No customer wants to spend there their money somewhere that doesn’t make them feel good and comfortable. Not all business ethics are good some are bad but not criminal acts, such as fraud. According to Nayab (), in 1972 Ray Kroc, the founder of McDonalds, donated $250,000 to Ricard Nixon’s reelection campaign. In return he got a favorable legislation to start paying teenage employees 20 percent less than minimum wage. That’s an example of bad business ethics because, it made a corporate influence on lawmakers to enact legislation that was self-serving and serve selfish act and harmful to society. The law usually sets guidelines for companies so they don’t need business ethics, but most thriving companies make there own guidelines to keep there company in check and not violating any laws. Business ethics may be different for every company but they all end up being just alike in some way, shape or form.

Corporate social responsibility (CSR) is the practice of getting businesses, shareholders and citizens to help the society in everyway they can. It sets expectations not only for business and companies but for the society as a whole. CSR activities can bring a companies company’s employees much closer and that helps with business ethics. Corporate social responsibility is important to not only businesses but for the entire society. If a company doesn’t have a CSR plan, they probably wont last long, most high dollar companies have high quality CSR plans and it helps them stay successful. Having a bad reputation for CSR isn’t good for there their brand and could risk all the work they’ve done. CSR is also big for nonprofit organizations, because they not only focus on the business aspect of things but also the society. Having good CSR activities also is good for bringing in new employees, no one wants to work at a company with a bad reputation or bad morals overall. According to Falcetta, (2016), the principles of CSR are philanthropic, ethical, legal, and economic responsibilities. I feel like all these are important to society because without them the world would be chaos. Philanthropic responsibilities are important for raising money for non-profit organizations, and businesses just getting off there their feet. Ethical responsibilities are important to businesses, because without ethics businesses reputations will be low and nobody would want to work for a company without good ethics and responsibilities. Try a new paragraph here, to split up your ideas into more easily digestible sections

Legal responsibilities are important because without them business could be doing something illegal and not even know about it. Having legal responsibilities is good for knowing all the permits and licenses your business made may need. Keeping up with records, licenses, and permits is also a responsibility for the legal aspect of business and companies. Economic responsibilities are important because the prices you set for the society can effect the way the business progresses. Its also important for giving good jobs with good pay for more employees to come and work and help build the business or company. There are many benefits with corporate social responsibility. CSR can help a company get better brand recognition if people see a brand doing good things not only for itself but for the society, why wouldn’t they check that brand out and see what they’re really about. CSR can also gain a company some good business reputation if people see what they like they would tell friends and family, it would be passed around indefinitely. CSR can also help a company increase in sales and customer loyalty. If brand is consistent in customer service and good prices, why wouldn’t people buy it, promote it, and buy it again. CSR also benefits better financial performance. Getting good sells sales and dedicated employees from using CSR would obviously boost your financial performance. CSR will also help a company maintain good employees and bring in good new staff members in someone quits or find a better job.  Also, CSR can help attract new business opportunities. If a certain company or investor sees a business is thriving they could try to collaborate or add there their products to your business. Investors see the business doing good they could invest a lot of money into a company to help not only the company but himself. If an investor invest in a company and the company blows up the investor is going to get there their money back and maybe even a lot more depending on how big the company gets. Here’s another good place to split up your paragraphs to divide your paper up into smaller sections.

Business ethics also comes with numbers of benefits. such. Having business ethics can help a company get lower fines, by having business ethics if something happens within a company loyal customers and employees may not report it to the authorities. Say someone does report it the company could get into lots of trouble. Business ethics can also help a company enhance their public image. If a business or company is well know for a certain thing around the community the public image of the company will sky rocket. Though, without business ethics if not a high ranked company, the business could get bad reviews and would lose customers and without customers the business has no money. CSR continues to evolve around the world, helping businesses get off the ground and turn them into multi-million dollar companies. Business ethics are always going to be key to running a good company. If a company doesn’t have corporate social responsibility or business ethics, the business is probably on the way to bankruptcy or barely getting by. Might be another good place to insert a new paragraph, wherever you start talking about a new subject or something different, try starting a new paragraph, it kind of helps to break things up in your paper, and makes it easier to read.

I think if we didn’t have CSR, customer service would be terrible in many companies and businesses. We don’t know what businesses and companies will be like in the future but if businesses continue to use business ethics and corporate social responsibility the future is looking very bright. Not all companies will use business ethics and corporate social responsibility. There will always be young, hard headed companies that try to make millions without using them. Some will succeed, and some will fail but at the end of the day the companies that continue to use business ethics and corporate social responsibility will always be at the top of the charts in many aspects. Businesses like Coca-Cola and Walmart have to have good business ethics and corporate social responsibility to maintain good customer service and loyal customers to open up and sell as many products as they do a year. In conclusion, business ethics and corporate social responsibility is key to running a successfully business at this day and age. Companies will find out ways to get past using CSR and business ethics and they will survive but they will not be as successful as the ones that follow the rules and regulation of the CSR.

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