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BMGT 496 Final Project 2: Business Obligations >Solved Fall 2024. $15.04   Add to cart

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BMGT 496 Final Project 2: Business Obligations >Solved Fall 2024.

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BMGT 496 Final Project 2: Business Obligations University of Maryland, University College BMGT 496

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  • August 27, 2024
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Project 2: Business Obligations




Memorandum

Date: 01 July 2024


Subject: Business Obligations



This study source was downloaded by 100000889787716 from CourseHero.com on 08-26-2024 23:13:14 GMT -05:00


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, Introduction


Social responsibility is a practice that enables businesses to have a positive impact on their

communities. It can mean maximizing profits or contributing to the community in any other way

(Fernando, 2021). Friedman sees social responsibility as a measure that says it’s because of

stakeholders a business makes a profit. Successful entrepreneurs want to make as much profit as

possible from a venture. Again, his approach is to maximize profit rather than to do what’s best

for the business to be most socially responsible. This argument is based on the assumption that

companies shouldn't spend shareholders' money on long-term benefits that cost more than they

return. If shareholders want to pursue these initiatives themselves, they should be of their own

free will.


The triple-bottom-line approach to social responsibility considers people, profit, and the planet.

This means a business can make a profit while doing something good for the community it

operates in. It has the added advantage of focusing on environmental and social responsibility

thus benefiting the business, employees, customers, and the environment.


A major ethical concern with this approach that has been raised is pollution and environmental

waste which is a global issue. The two positions discuss how they handle social and ethical

issues including pollution. Pollution affects most parts of the world and majorly affects those

who are poor or below the living standard. It has consequences for future generations and plants,

affects water sources, and most importantly the general quality of life. (Brown, 2001).


Summary of Friedman’s Position



This study source was downloaded by 100000889787716 from CourseHero.com on 08-26-2024 23:13:14 GMT -05:00


https://www.coursehero.com/file/239088214/BMGT-496-Project-2-Final-courseherodocx/

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