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Summary Chapter 2 - Business Management 114 R50,00
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Summary Chapter 2 - Business Management 114

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Summary of 5 pages for the course Business Management 114 at SUN

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  • May 31, 2017
  • 5
  • 2017/2018
  • Summary
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Chapter 2 - Ethics and social
responsibility
Ethics – study of the right and wrong moral choices that
individuals make.
Business ethics – application of moral standards in
business situations

Ethical issues that arise in the business world

 Fairness and honesty
Are two very important ethical concerns in the
workplace. They must obey the law and business
people are expected to not deceive, misrepresent or
intimidate others knowingly.

 Organizational relationships
Businesspersons might be tempted to put their own
welfare above the welfare of the business. Relationships
between customers and co-workers are unethical as
well as taking credit for the work of others.
Conflict of interest
When an employee takes advantage of a situation for
his her own personal interest rather than the
employer’s interest. All bribes are unethical
 Communication
Advertising from business can present ethical
questions.
FACTORS AFFECTING ETHICAL BEHAVIOR
 Individual factors
1. Individual knowledge of issue
2. Personal values
3. Personal goals
 Social factors
1. Cultural norms
2. Co-workers
3. Significant others
4. Use of internet
 “Opportunity” affecting ethical behavior



1

, 1. Presence of opportunity (freedom employee
given)
2. Ethical code
3. Enforcement


Encouraging ethics
 Governments role
1. Enforcing strict regulations
2. Law should deal with
I. Corporate responsibilities
II. Interests of workers
III. Conflicts of interest
IV. Corporate accountability
4. Sarbanes-Oxley act – provides sweeping new
legal protection for employees who report
corporate misconduct.


 Trade associations role
1. Provide ethical guidelines
2. Put pressure on businesses to keep standards
high.
 Individual companies role
1. Code of ethics – guide to acceptable behavior
defined by organization.
2. Whistle blowing- Informing the press or
government about unethical practices in other
organizations. Sarbanes- Oxley act of 2002
protects whistle blowers.

Social responsibility
Recognizing that business activities have an impact on
society. Helping in times of need gives businesses good
advertising and helps society.

2 views of social responsibility
 Economic Model
Traditional businesses sell goods or services to make
a profit. Economic model of social responsibility
states that society will benefit the most if businesses

2

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