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Business Law and Ethics - Book Report/Review Example

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In this paper “Business Law and Ethics” author argues against the theory that profit maximization alone is the realistic criterion by which business organizational effectiveness can be reasonably judged. Business exists to supply goods and services to customers, rather than to supply jobs to workers. …
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Business Law and Ethics
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Download file to see previous pages In other words, it is difficult for an organization to maximize its profits and fulfill the requirements of the society at the same time. There should be a compromise between the needs of the organization and the needs of the society in order to judge whether an organization is effective or not. An organization which concentrates only on making profits may be effective as far as the perspectives or the objectives of the organization are concerned. On the other hand, an organization which contributes something in return to the society for the exploitation of community resources can be termed as an effective organization in societal perspectives. Hawkins, (2006) has pointed out that it is “the society which provides both customers and resources to fulfill the business objectives of the corporate companies” (Hawkins, 2006, p.2). In other words, it is the duty of the organizations to help the society in return to the resources exploited from the community or society. Organizations which fail to obey the above principle may not survive in the current world. In short, organizations which are successful in making profits without sacrificing the interests of the community can be referred as effective organizations. Such organizations will always try to achieve a compromise between the needs of the society and the needs of the organization while doing business. A company can never functions in vacuum. It requires resources in the form of manpower, machine, material and money for successful operation. Manpower and the materials are provided by the community even though money and machines could be imported from some other channels. Corporate social responsibility is a popular term in the business circle at present...
A company can never functions in vacuum. It requires resources in the form of manpower, machine, material and money for successful operation. Manpower and the materials are provided by the community even though money and machines could be imported from some other channels. Corporate social responsibility is a popular term in the business circle at present because of the realization of organizations that it is necessary to provide something in return to the society for the sustainment of business. Nexen (2009) has pointed out that Corporate Social Responsibility is “the commitment to behave ethically and contribute to economic development while improving the quality of life of our workforce and their families as well as the local community at large” (Nexen, 2009).
Even biggest organizations struggled in the past in sustaining their businesses at some parts of the world because of their failure in demonstrating corporate social responsibility. For example, Coca Cola, the biggest soft drink manufacturer in the world failed to sustain their business in Kerala, the southernmost state of India because of its failure in demonstrating corporate social responsibility. During the latter part of 1990, Coca Cola purchased around 40 acres of land in Perumatty in Kerala, India for its operation in Kerala. Coca-Cola bought a property of some 40 acres held by a couple of large landowners, built a plant, sank six bore wells, and commenced operations. ...Download file to see next pagesRead More
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