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Business Ethics - Essay Example

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Date Course Social Responsibility 1. Introduction Social responsibility is defined as an approach that is adapted by organizations to address the social and environmental issues prevailing in the society for the welfare of mankind…
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Business Ethics
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Business Ethics

Download file to see previous pages... Maximizing profits should not be the main focus of any business. 2. Argument for Social Responsibility There are many stakeholders in an organization. Some of the important and direct ones are; shareholders, customers, employees, vendors. The usual approach that is adapted by corporations (and advocated by Milton Friedman in the chosen article) is to increase the value for the shareholders and maximize profits as much as possible. John Mackay stated in the chosen feature that maximizing profits would not be the objective of stakeholders like employees and customers. Therefore, a business model should aim to provide value to all of their six stakeholders; customers, employees, shareholders, suppliers, societies, environment. This forms the basis of social responsibility. The following are some of the benefits of an ethical approach to manage business: Increases the motivation of the employees Produces better service and products for the customers as per their requirements Earns a positive image for the company Attracts new employees Benefits the communities and environment ‘Capitalism’ has been made notorious due to the concept of maximizing profits at all levels. This concept can be marketed in a better manner if it is realized that all constituencies need to be catered in the management of any business. ...Download file to see next pagesRead More
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