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Business ethics - Coggle Diagram
Business ethics
Stakeholders - a business must monitor and ensure it complies not only with the law but with accepted ethical standards as well.
External stakeholders are customers who want the business to produce quality product at reasonable prices
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Increases pollution
The rana plaza the Bangladeshi factory collapsed because of unsafe standards 1100 people died 2500 people were injured
Example - the ford pinto case, cost more to fix
Good ethics is good business, dame Anita promotes good business because it is right thing to do- intrinsic reasons
Lord Alan sugar good ethics is good for a business as every business needs to book in a audience to be successful-extrinsic reason is doing something to look good
Corporate social responsibility Friedman says that there is only one social responsibility of a business, as long as you dont break the law you can angage in anything to make profit. He argued that made capitalism is less effective and restricted rights of individuals to improve their lives
Strengths of friedmans views are the main focus of a business should be to make profit without profit a business wont survive.
Another strength of his view is he does promote social responsibility to society. The increase of profits ina company benefit the economy which benefits the citizens of that economy .
Issues with friedmans view show that he believed that social responsibility should not be forced by the government however companies can still be successful while pursue it serveral different methods of social responsibility at the same time.
Responsibility to stakeholders can still be achieved while helping to stregthen the community which is another weakness of friedmans view
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Relationship between business and customer - customer rights a satisfactory quality and safetly. Good treatments of employees and environmental concern
Employers and employers balence of interest for a business should be keeping employees happy if not you have a high staff turner.
Whistle blowers are people who rush their livelihood to tell the truth about companies they are protected by the law and treated as a witnesses to crime to make buisessnes accountable of their actions .
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Globalisation - technologies changing, transport is cheaper and faster, consumer tastes have changed, uk gets year round food and produce because of globalisation. Businesses are taking trade to countries not influenced by unions/ equal rights = labour is cheaper. Manufacturing has moved to Indonesia or phone lines to India.
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Takes jobs away from countries with stricter human rights fair wages cheaper alternatives and invovles child labour
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