September 19, 2019

Corporate Social Responsibility (CSR)

Responsibility to shareholders Recognise the investments Protect the interests of the shareholders Provide a reasonable dividend Strengthen and consolidate position of the company. Responsibility to employees – success of an organisation depends to a large extent on the morale of the employees and their wholehearted cooperation.  Payment of fair wages Provision of best possible working […]

Who are stakeholders of business and what are their roles?

Stakeholders are the people or organisations who may have a material, professional, legal or political interest in the activities and performance of the organisation.There are three main types of stakeholders: Internal  Employees Other departments Managers  External Government Suppliers Press groups Activists Competitors Community   Interface – stakeholders who function both internally and externally.  Shareholders Clients Trade […]

What are the important ethical principles in business?

Do not deceive or cheat customers by selling substandard or defective products. Do not destroy or distort competition Do not resort to black marketing or unfair profits.  Ensure sincerity in advertising, labelling and packaging.  Do not tarnish the image of competitors by unfair practices.  Make accurate business records available to all authorized persons.  Pay taxes […]

What is the ecological view of business?

Network of organisations – including suppliers, distributors, customers, government agencies, competitors etc. involved in the delivery of a specific product or service through both competition and cooperation.  Each entity in the ecosystem affects and is affected by others creating a constantly evolving relationship in which each entity must be flexible and adaptable in order to […]

Business, Society and Government – a comparison of their objectives

Business Society Government Reduce costs To have enough to eat and drink Manage resources fairly and cost effectively Increase sales Shelter from the environment and threats Support the population Maximise profit Education and healthcare Provide a regulation framework Improved lifestyle Self development