| The strategic approach | managements primary orientation to the economic interests of shareholders. Adam Smiths notion says that the maximum gain is realized when, managers attend only to their shareholder’s interests. |
| Pluralist Approach | special responsibility of management to optimize profits, bit not at the expense of the employees, suppliers, and members od the community |
| Responsibility to Customers | Consumers have 4 basic rights
- Safety
- Be informed
- To choose
- Be heard
Responsibility to society
Create new wealth. Social justice
Responsibility to the environment |
| Ethics | Reflect peoples proper relations with one another how people should treat others |
| Compliance Based Ethics Code | Emphasize preventing unlawful behaviours by increasing control and penalizing wrongdoers. Avoiding legal punishment |
| Integrity Based Ethics Codes | Create an environment that supports ethically sounds behaviour. Shared accountability among employees. |
| Corporate social responsibility | The concern businesses have for the welfare of society, not just for their owners |
| Corporate Responsibility | Includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment |
| Whistleblowers: | people who report illegal or unethical behavior. |
| social audit: | a systematic evaluation of an organization’s progress toward implementing programs that are socially responsible and responsive |
| Triple-bottom line (TBL, 3BL, or People, Planet, Profit): | a framework for measuring and reporting corporate performance against economic, social, and environmental parameters. |
| Fair Trade: | social movement dedicated to making sure that producers in developing countries are paid a fair price for the goods we consume, resulting in more money in their pockets |
