GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Employees, Customers, Shareholders, Community, Media, Suppliers
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Employees, Community, Media, Suppliers, Government, HR
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Shareholders, Media, Suppliers, HR, Employees, Technology
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Employees, Shareholders, Community, Media, Suppliers, HR
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Detailed explanation-1: -While ethics, in general, are concerned with right and wrong, business ethics focus on doing what is best for the shareholders and stakeholders. On the other hand, social responsibility is focused on the company’s impact on the environment and community.
Detailed explanation-2: -CSR is generally categorized in four ways: environmental responsibility, ethical/human rights responsibility, philanthropic responsibility and economic responsibility.
Detailed explanation-3: -Companies are socially responsible to their various stakeholders-owners, employees, customers, and the communities in which they conduct business.
Detailed explanation-4: -Social responsibility is the duty and obligation of a business to other stakeholders. Social responsibility for one group can conflict with other groups, especially between shareholders and stakeholders. Ethics refers to the moral rights and wrongs of any decision a business makes.