BUS 101 1st Edition Lecture 17Outline of Previous Lecture- Section 16: Society Society as a stakeholdero Societal impacto Employment lawo Business and societyOutline of Current Lecture - Section 17: Social Responsibility v. Philanthropy Society as a stakeholdero Philanthropyo Social Responsibility Perspectiveso Financialo Legalo Ethical Malden Mills Exampleo Bad Business Balance Businesso Can be ethical and profitable- Section 17: Social Responsibility v. Philanthropy Society as a stakeholdero Philanthropy – charity and donation, a cause that you valueo Social responsibility – business as a member of society- Society may be a direct stakeholder - Society may be a stakeholder due to an issue in the public sphere Perspectiveso Financial Perspective Profitability, bottom line, short term and sustainability- Long term goals can hurt short term; hostile acquisition- Quantifiable (empirical objective standard)o Legal perspective Is it legal? - Quantifiable (empirical objective standard)o Ethical perspectiveThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute. Personal, organizational, or cultural beliefs? Has a quantifiable ethical standard- Mission & values statements set direction for decision making - Organizational culture – perspective always form the top-down approach Malden Mills Example o Bad business Plan benefitted employee, customer, supply chain and society Plan had negative effects for investors- Failed to manage money, had no long term sustainability- Could have kept original intent and modifiedo Less than full salary: workers qualify for unemployment, supplement with bonus. Pay older workers off to retire, new technology requires less workers Balance Businesso Can be ethical and profitable Balance competing business: creative & expanding options for a solution Think outside of the
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