Managers of business firms or organizations in other walks of life are operating in pluralistics societies inwhich many groups represent various interests.
External Environment and Stakeholders
Capital
Labor
Price Levels
Government policies
Technology
customers
Society
Social attitudes, beliefs, and values
Results found at > Home > Principles of Management > Business Firm and Society - The External Environment, Social Responsibility and Ethics - Review Notes
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The external environment encompasses all factors outside the organization that can influence its operations and performance.
ReplyDeleteKey components include the economic environment, technological environment, socio-cultural environment, political/legal environment, and natural environment.
Understanding and adapting to changes in the external environment is crucial for business firms to remain competitive and sustainable.
Social Responsibility:
Social responsibility refers to the obligation of businesses to act in ways that benefit society beyond their economic interests.
It involves considering the impact of business activities on various stakeholders, including employees, customers, communities, and the environment.
Businesses can demonstrate social responsibility through initiatives such as corporate philanthropy, environmental sustainability efforts, ethical labor practices, and community engagement.
Ethics:
Ethics in business involves principles and standards of conduct that guide decision-making and behavior within an organization.
Ethical dilemmas may arise when there are conflicting interests or values, requiring careful consideration of the consequences of different courses of action.
Key ethical principles in business include honesty, integrity, fairness, transparency, and respect for stakeholders' rights and dignity.
Review Notes:
When reviewing concepts related to the external environment, social responsibility, and ethics, it's important to understand the interplay between these factors and how they influence organizational behavior and outcomes.
Consider real-world examples and case studies to illustrate how businesses navigate complex ethical dilemmas and respond to societal expectations.
Reflect on the role of leadership in promoting a culture of ethical conduct and social responsibility within organizations, as well as the importance of stakeholder engagement and accountability.
These review notes provide a foundational understanding of the external environment, social responsibility, and ethics in the context of business firms and society. Further exploration and analysis of specific issues and challenges in these areas will deepen your understanding of their implications for business practice and societal well-being.kamrun seo