LAW1101 business ethics is the implementation of appropriate business policies and practices regarding potentially controversial subjects such as bribery, discrimination, and corporate social responsibility. Moreover, business ethics provide a basic guideline for businesses to follow to gain public approval. Also, it ensures the existence of a certain level of trust between consumers and various forms of market participants with businesses. Similarly, corporate social responsibility is a business model that helps a company to become socially accountable to itself, stakeholders, and the public. Additionally, it enables companies to be conscious of the kind of impact that they have on all aspects of society which include economic, social, and environmental.
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THE IMPORTANCE OF LAW11O1 BUSINESS ETHICS
LAW1101 business ethics help in corresponding to basic human needs. Moreover, the basic needs of employees and managers compel the ethical orientation of the business. Also, business ethics protect society as the government cannot regulate all activities that are harmful to society. This cuts across all aspects of society. Additionally, ethical values create the credibility of an organization in the public and also promote corporate social responsibility. This is because people who buy products from a company believe that it is honest and offers value for money.
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THE TYPES OF CORPORATE SOCIAL RESPONSIBILITY
There are several types of corporate social responsibility. These include philanthropy, environment conservation, diversity and labor practices, and volunteerism. In philanthropy, the business invites the community to have a good experience and positively see the company. Additionally, in environmental conservation, a company aligns itself with environmental efforts to minimize environmental problems. This touches on all aspects of society. Moreover, diversity in the workplace is beneficial when employees work as a team. A company should also review labor policies. Also, LAW1101 business ethics ensure that these policies apply to all employees regardless of their level in the company.
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