Exploring Business Ethics and Practices

What is Corporate Social Responsibility (CSR)?

• A strategy for maximizing profits at any cost.

• A method for reducing employee benefits and salaries.

• A legal requirement for all corporations to follow.

• Corporate Social Responsibility (CSR) is a business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Why is CSR important for businesses?

• CSR increases short-term profits without any long-term benefits.

• CSR is only relevant for non-profit organizations.

• CSR is primarily a marketing tool with no real impact on society.

• CSR is important for businesses as it improves reputation, customer loyalty, and compliance while promoting sustainability.

What are some examples of ethical marketing practices?

• Exaggerated product claims

• Truthful advertising, Transparent pricing, Responsible data collection and privacy protection, Promoting sustainable and eco-friendly products, Avoiding manipulative tactics, Supporting fair trade practices

• Aggressive sales tactics

• Hidden fees and charges

How can businesses ensure transparency in their marketing?

• By using misleading advertisements

• By disclosing terms, being honest, providing accurate pricing, and engaging with customers.

• By hiding pricing information

• By avoiding customer feedback

What rights do consumers have under consumer protection laws?

• Consumers can demand any product they want regardless of availability.

• Consumers have rights to information, choice, safety, redress, and to be heard.

• Consumers have the right to unlimited refunds without conditions.

• Consumers are entitled to free services from all businesses.

How can businesses protect consumer data?

• Implement strong encryption, update software, train employees, use secure access controls, and comply with regulations.

• Share data with third parties without consent

• Store data on unsecured servers

• Ignore software updates and patches

What is the significance of sustainable business practices?

• Sustainable business practices only benefit large corporations.

• They are primarily focused on increasing profits.

• Sustainable business practices are crucial for environmental protection, economic viability, and social responsibility.

• Sustainable practices have no impact on community welfare.

How can companies implement sustainable practices effectively?

• Conduct sustainability assessments and set clear goals.

• Ignore environmental regulations and standards.

• Increase production without regard for resources.

• Focus solely on profit maximization.

What are Fair Trade Principles?

• High wages for all workers

• Fair Trade Principles include fair wages, ethical working conditions, environmental sustainability, and community development.

• Focus solely on profit maximization

• Strict regulations on trade

How does Fair Trade benefit producers in developing countries?

• Fair Trade eliminates all market competition.

• Fair Trade only benefits large corporations.

• Fair Trade benefits producers by ensuring fair wages, promoting sustainable practices, and supporting community development.

• Fair Trade increases production costs for farmers.