Business Ethics and Corporate Social Responsibility

The video provides an overview of corporate social responsibility (CSR) and business ethics, emphasizing the importance of ethical behavior in business. It compares ethical business practices to safe driving, highlighting long-term benefits. The video explains how CSR can lead to commercial success without sacrificing ethical values. It outlines steps to develop a CSR reporting system and discusses the benefits and challenges of CSR, including societal and business advantages. The presentation concludes with a summary and encourages further exploration of these topics.

Why is it important for businesses to behave ethically, according to the driving analogy?

• To reduce employee turnover

• To maximize short-term profits

• To avoid legal penalties

• To ensure long-term sustainability

What is one potential benefit of a business behaving ethically?

• Higher customer volume

• Increased operational costs

• Reduced employee satisfaction

• Decreased brand reputation

How can a business achieve commercial success while maintaining ethical values?

• By reducing product quality

• By respecting people and the environment

• By focusing solely on profit

• By ignoring community needs

What is the first step in developing a CSR reporting system?

• Establishing performance indicators

• Identifying social objectives and ethical values

• Submitting accounts for audit

• Measuring and recording performance

What societal benefit can result from corporate social responsibility?

• Increased pollution

• Higher unemployment rates

• Decreased community engagement

• Improved living standards

What is a potential downside of implementing CSR during a recession?

• Difficulty in maintaining survival

• Increased focus on profit

• Reduced market competition

• Enhanced employee productivity

How might competitors influence a business's CSR efforts?

• By offering higher wages

• By increasing their own pollution levels

• By reducing their market share

• By adopting similar ethical practices