What are social responsibility and ethics as they relate to business-oriented organizations?

Ethics at their core are the basic rights and wrongs that we all should know. More definitively, they are the moral principles that represent a person or a group. In the day to day, many are faced with challenges related to personal ethics, but business ethics pose a whole new dimension to the basic “right and wrong”. Obviously, the main goal of all business is to bring in as much revenue as possible. According to (Study.com, 2020), “business ethics are how companies conduct themselves in their practices and policies. Companies that have failed in this area have been subject to losing customers and bad publicity.” Businesses have been known to go many lengths in order to make the biggest profit. Some businesses choose to outsource production to other countries, resulting in subpar product and potentially dangerous for consumers. Businesses must run with the customer in mind, and hold fast to integrity and honesty when operating and producing merchandise or services. “Because business decisions can impact society, including the environment, businesses are also faced with social responsibility, an ethical concept that implies that companies have a duty to the society and environment around them (Study.com, 2020). Corporate social responsibility initiatives are standards and measures that businesses put in place to benefit society. According to Krohn (2018), there are four categories of social responsibility for businesses: environmental sustainability incentives, direct philanthropic giving, ethical business practices, and focus on economic responsibility. These categories cover details specific to business regarding keeping a clean environment, donating time and money to worthy causes, implementing fair labor practices, and facilitating long-term growth for the company.

Scott, K. (2018). Four Types of Corporate Social Responsibility. [online] Bizfluent.com. Available at: https://bizfluent.com/info-8117691-four-types-corp...

Study.com. (2020). Business Ethics & Social Responsibility: Definition & Differences – Video & Lesson Transcript | Study.com. [online] Available at: https://study.com/academy/lesson/business-ethics-s…

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