- What role does corporate reputation play within organizational performance and social responsibility? A good corporate reputation can bring the corporate lots of benefits, such as the stakeholder’s support for the corporation. Do you see any red flags in the facts given? Lack of health and safety of its products, unlawful competitive practices, racial discrimination problem and when the slow reaction after they found out their products’ problem. Those are all red flags.
- Develop a list of factors or characteristics that different stakeholders may use in assessing corporate reputation? Product safety, Corporate leader’s reputation, Employee satisfaction, Stock prices, Competitor’s reputation, Competitor’s product price.
- Are these factors that allow different stakeholder to assess corporate reputation consistent across stakeholder interests? Why or why not? No, because different stakeholders see problems differently. And every stakeholder’s own interest is different.
- Assume that you just became CEO at Coca-Cola. Outline the strategic steps you would take to remedy the concerns emanating from the company’s board of directors, consumers, employees, business partners, governments, and the media? First step is to assure the product safety. Second is the employee treatment, I will have to make sure that every worker gets the benefit they should get from the company and treat everyone the same. Third step is to focus on the environmental issue, because it is really important to the society and we need to show that we care about our customer’s health.
- What elements of social responsibility would you draw from responding to these stakeholder issues? Environmental concerns. It is Coca-Cola’s responsibility to produce less pollution and better products. So I think to focus on environmental problem is a great way to respond to the stakeholder issues. Also, more philanthropic is a key point to gain more reputation.
- What do you think of Coca-Cola’s environmental initiatives ? Are they just window dressing or does the company seem to be sincere in its efforts? I think when the first time Coca-Cola has been caught about their environmental problems, their environmental initiatives might be just window dressing, but now the company wants to gain their reputation back from their stakeholders, they seem to be sincere in its efforts since they are doing more to protect the environment.
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What is 'Business Ethics'. Business ethics is the study of proper business policies and practices regarding potentially controversial issues such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.
The fundamental principles of business ethics are as follows: How to Provide Attribution? Article Link to be Hyperlinked Accountability: Ethics is all about taking individual responsibility. It goes both ways. Individuals are responsible for unethical practices of the firm because they did not come forward to become whistle-blowers.
The statutory laws govern ethics. But ethics go beyond enforcement; they are to be self-imposed and followed diligently. To uphold ethics, businesses must conduct internal audits and quality control checks at regular intervals. Also, ethics vary from company to company.
Business ethics are meant to ensure a certain level of trust between consumers and corporations, guaranteeing the public fair and equal treatment. Here are a few examples of business ethics at work as corporations attempt to balance marketing and social responsibility. For example, Company XYZ sells cereals with all-natural ingredients.
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