. Consider this statement: "Doing well by doing good." In your opinion, what does this mean in relation to business? Identify a business that you feel is a good example of this. Explain why you feel that way
This statement refers to the need to consider all stakeholders when making important or wide-ranging business decisions. Historically, management often believed that the sole purpose of an organization was to maximize shareholder wealth. However, the most profitable companies often look to provide society benefit other than those derived from profit making incentives. Companies such as Tesla look to leverage their technology to reduce societys dependence on oil and gas products that can ultimately damage the planet. Fast food companies such as Chipotle look to use recycled products to help reduce waste that can also be harmful to the
Due to these initiatives, both companies have enjoyed higher profit margins and brand loyalty than their much more profit focused peers. Here, consumers recognize that these companies, in addition to making profit, also benefit the world at large.
2. Think of one question you might ask potential job candidates during the hiring process that might give you an idea...
…to ethical standards? List at least 2-3 ways. Why would this be important?
First, domestic companies must stringent observation and monitoring standards to ensure that foreign factories are behaving in an ethical manner. Here, this could include surveillance cameras, third party observations, or other forms of observation. Second, the company should promote a company culture that celebrates whistle blowers or those who report unethical actions to senior management. Finally, the company should have strict punishments for those who violate ethical standards. This is important as it indicates to the entire company that senior management takes ethics very seriously and will not compromise…
