Social Responsibility and Ethics in Strategic Management Chapter 3 Learning Objectives



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Social Responsibility and Ethics in Strategic Management

Chapter 3

Learning Objectives

  • Compare and contrast Friedman’s traditional view with Carroll’s contemporary view of social responsibility
  • Understand the relationship between social responsibility and corporate performance
  • Explain the concept of sustainability

Learning Objectives

  • Conduct a stakeholder analysis
  • Explain why people may act unethically
  • Describe different views of ethics according to the utilitarian, individual rights and justice approaches

Social Responsibilities of Strategic Decision Makers

  • Social Responsibility
    • proposes that a private corporation has responsibilities to society that extend beyond making a profit

Friedman’s Traditional View of Business Responsibility

  • Argues against the concept of social responsibility
  • Primary goal of business is profit maximization not spending shareholder money for the general social interest

Carroll’s Four Responsibilities of Business

  • Economic responsibilities
    • produce goods and services of value to society so that the firm may repay its creditors and increase the wealth of its shareholders
  • Legal responsibilities
    • defined by governments in laws that management is expected to obey

Carroll’s Four Responsibilities of Business

  • Ethical responsibilities
    • follow the generally held beliefs about behavior in a society
  • Discretionary responsibilities

Responsibilities of Business


Figure 3-1

Responsibilities of a Business Firm

  • Social capital
    • the goodwill of key stakeholders, that can be used for competitive advantage
    • opens doors in local communities
    • enhances reputation with consumers

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