Question

business its legal ethical and global environment chapter 1 answers 11th edition

After reviewing this chapter1 , prepare a 500-word synopsis of the legal, ethical, and social concepts and issues discussed in the chapter.

Answer 1

In order to sustain in the market,it is very important for companies to maintain a good moral ground and at the same time create a healthy social environment within the company and in the market.Maintaining ethical,legal and social responsibilities help companies to achieve more profits and better image in the market.

LEGAL RESPONSIBILITY

All the companies have their own set of legal responsibilities and they perform their business by abiding all the rules and laws that impacts the organisation's planning process.Every industry has got some external factors that govern their working norms and the companies have to follow the laws that belongs to their industry.Law treats different entities according to certain criterias and every management must be aware of their set of laws.Having a good corporate council makes a business better.

ETHICAL RESPONSIBILITY

Ethical aspects determines what is right and what is wrong.These aspects helps in decision making.There must be certain principles and guidelines in every company that will guide their working and planning process and protects it's employees,customers and shareholders.The ethical reponsibility is not a one step process.It begins with the data collection where all the data and facts are collected and then all the appropriate data is analyzed and finally a decision is taken that benefits the company in all aspects.

SOCIAL RESPONSIBILITY

Social responsibility is the necessity of every organisation.A good public image depends on the social activities performed by the company.Also because of the increase in the competition in all the industries,companies are focusing more on their social relationships that may help them to sustain and perform better in the market.Supporting important causes craetes a good image of the company in the market.