1383 words 6 pagesComplete Discussion Questions 3, 4, and 5 on page 27 of Business and Society.
3. Identify and explain the major factors in the social environment that create an atmosphere in which business criticism takes place and prospers. How are the factors related to one another? Has the revolution of rising expectations run its course? Or is it still a vital reality?
Affluence refers to the level of wealth, and standard of living of the society. As the standard of living is increasing every year, people are becoming well educated. As a result they are expecting a lot more from the businesses. This is one of the factor leading to business criticism. Now a day’s people are spending more time using television and Internet especially social media …show more content…
A social contract maintains relationship between society and business. As an employee I am allowed to work 40 hours a week for a corporation, if I am working more than that the corporation must pay me overtime. I have a right to get that pay. Life insurance company’s policies are so confusing and the agents try to deceive the consumers to pay every month. To protect the customers from losing money, the federal government must create new regulations which is justifiable act.
Complete Discussion Questions 1, 2, 3, and 6 on pages 60 to 61 of Business and Society.
1. Identify and explain the pyramid of Corporate Social Responsibility. Provide several examples of each layer of the pyramid. Identify and discuss some of the tensions among the layers or components. How is the pyramid to be interpreted?
The CSR pyramid consists of four components, beginning with the basic building block of economic performance at the base, next comes legal responsibilities, then ethical responsibilities and philanthropic responsibilities. If a company wants to be economically responsible, they must be able to produce products and services that consumers are demanding and to sell them at fair prices and that will provide business with adequate profits to ensure its survival and growth. I think Burt’s Bee falls under this category as it is producing all natural personal care products according to consumer tastes. The second component is legal, because society requires business to