Social Trends, Social Responsibility and Ethics

Introduction Following the currently competitive global business environment, business corporations are faced with new challenges of maintaining their corporate image sustainably. It has been revealed that, successful businesses have their business philosophies strongly founded on favorable social values with their clients. Since many of the contemporary businesses are founded on social settings, it is an obligatory duty for them to adhere to social ethics in order to acquire public reputation which would enhance their prosperity.Advertising We will write a custom essay sample on Social Trends, Social Responsibility and Ethics specifically for you for only $16.05 $11/page Learn More According to Althouse (73), prospective businesses should pursue productive practices in their businesses which enhance their sustainability in the future. As it has been argued, businesses find it difficulty to maintain high profits as they remain socially responsible in the society. This paper presents the ultimate business practices which enhance more success among businesses in the currently competitive business environment. As noted by Baker (1), the issue of corporate social responsibility has for long been misinterpreted as just a money wastage practice without returns. Today, the perception of corporate responsibility has taken new forms where organizations invest to maintain a long-lasting relationship with the society. According to Althouse (75), successful businesses find it inevitable to conform to the societal ethics and expectations. This would involve their active participation in societal development projects and practicing ethical dealings with their clients. For instance, fair pricing and provision of quality products is one of the most potential ethical practices among businesses capable of enhancing sustained business-customer relationship. By so doing, businesses would find more beneficial in the long-run, despite undergoing hardshi ps at initial stages. According to Baker (2), business people should be focused and determined to achieve their goals by being committed to establish cordial business-customer relationships. Despite the challenges which businesses may face, it is quite important that they persevere and get attached to their commitments. As revealed by Althouse (76), one of the most significant winning practices among businesses is commitment in addressing societal problems. Businesses should remain hooked to their goals and determinations regardless of the hardships they face as they gear their efforts in pursuit of success for their businesses. As it has been noted, maintaining good business-client relationship is quite challenging requires a lot of commitment. On this basis, it is the social responsibility of the businesses in the contemporary society to be committed in serving their clients satisfactorily. As noted by Althouse (74), successful business people have high degree of self discipline i n their commitment to satisfy their customers. More precisely, businesses should maintain cordial relationships with their clients by being highly disciplined in playing their roles effectively.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In order to ensure good business- customer relationships, both the customers and business people have to understand the specific roles entrusted to them, and work towards sustaining the mutual relationship established between the two parties. Baker (1) postulated that, business ethics is important in all aspects of a business starting from sales, customer service, and finance as well as product development. On this basis, business ethics is a vital approach in doing business, whereby it’s potential of ensuring success and sustainability of a business, as it is part of corporate social responsibility, where it judges the perception of the busines s in the eyes of the surrounding community. Based on this phenomenon, a business with a good public image will definitely enjoy overwhelming performance due to public support and trust. The public has the potential of enhancing or ruining the image of the business, thus determining its competitiveness. As stated by Baker (1), by gaining public trust the community acts as ambassadors of the business thus engaging in practices that promote the business. This will ultimately be reflected through increased business performance. In the case of customers, maintaining integrity in business practices enhances business relationships. Customers are proud of businesses that practice integrity in all their undertaking. By so doing the branding efforts are facilitated hence leading to protection of the business goodwill that has significant impact on the success of the business. In the side of employees, business ethics is of magnificent value (Althouse 78). The concept of business ethics is cur rently receiving significant attention in the corporate world. Baker (2) reports on how the cost of unethical business behavior is high and is continuing to rise, making businesses continue undergoing huge losses. This is attributed to increased human literacy, competition in business sector as well as increased government regulation. The late two to three decades have been associated with numerous scandals and unethical business practices. Governments and the press have been interested in the issue hence leading to consumer enlightenment. This has in turn led to adverse impacts on the businesses that had engaged in unethical practices. Customers had to shift to reputable companies. Suppliers, investors and other interested parties to business have also declined their relationships with unrepeatable business. On this basis, it is only reputable businesses that had to sail through the market (Althouse 83). The aspects of globalization and liberalizations of markets have also led to i ncreased competition in the business world. This has in turn led to the need for ethical consideration in business practices.Advertising We will write a custom essay sample on Social Trends, Social Responsibility and Ethics specifically for you for only $16.05 $11/page Learn More Research by Althouse (84) has shown that, business that engage in ethical practices have been able to win public trust and loyalty. This is reflected through increased sales and profitability thus enhancing the profitability and sustainability of a business in the market. The concept of trust has found its relevance in the contemporary business dealings. Businesses should act in a way that it wins the public confidence and conviction by being trustful to their clients. The element of trust has been identified to be very powerful in building a business image as well as enhancing the business performance. This is based on the fact that business partners, investors, customers and all interested party of a business are willing to work with a trust worthy business Baker (1). Meeting obligation is also a vital principle in the contemporary business ethics. This principle entails the responsibility and accountability of a business in performing its tasks. As indicated by Baker (2), a business should do everything in its power so as to gain the confidence and trust of the clients and customers. The business should be steadfast in honoring commitments with business partners, employees as well as the customers. For the case of business contracts, a business should willingly adhere to its commitment so as to be able to win the confidence of the other stakeholders. Keeping an open mind has also been found to be a very influential element of business conduct, whereby it potential of ruining or building business reputation. As depicted by Althouse (89) the business management should exercise good leadership that is appealing to all stakeholders. For instance, the case of decision and policy making should be done in appealing manner. The business should be free to ask feedback and opinions from team members and customers. By so doing, all groups will feel to be part of the business hence boosting its reputation and trust. More so, businesses should have Clear documentary through transparency and accountability in business operations. With reference to Baker (2), the concept of integrity is also of great importance in the business operations, whereby all undertakings should be just and appealing to all. Further, businesses should pursue corporate responsibility by actively involving the community in its operations. For a business to be regarded as practicing business ethics, it should have the surrounding community at heart. The business is liable of staying involved with community activities and issues. The business practices should ensure protection and promotion of the interest of the community.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Regardless of the business potentiality and power, it should treat others with great respect (Althouse 84). Importantly, businesses and their clients should treat each other with high degree of respect. The virtue of courtesy and respect should be the guiding principle between a business an all parties it is relating with. By so doing, the business will be able to gain trust and respect from the public thus enhancing its performance (Baker 1). A point worth of consideration is that, issues of pollution of the environment among other unethical practices were conducted without negative feedback form the general public. Based on these insights, the increased pressure and attention from media, non-governmental organizations, and rapid global information sharing, there has been overwhelming demand for businesses to conduct ethical and sustainable business practices. On the other hand, businesses have also realized the need to conduct ethical practices in their endeavors of attracting and retaining customers, employees thus leading to the realization of corporate social responsibility. This research paper will profoundly explore the concept of corporate social responsibility in the business sector. As evidenced in Baker (2), corporate social responsibility policy is a business development measure meant to establish built-in self adaptable mechanism that facilitate the businesses to check and ensure efficient conformity with the spirit of law, international standards and ethical customs. With the increased competition in the business sector in recent days, there has been every need for each business to comply with the expectations of its customers as well as that of the wider population. On this basis, the main aim of corporate social responsibility is to augment responsibility and accountability by the businesses for their actions and encourage positive and admirable impacts to their environs. With this in mind, corporate businesses have developed remarkable realiza tion regarding the welfare of the consumers, environment, and the entire community at large. With the advancement of corporate social responsibility, businesses are actively promoting the public interests through being actively involved in various community development projects. In addition, businesses have also come to realization of the need to voluntarily eliminate practices that would harm the public sphere Baker (1). Philanthropy has also been a stupendous approach to corporate social responsibility among many corporations. This entails monetary donations and aid to the communities. In relation to this concept, large organizations, both international and local, usually give monetary donations and aid to local organizations and impecunious communities in pitiable countries. Despite the benefits accrued from this approach to the communities, Althouse (89) reveals how it has gained a lot of criticism from different groups and scholars. This is basically based on the fact that it o nly breast feeds the community and fails to give the appropriate skills and knowledge to the people to assist in improving their situation. With continued adoption of philanthropy, communities will become dependent on aid and thus worsen the situation rather than help in solving their situation. Nevertheless, Philanthropy has been of great significance to the corporations in that it has helped in building its image among the public thus being able to meet its objectives. According to Althouse (93), the concept of creating shared value is also an important and efficient approach to corporate social responsibility. This approach is based on the fact that, business triumph and societal welfare are mutually dependent. With this in mind, businesses have been liable to developing sustainable and admirable strategies thus are able to incorporate the community into the business interests. With an aim of creating shared value, businesses get involved in rigorous development of skilled labor force, sustainable resources, and healthy relationships with the society at large (Baker 2). Based on the ideas of Althouse (94), corporate social responsibility is an act of ethics and morality. In this regard, businesses voluntarily and deliberate undertake corporate social responsibility initiatives as an act of ethics. This is in conjunction with the national and international norms and morals whereby the companies take different charity initiatives with the primary aim of improving the welfare of the communities. Many multinational corporations operating in poor nations have deliberately involved in charity actions thus being able to improve the welfare of the communities. Volunteering has also been an outstanding concept in the corporate world in recent days whereby businesses voluntarily prioritize the interest of the wider population. It has been noted that, many businesses set a significant fraction of their revenues to assist the less fortunate in their surrounding. As ind icated by Baker (2), corporate social responsibility is of great importance in the business and social arena. Research carried upon various groups regarding the concept of corporate social responsibility, has shown a positive attitude and perception of people towards the issue. This is so because; it has led to order and compliance of ethics in the business sector. With adherence to the concept of corporate social responsibility, businesses have significantly changed their behaviors and engaged in more admirable practices. For instance the issue of pollution to the environment has been efficiently countered. On the other hand, misleading advertisements have also been abandoned thus leading to order in the advertisement sector. Conclusion In the currently competitive business context, corporate social responsibility has been of great significance. In this case, businesses which practice corporate social responsibility initiatives have been able to position themselves adequately upon the consumers. This situation has significantly enhanced the businesses performance since consumer loyalty and trust is enhanced. Research carried on different businesses has shown that businesses which adopt efficient CSR initiatives have good performance in comparison with those which ignore social responsibilities of businesses. Based on this concept, it is worth noting that corporate social responsibility is beneficial for the sustainability of the business. The competitive advantage of businesses has also been enhanced with the practice of corporate social responsibility. Businesses have been able to out-compete their opponents by involving themselves into admirable practices. Works Cited Althouse, Richard. et al. The Future of Business, Second Canadian Edition. St Louis: Nelson Education Ltd, 2008. Baker, Mallen. 2011 – This is the Scale of the Challenge. Business Respect, Jan 12, 2011. Web. This essay on Social Trends, Social Responsibility and Ethics was written and submitted by user Lauren D. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.