Social and Ethics of a Business Organization.

What is an ethical objective?

A goal to showcase the businesses future goals

A way for a business to become more morally strong than its competitors

A goal that aligns with the values of the company and supports the wider community

A global issue that a business is trying to resolve

What is the most socially responsible approach for Starbucks to take during the COVID-19 pandemic, considering the financial challenges and the need to balance shareholder interests?

A) Prioritize community support and ethical sourcing.

C) Close all stores.

D) Reduce coffee farmer payments

B) Maximize shareholder value.

How does social aspects affect a business's model and product production plan?

He society determines the amount of product needed to fit the demand of the general public.

Society affects the reason the business was started and currently exists.

Society doesn't affect the actual product production and simply receives and judges it.

The product is catered to the demands, lifestyle, faith and expectation of society so that it is received positively.

What is the social aspects of a business organization?

All of the following/above.

The way society neglects product production and simply receives the product.

The way society perceives the business, and the impact of the business on society, either positively on negatively.

The way society thinks of the business organization.

Scenario: During the COVID-19 pandemic, Starbucks faced a financial crisis due to widespread store closures and reduced sales. Shareholders were concerned about declining stock value, while there was growing public demand for businesses to support local communities and prioritize ethical sourcing. Starbucks had to decide whether to continue paying its coffee farmers fair prices and maintain community support initiatives while protecting shareholder interests. How can a company effectively align its decision-making processes and strategies with the evolving social expectations of consumers and stakeholders in today's dynamic business landscape?

By actively monitoring and adapting to changing social norms and values.

By ignoring social expectations and focusing solely on financial outcomes.

By relying on historical data without considering evolving social expectations.

By minimizing all interaction with social expectations to reduce complexity.

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