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Business Ethics and Csr in the Context of Samsung

In: Social Issues

Submitted By Uresha
Words 3270
Pages 14
BUSINESS ETHICS AND CSR IN THE CONTEXT OF SAMSUNG ELECTRONICS

1.0 Introduction

In the 21st century of business, there are number of factors apart from the financial figures that play a vital role for the success story of the business corporations. These factors include the culture adopted by the business, philosophy of the management of the company, code of ethics and standards followed by business. The presence of all of these factors in the business’s ethical guidelines has a significant impact on the ability of the business organisations to perform well on the long term basis. In this report the Samsung Electronics’ ethical issues are studied along with the importance of the business ethics and Corporate Social Responsibility (CSR) practices adopted by the business organisations. The upcoming sections of this report present information about the meaning and importance of business ethics which is followed by the description of the violations of the ethical issues by the Samsung Company and the also the role of Samsung management in promoting CSR and overcoming ethical issues.

2.0 Meaning of Business Ethics

The primary objective of each and every business organisation is to run business for the purpose of profit as well as the maximisation of owners’ wealth. Profit can be maximized by selling goods and services at reasonable prices and as far as wealth is concerned this can only be maximized if business follows the required ethics. The term business ethics means the principles of morality or code of conducts adopt by the business that make difference between what is good or bad, right or wrong, fair or unfair and moral or immoral for the business. It can be defined as the analysis of circumstances, conditions, doings, and resolutions of business where questions of moral concerns are addressed (Crane & Matten, 2010).
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