BUU33590 Business in Society Assignment Example TCD Ireland
Businesses are an important part of society. They provide goods and services that help people live their lives more comfortably. However, businesses also have a responsibility to the people they interact with and the environment we all live in. A company should always be guided by its core values and keep its social and environmental impacts in mind as it makes decisions on how to best conduct business. There are many different ways a company can do this, so read on for some advice on what to do.
When it comes to considering social impact, a company needs to be aware of how its actions affect the people it deals with. This includes the employees and the local community. The company’s social responsibility should include all stakeholders, including suppliers, contractors, and customers. A company should aim to be ethical in how they deal with employees and other stakeholders. This can include things like paying fair wages and offering healthcare benefits. The business should also keep.
Get Solved Assignment Example for BUU33590 Business in Society Course
In this course, there are many types of assignments given to students like individual assignments, group assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us.
In this section, we are describing some tasks. These are:
Assignment Task 1: Explain and evaluate core theories, concepts, and frameworks through which the role of business in society is informed.
There are many different theories, concepts, and frameworks that inform how businesses should treat the people they interact with within society. The five most common ones are;
- Social sustainability;
- Stakeholder theory;
- Triple bottom line;
- Ethical responsibility.
The five theories that inform how businesses should treat the people they interact with within society are;
Social sustainability: This theory states that a business should be guided by its core values and keep its social and environmental impacts in mind as it makes decisions on how to best conduct business.
Stakeholder theory: This theory says that a company should consider the interests of all stakeholders, including suppliers, contractors, and customers. It also emphasizes the importance of employees’ well-being.
Citizenship: This theory is based on the idea that companies should be run democratically for customers, employees, and shareholders. The company is expected to act in accordance with its values in everything they do.
Triple bottom line: The triple bottom line is a way of measuring the social and environmental impact of a company. It includes three aspects; environmental, social, and economic.
Ethical responsibility: This theory states that a company should be held accountable for its actions as it is in the business of society. The business should strive to be ethical in terms of its treatment of employees and other stakeholders.
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Assignment Task 2: Differentiate between and explain some of the core dichotomies in the field, e.g. profit and purpose, shareholder and stakeholder, regulation and voluntary action, etc.
The dichotomy of profit and purpose is a common one. The question of the purpose of a company is one that many companies struggle with. Ultimately, a company’s goal should be to make money for its shareholders. However, too often the business will focus more on making money than on satisfying stakeholders who are not investors. This can lead to unethical decision-making like cutting costs at the expense of employees or customers.
Another common dichotomy in this field is between regulation and voluntary action. While regulation can be seen as an impediment to free choice, it has the benefit of ensuring fair competition among businesses and protecting people from potential harm (e.g., unsafe products). Voluntary action includes things like environmental sustainability programs, which may make it easier for consumers to choose which businesses they want to support rather than relying on government-imposed standards only.
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Assignment Task 3: Recognise and evaluate the ethical significance of business decisions, activities, and behavior in society
A company should recognize and evaluate the ethical significance of business decisions, activities, and behavior in society. This means that the company needs to consider how its actions will affect the environment. They need to make sure they are doing what they can to protect the environment and make it a better place for everyone. The company also needs to think about how its actions may impact people who rely on it for income. It is important to maintain a strong commitment to upholding human rights in all decision-making processes. When evaluating decisions, the business should take into account how ethical they are, as well as their long-term effects.
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