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Common question about business management 1A
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Define business ethics and explain why it is important in organizational decision-making.
Define business ethics and explain why it is important in organizational decision-making.
Business ethics refers to the moral principles and values that guide the behavior and decision-making of individuals and organizations in the business context. It is important in organizational decision-making because ethical behavior fosters trust, integrity, and reputation, which are essential for long-term success. Ethical decision-making ensures fairness, transparency, and accountability, and helps organizations build strong relationships with stakeholders.
Discuss the concept of corporate social responsibility (CSR) and provide examples of CSR initiatives.
Discuss the concept of corporate social responsibility (CSR) and provide examples of CSR initiatives...
Corporate social responsibility (CSR) refers to the voluntary actions taken by organizations to address social, environmental, and ethical concerns and contribute to sustainable development. CSR initiatives can include philanthropy, environmental conservation efforts, ethical sourcing practices, employee volunteer programs, and community development projects. For example, a company may donate a portion of its profits to support education initiatives in underprivileged communities.
Explain the difference between leadership and management.
Explain the difference between leadership and management.
Leadership and management are closely related but distinct concepts. Management focuses on planning, organizing, and controlling, while leadership emphasizes inspiring, influencing, and motivating people. Managers typically have formal authority derived from their position, while leadership can emerge from any level of an organization. Effective managers often exhibit strong leadership qualities, combining the ability to set direction and coordinate activities with the skills to inspire and guide their teams.
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