Business and Society Final Paper

QUESTION

Final Paper

Write a research paper that analyzes the evolving relationship between business and society.  Choose at least three of the topics from the course learning objectives (listed below), and clearly identify how the topics directly impact relationships between business and society.

Topics from Course Learning Objectives:

• Social responsibility
• Strategic philanthropy
• Government regulation
• Organizational ethics
• Consumer protection laws and the Six Consumer Rights
• Technology
• Environmental issues

The requirements below must be met for your paper to be accepted and graded:

• Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below.
• Use font size 12 and 1” margins.
• Include cover page and reference page.
• At least 80% of your paper must be original content/writing.
• No more than 20% of your content/information may come from references.
• Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three reference requirement.
• Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style.

References must come from sources such as, scholarly journals found in EBSCOhost, CNN, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. are not acceptable for academic writing.

ANSWER

Business and Society

Introduction

Businesses are involved with the society in all their transactions and operations. Businesses cannot thrive without having a good relationship with the society. The acceptability and profitability of any organization depend on the society’s perception towards it, the type of publicity that the organization has etc. There are a number of ways in which businesses relates to society. The following are examples of society’s relationships with business.

Social Responsibility

Social responsibility can be described as the moral or ethical duty of a business or company towards the society, to contribute to the sustenance of the society, its economy, and wellbeing. Social responsibility refers to the actions or programs of a business towards the social welfare of a community that surrounds it (giving back to the community). Social responsibility ensures that the society appreciates the concern and efforts of a business towards its betterment. It creates a bond between an organization and the community (Grosser et al, 2017).

Apple Inc. is a good example of an organization that has largely benefited from a good relationship with the society. The firm has a number of programs and initiatives that focus on establishing a good relationship with the society at large. Apple supports the communities around its areas of operation by giving huge donations to charity organizations and non-profit groups focusing on society’s welfare. It also incorporates a volunteer program in its operations, giving its employees a chance at participating in community activities that they are interested in. The institution also provides education to its employees, regarding entrepreneurship and personal development, free of charge. Benefit programs for employees, such as long maternal and paternal leaves are also included in employment terms (Baker, 2016). The firm also provides initiatives for the employment of minority groups and focuses on gender equality. These and other policies that portray Apple’s social responsibility have created a good name and positive publicity for the organization, propelling the firm to success heights that other technology companies have not achieved. The institution enjoys customer trust and positive word of mouth.

Consumer Rights

Customers are crucial for any profit-making, as businesspeople rely on a large number of customers to make profits that can sustain their ventures. In turn, businesses owe the consumers a duty of protecting them and treating them well. The Consumer Bill of Rights (n.d.) is a legislation that lays out the various rights of consumers, to ensure their protection and fair treatment by businesspeople. Businesses that do not go against the rights of consumers earn themselves a good name and respect from the community and are likely to get more customers from positive publicity and recommendations from customers that have experienced their good services.

The right to choose freely gives consumers the benefit of access to products of the best prices and quality and gives them to power to select the product that they feel best suits them. The right to safety protects consumers from products that may harm them. Hazardous goods should not be sold openly in markets and should come with labels and warnings on them. The right to be informed gives consumers the service of accessing correct and truthful information about goods and services. The right to be listened to ensures that any customer complaints and queries are properly handled. Businesses are also required to offer customer service and aftersales services to their customers (Morgan, 2016).

The observation and adherence to consumer rights give businesses an edge over their competitors who violate them. Consumers tend to buy goods and pay for services from organizations that they trust and feel comfortable and safe while dealing with. Businesses should, therefore, focus on safeguarding these rights, to improve their publicity and marketability.

Government Regulation

Businesses have to abide by the government’s regulations. The government controls many business operations to protect the citizens’ needs. The society is protected from unfair and illegal business practices by the government. Government regulation also protects the businesspeople and companies from criminals and fraudsters. The government also requires funds to offer services to the society and its citizens at large. These funds come from various sources, including taxes and levies on businesses.

A good example of government’s regulation in business is The United States Environmental Protection Agency’s Clean Water Act of 1972 (History of the Clean Water Act, 2017). This American law protects the waterways of the United States from pollution by businesses. Manufacturing industries may choose to dispose of their wastes and effluent into water bodies and waterways to minimize the costs of waste treatment. Pollution of the environment has adverse effects on the society, such as waterborne diseases and expose to radioactivity. The regulation, therefore, protects the environment from destruction, and the American society from negative consequences of the pollution. Waterways of the United States are categorized as one of the safest, as a result of this regulation.

Businesses that are known to observe government laws and regulations acquire a good name in the society. Companies that have broken the law or been exposed of having been involved in illegal activities have suffered great loses from lawsuits and penalties, in addition to losing their customers. A good example is the Wells Fargo Bank, which was involved in a lawsuit that saw it pay $185 million in fines, and lose millions of customers. The bank was accused of illegal activity, opening accounts that were unauthorized, and destroying documentation that was evidence of illegal and fraudulent transactions (Colvin, 2017). Businesses have the duty to foster good relationships with the society, by abiding by laws and government regulations.

References

Grosser, K., Moon, J., & Nelson, J. A. (2017). Guest Editors’ Introduction: Gender, Business Ethics, and Corporate Social Responsibility: Assessing and Refocusing a Conversation. Business Ethics Quarterly, 27(04), 541-567. doi:10.1017/beq.2017.42

Baker, M. (2016, March 10). How Tim Cook brought corporate social responsibility to Apple. Retrieved March 29, 2018, from http://mallenbaker.net/article/clear-reflection/how-tim-cook-brought-corporate-social-responsibility-to-apple

Morgan, B. (2016, April 19). The Evolution Of Customer Service. Retrieved March 29, 2018,  from https://www.forbes.com/sites/blakemorgan/2016/04/18/the-evolution-of-customer-service/#6df1b3072442

Consumer Bill of Rights. (n.d.). Retrieved March 29, 2018, from https://www.mass.gov/service-details/consumer-bill-of-rights

History of the Clean Water Act. (2017, August 08). Retrieved March 29, 2018, from https://www.epa.gov/laws-regulations/history-clean-water-act

Fortune Magazine article: Colvin, G. (2017). The Wells Fargo Scandal Is Now Reaching VW Proportions http://fortune.com/2017/01/25/the-wells-fargoscandal-is-now-reaching-vw-proportions/?iid=sr-link3