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Stakeholder responsibility refers to
A) the view that an organization has an obligation to those who can affect the achievement of its objectives.
B) the obligation of a firm to price its products or services at a level whereby the consumer is treated fairly and the firm is still able to make a profit.
C) the duty of a firm to maximize profits for its owners or stockholders.
D) the concept that no expansion or additional research and development will occur until a company is making a profit.
E) the idea that organizations are part of a larger society and are accountable to that society for their actions.
Stakeholder Responsibility
The obligation of an organization to consider the interests and well-being of all its stakeholders in its decisions and activities.
Organization
An entity comprising multiple people, such as a business, government body, or nonprofit, that is structured and managed to meet a certain objective or set of objectives.
Achievement of Objectives
The successful fulfillment or reaching of predetermined goals.
- Master the foundational concepts of responsibilities towards society, stakeholders, and profits in the context of business ethics.
- Differentiate the three approaches to social responsibility, noting the unique focus areas and stakeholders they serve.
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Learning Objectives
- Master the foundational concepts of responsibilities towards society, stakeholders, and profits in the context of business ethics.
- Differentiate the three approaches to social responsibility, noting the unique focus areas and stakeholders they serve.
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