SUBJECT: ENGINEERING ECONOMICS AND MANAGEMENT ( ) TOPIC: MEANING AND IMPORTANCE OF CORPORATE SOCIAL RESPONSIBILITY AND BUSINESS ETHICS NAME: VAISHNAVI (058) DIVISION: EC ENROLLMENT NO : FACULTY NAME: SHRUTA LADOLA

The impact of a company’s actions on society Requires a manager to consider his acts in terms of a whole social system, and holds him responsible for the effects of his acts anywhere in that system

CSR allows organizations to do their bit for the society, environment, and customers It goes a long way in creating a positive word of mouth for the organization on the whole CSR plays a crucial role in making your brand popular not only among your competitors but also media, other organizations and most importantly people who are your direct customers

It does not require too much investments CSR strengthens the bond among employees. People develop a habit of working together as a single unit to help others CSR also gives employees a feeling of unparalleled happiness. Employees take pride in educating poor people or children who cannot afford to go regular schools and receive formal education

Meaning:- Business Ethics is the application of ethics in Business. Business Ethics deals with adoption of general ethical ideas to business behavior. Business Ethics are principles, practices and philosophies that guide the business people in the day today Business decisions.

Business Ethics is concerned with the behavior of a businessman in doing business. According to wheeler, “Business Ethics is an art and science for maintaining harmonious relationship with society, its various groups and institutions as well as reorganizing the moral responsibility for the rightness wrongness of Business conduct”

Importance:- It is generally viewed that good Business Ethics promote good Business. a Business can prosper on the basis of good ethical standards and it helps to retain the business for long years. Good ethical standard helps to face the challenges in today competitive field of Business.

Business has the potential to provide a major contribution to our societies, in terms of producing the products and services that we want, providing employment, paying taxes, and acting as an engine for economic development and thereby increases the goodwill. The power and influence of business in society is greater than ever before. Business ethics helps us to understand why this is happening,what its implications might be, and how we might address this situation.

The demands being placed on business ro be ethical by its various stake holders are constantly becoming more complex and more challenging. Business ethics provides the means to appreciate and these challenges more clearly, in order that firms can meet these ethical expectations more effectively. Business malpractices have the potential to inflict enormous harm on individuals, on communities and on the environment. Through helping us to understand more about the causes and consequences of these malpractices, business ethics helps to create mutual trust and confidence in relationship.

Business ethics can help to improve ethical decision making by providing managers with the appropriate knowledge and tools that allow them to correctly identify, diagnose, analyze, and provide solutions to the ethical problems and dilemmas they are confronted with. Business ethics can provide us with the ability to assess the benefits and problems associated with different ways of managing ethics in organizations.

A business can prosper on the basis of good ethical standards and it helps to retain the business for long years.