Method
Definition
A method in the context of making ethical decisions and managing a socially responsible business refers to a systematic approach or procedure used to address responsibilities to stakeholders. It involves analyzing situations, considering stakeholder interests, and implementing actions that align with ethical principles and social responsibility.
Analogy
A method is like using a map and compass for navigation on a hiking trail; just as the map provides the layout of the land and the compass helps you choose the right direction based on your destination, a method guides businesses in making decisions that consider all stakeholders' positions and lead to ethical outcomes.
Related terms
Stakeholders: Individuals or groups that have an interest in the success and actions of a business, including employees, customers, suppliers, and the community.
Ethical Decision Making: The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.
Corporate Social Responsibility (CSR): A business model where companies integrate social and environmental concerns in their operations and interactions with their stakeholders
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