Essay on Corporate Responsibility and Marketing Strategies
BUS 508 – Contemporary Management
This assignment will examine the private enterprise systems, drivers of change on the system, ethical and social responsibilities of business, and the requirements for success in today’s business environment.
Abysmal corporate ethics and social responsibility has been spotlighted in the media with events such as the Enron scandal in 2001, the BP oil spill in 2010, and more recently, the labor practices at Apple’s, China based, Foxconn factory in 2012. In an ever more competitive market place, events such as these bring ethics and social responsibility into the forefront of qualifying factors …show more content…
Methods to Ensure Ethical and Social Responsibility Compliance
Apple could ensure adherence to their new Code of Conduct and Supplier Responsibility Standards by incorporating the FLA’s Workplace Standards into the contracts they hold with all foreign and domestic suppliers. Inclusion of the standards must also contain repercussions such that failure to comply would result in termination of the contract. Further detriment to the suppliers could come in the form of liquidated damages. In addition, incorporating wage rate reports and pay deposit records into the quality assurance inspections to further Apple’s efforts to eliminate unfair wage/labor practices. (The Associated, P. 2013)
Increasing Prices to Fund Ethics and Social Responsibility
An increase in selling price in order to provide better wages and benefits for supplier’s workers does sound feasible to when talking ethics. I am certain that any consumer provided this rational for higher prices would be accepting. But, with so many other similar products on the market at lower prices, the feasibility of price mark-ups