LaVante Rouse BUS309 Week 7 Discussion

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Strayer University *

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309

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Management

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Feb 20, 2024

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docx

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Uploaded by SuperWaterBison24

Week 7 Discussion - Balancing Ethical and Social Responsibilities Post a Response Please answer the following questions:  How can businesses strike a balance between their ethical and social responsibilities, such as environmental sustainability and social welfare, while still meeting their financial objectives and shareholder expectations?  What are some practical strategies and examples of companies that have successfully achieved this balance? Businesses can strike a balance between their ethical and social responsibilities, such as environmental sustainability and social welfare, while still meeting their financial objectives and shareholder expectations by integrating sustainable practices into their core business strategies. They can invest in environmentally friendly technologies, reduce waste, and support local communities through various initiatives. Additionally, businesses can engage in transparent communication with stakeholders, including shareholders, about their sustainability efforts and the long-term benefits they bring. By aligning ethical and social responsibilities with financial objectives, businesses can create value for all stakeholders while ensuring long-term success. Moreover, adopting sustainable practices can also lead to cost savings, operational efficiencies, and enhanced brand reputation, thereby meeting financial objectives and shareholder expectations in a holistic and responsible manner. Practical strategies include implementing a triple bottom line approach, where social, environmental, and financial impacts are considered in decision-making, engaging stakeholders to understand and address their concerns, managing sustainable supply chains, and ensuring transparency and reporting of environmental and social performance. Successful examples of companies that have achieved this balance include Patagonia, renowned for its sustainable business practices and environmental activism (1), and Unilever, which has demonstrated a strong commitment to social impact and environmental sustainability through its Sustainable Living Plan (2). These companies have shown that prioritizing ethical and social responsibilities can enhance brand reputation, foster innovation, and drive long-term financial success, proving that profitability and sustainability are not mutually exclusive goals. Sources: 1. Patagonia. 2024. Our Footprint. https://www.patagonia.com/our-footprint/ 2. Unilever. 2021. Unilever Sustainable Living Plan 2010 to 2020. https://www.unilever.com/files/92ui5egz/production/16cb778e4d31b81509dc5937001559f1f5c8 63ab.pdf

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