EthicsAssignement2 A1A2

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School

Western Governors University *

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Course

C206

Subject

Management

Date

Jan 9, 2024

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docx

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Uploaded by ColonelBoar3829

A1. Identify one primary and one secondary stakeholder that influence Paradigm Toys. In the context of Paradigm Toys, stakeholders are individuals or groups who have an interest in or are affected by the operations and outcomes of the company. Here are one primary and one secondary stakeholder for Paradigm Toys: 1. Primary Stakeholder: Customers  Significance: Customers are the primary stakeholders for Paradigm Toys because their purchasing decisions directly impact the company's revenue and overall success (Walton, 2012). Satisfying customer needs and preferences is crucial for sustaining sales and building a loyal customer base.  Influence: Customers influence Paradigm Toys through their buying patterns, product preferences, and feedback. Their satisfaction or dissatisfaction can have a direct impact on the company's reputation and market share. 2. Secondary Stakeholder: Community  Significance: In the context of Paradigm Toys, the community is considered a secondary stakeholder. As a secondary stakeholder, the community is indirectly affected by the company's operations, decisions, and ethical practices. The well-being of the community is influenced by factors such as the company's impact on the local economy, environmental practices, social responsibility initiatives, and overall engagement with the community.  Influence: The community as a secondary stakeholder holds a significant influence on Paradigm Toys. The company's operations impact the local community in various ways, from economic contributions through job creation to potential environmental effects. Community perceptions shape consumer attitudes and loyalty, making it crucial for Paradigm Toys to engage responsibly and ethically. Positive relationships with the community can enhance the company's reputation, contributing to a social license to operate and fostering long- term success. An understanding of the community's values, needs, and concerns is essential for Paradigm Toys to align its business practices with the expectations of its indirect stakeholders, thereby solidifying its place as a responsible and respected member of the broader society. Understanding and addressing the needs of both primary and secondary stakeholders is crucial for Paradigm Toys to ensure sustainable and ethical business practices. As part of the ethics audit, assessing the company's relationship with these stakeholders and identifying areas for improvement can contribute to overall business success and ethical conduct. A2. Analyze how Paradigm Toys can meet their CSR for the primary and secondary stakeholders identified in part A1. 1. Meeting CSR for Customers (Primary Stakeholder): a) Product Safety and Quality: Paradigm Toys will prioritize the safety and quality of its products. This includes detailed development, compliance with safety standards, and open communication about the materials used in their toys.

b) Ethical Marketing Practices: The company should engage in honest and transparent marketing practices, avoiding misleading information. Clear communication about the educational and developmental benefits of their toys can enhance customer trust. c) Sustainable Sourcing and Packaging : Implementing sustainable sourcing practices for raw materials and adopting eco-friendly packaging can appeal to environmentally conscious customers. Communicating these initiatives can enhance the company's CSR image. d) Philanthropy and Community Engagement: Supporting local communities through philanthropic initiatives, such as donating toys to underprivileged children or contributing to educational programs, can demonstrate a commitment to social responsibility. e) Customer Feedback and Responsiveness: Establishing effective customer feedback mechanisms and actively responding to customer concerns can show a dedication to customer satisfaction and continuous improvement. 2. Meeting CSR for Community (Secondary Stakeholder): a) Community Engagement Programs: Establishing and actively participating in community engagement programs can strengthen ties with the local community. Paradigm Toys can organize events, sponsor local initiatives, and collaborate with community organizations to address specific needs and concerns. b) Local Employment and Fair Practices: Prioritizing local employment and ensuring fair labor practices can positively impact the community. This includes providing fair wages, ensuring a safe working environment, and offering opportunities for skill development and career advancement. c) Ethical Sourcing and Sustainability: Implementing ethical sourcing practices for materials and promoting sustainability in manufacturing processes can demonstrate a commitment to environmental and social responsibility. This approach aligns with the values of environmentally conscious communities and contributes to the overall well-being of the area. d) Philanthropy and Charitable Initiatives: Supporting local charities, educational programs, and healthcare initiatives demonstrates a commitment to social welfare. Paradigm Toys can allocate resources to philanthropic endeavors that address specific needs within the community, fostering a positive impact and goodwill. e) Cultural Sensitivity and Inclusivity: Demonstrating cultural sensitivity in product development and marketing helps avoid cultural insensitivity and ensures that the company's offerings resonate positively with diverse communities. Inclusivity in marketing and product design can strengthen connections with different demographic groups. By incorporating these strategies, Paradigm Toys can create a positive impact on both customers and community, reinforcing its commitment to CSR and ethical business practices. This, in turn, can enhance the company's reputation and contribute to long-term sustainability.

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