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 Tutor Marked Assignment B120: An Introduction to Business Studies Second Semester, Spring 2014 – 2015 Cut-off Date: May 1st, 2015

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عدد المساهمات : 242
تاريخ التسجيل : 02/05/2012

مُساهمةموضوع: Tutor Marked Assignment B120: An Introduction to Business Studies Second Semester, Spring 2014 – 2015 Cut-off Date: May 1st, 2015   الأربعاء مارس 11, 2015 3:01 pm

This TMA will be marked out of 100 and is worth 20% of the course assessment. The TMA includes a case study on which you are required to answer three questions.
BUSINESS ETHICS & CORPORATE SOCIAL RESPONSIBILITY
Business Ethics – An emerging concern
Businesses and corporations could argue that their only real commitments are to maximize the profit to their shareholders while staying within the legal boundaries of a nation wherein they operate.. As Milton Friedman (1962) argued that “There is one and only one social responsibility of business – to use its resources and to engage in activities designed to increase its profits so long as it stays within the rules of the game”. However, the world has changed significantly and now the time has companies to think beyond profit making. It is fair to claim that they have significant responsibility to local and global societies beyond simply making profit.
An introduction to Gulf Oil and Refineries Company
Gulf Oil & Refineries has been operating in Gulf countries since year 2000. They have been involved in manufacturing petrol, diesel from crude oil. It has been making huge amount of profits since it started operations in Gulf Countries. Their profit drivers were availability of low cost crude oil, technically advanced processing systems, highly qualified technical staff, continuous training and development of staff policies etc. The company has been doing really well in terms of complying with environmental safety policies of different nations. GORC's businesses are organized to deliver the energy products and services people around the world. Their various divisions are responsible for activities like oil and natural gas exploration, field development and production of output which are mostly fuels, lubricants and petrochemicals. They provide customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving and petrochemical products used to make everyday items
Corporate Social Responsibilities of GORC (Gulf Oil & Refineries Company)
The CSR (corporate social responsibility) of GORC has been summarized as below:

(Figure 1. Responsibilities of GORC towards internal and external stakeholders)
Their corporate social responsibilities have been summarized that they are responsible not only for making profits and sharing them with their shareholders but also keeping up their employees at highest safety as possible and avoiding age discrimination in granting promotions and incentives etc. Similarly, they need to ensure that they provide good and reliable information to the investors and financial community with regard to their costs, revenues and their liabilities and their risk factors. Responsibilities to general public include taking care of public health issues, protecting the environment, having effective recycling, developing the quality of workforce etc. To customers, the company is responsible for protecting the right to be safe and protecting the right to be informed, the right to be heard etc.
Acting Responsibly to Satisfy Society

The Gulf Oil & Refineries Company adapts to certain strategies and actions that literally satisfy the societal welfare requirements of the company. At GORC, they know that in order to build and maintain trust with our customers they have to first develop a strong, company-wide reputation for integrity and they accomplish that through clearly established internal ethical principles. Their social responsible actions include:

(i) Management’s consideration of profit, consumer satisfaction, and societal well-being of equal value in evaluating the firm’s performance.

(ii) Contributions to the overall economy, job opportunities, and charitable contributions and service.

(iii) Having social audit frequently
Corporate Social Responsibilities for GORC – A looking forward approach
GORC’s corporate mission regarding energy is to develop cost effective solutions for customers that are derived from environmentally responsible and reliable sources. Their primary focus is on the development of a diverse, domestic, and stable source of energy for all demand sectors including transport. In addition to focusing on reliable sources of energy, Gulf is also investing in giving back to local communities through The Gulf Oil Giving Foundation, which supports cancer research and awareness programs through a National Partnership with the American Cancer Society’s Making Strides against Cancer.


Answer the following Questions
Question 1
Business ethics has been the most commonly discussed topics in business studies. In this context,
Define business ethics. Discuss in some detail why ethics is so important for a business organization. Provide examples from your own organization or the organization you are familiar with to support your answer. (35 marks)

Question 2

Corporate Social Responsibility is not something that organizations should try hard to achieve. CSR should be a natural act of corporations. In view of this,

Discuss briefly the main responsibilities of a business organization in a society. Highlight why organizations have to be socially responsible corporate citizens. Cite GORC’s responsibilities and provide local examples to support your discussion. (35 marks)

Question 3
At GORC, they know that in order to build and maintain trust with our customers they have to first develop a strong, company-wide reputation for integrity. They accomplish that through clearly established internal ethical principles. In this context,
Explain the meaning of consumer rights. Elaborate on how protecting consumer rights help organizations complying with its ethical principles. Support your answer with examples from the local organizations. (30 marks)


End of TMA Questions
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Tutor Marked Assignment B120: An Introduction to Business Studies Second Semester, Spring 2014 – 2015 Cut-off Date: May 1st, 2015
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