Discussion question Essay Example | Topics and Well Written Essays - 500 words - 6

Discussion question - Essay Example If companies were able to realize that in the long run it is better to be environmentally-conscious, then I am sure that more companies would be socially responsible. It is in the self-interest of companies to be socially responsible because the decisions that they make and actions that are taken will reflect back on the company. For corporations that become well-known for damaging the environment, the consequences may be devastating. Most consumers do not like buying a product from a company that disrespects society and looks to take advantage of people. Once a corporations actions are discovered, it is likely that customers will take their business somewhere else. This is why it is best for firms to come up with ways to protect the environment because it makes commercial sense rather than the government forcing these corporations to pay up. 2- Lincoln Electric considers customers and employees to be more important stakeholders than shareholders. Is it appropriate for management to define some stakeholders as more important than others? Should all stakeholders be considered equal? It is not appropriate for management to differentiate between stakeholders in order of importance. The fact is that each stakeholder has a vested interest in the business and so they should be treated with the same respect. Of course each stakeholder has a different role to play, but a business would not survive without the participation of all of the stakeholders. Customers are the lifeblood of a business because without consumers choosing to part with the money, a business would not make any revenue. Employees also play a vital role because they are the face of the business and are the go-between for management and customers. It is up to employees to sell the brand so that the customer is willing to part with their money. On the other hand, while shareholders may not seem to play an important role in