Section 3 Summary

Businesses succeed not only by doing well financially but also through maintaining employees and customers by being socially responsible and ethical in their business ventures.

Lesson 1 discussed the indicators of success: financial well-being, customer satisfaction, employee satisfaction, operation efficiency, and skill development.

A continuous cycle of planning-doing-measuring- revising must occur to ensure that success is evident.

Lesson 2 focused on social responsibility.

Businesses have social responsibilities to employees, consumers, and the community.

Lesson 3 concentrated on ethical issues that are difficult, especially if company profits or objectives might suffer or oppose society’s concepts of moral behaviour.

This lesson also focused on interpersonal interactions of employees, employers, customers, business associates, and competitors. Ethical challenges of each were discussed.