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BUSINESS AND MANAGEMENT MODULE 1 BUSINESS ORGANIZATIONS & ENVIRONMENT Legal & Ethical Opportunities & Threats Governments impose rules and laws to ensure that the general public is protected from the negative aspects of business activity Government intervention also helps protect the interests of business Common Legislation Consumer Protection – False or misleading descriptions of their product – Products must meet certain standards Employee Protection – Anti-discrimination laws ensure fairness Competition Legislation – Protection of consumers and small firms against monopoly powers, price fixing, copyright and patent infringements Social & Environmental Legislation – Prevent the over consumption of “sin” goods through taxation Mini Case Case: Amoy Foods Source: Hoang, Business & Management, Unit 1.5, page 90. Business Ethics Moral principles that should be considered in decision making Ethical firms are responsible to their employees, shareholders, customers and suppliers Firms can benefit in several ways by being ethical Social Benefits Attract and retain good quality workers – Google Attract new customers and retain existing ones Generates good publicity and public relations – The Body Shop Social Audits Conducted externally, they report on the social stance of a business Typically it reports external matters (such as pollution levels or community project involvement) And internal issues (such as the efficiency of waste management and safe working conditions)