Ethical firms will always have priority from the customer's point of view. An ethical firm will always safeguard the interest of the stakeholders of the business. The business will always have to maintain an ethical base to sustain itself in the market for a long period. An ethical firm will always have a responsibility for the welfare of the employees as well as the outsiders of the firm. Ethical firms and their social responsibility always build up strong loyalty among the stakeholders of the company. They help in attaining a better market position and will have lesser competition in the firm.
A business firm which is morally responsible to look after the stakeholders of the company will always undertake activities to improve its business status. The firm which improves the business environment will by default improve the environment in which the business is carried out. This is usually done by adopting different social activities for the upliftment or improvisation of the standard of living of the people which comprises the external environment of the business.
CSR can take different steps in the environment depending on the industry in which it is working. These industries will have prescribed morals that are to be followed for sustainability in the market. An ethically responsible firm is the one that is the most suitable in the current scenario as the drastic decline in environmental resources is taking place. Ethics make sure that the firm knows what is right for society now and helps to lay out standards for the implementation of these activities for the upliftment of society as a whole.
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