PHI FPX 2000 Assessment 2: Business Ethics and Corporate Responsibility
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Assessment Overview:
PHI FPX 2000 Assessment 2: Explores the intricate domain of Business Ethics and Corporate Social Responsibility (CSR), utilizing a critical scenario featuring a biotech firm, “Uchromz.” You must look at how a business balances its desire to make money with its moral duty to protect sensitive information (DNA). You will look at how different ethical frameworks, like Utilitarianism, Deontology, and Friedman’s Shareholder Theory, affect a company’s duty to its stakeholders.
How to Pass PHI FPX 2000 Assessment 2: Business Ethics and Corporate Responsibility
- Define CSR in Context: Start by saying that CSR for a biotech company isn’t just “charity”; it’s the long-term protection of people’s data.
- Identify the Genetic Conflict: Concentrate on the discord between “Biobanking” for research purposes and the individual’s entitlement to Informed Consent.
- Make a list of stakeholders: Recognize that Uchromz seeks profit and institutions desire data, whereas the consumer values privacy. This “three-way tug of war” is the main point of the paper.
- Utilitarianism (The Consequences) should be used: Say that Uchrom needs to protect data because the “Greatest Good” is served when people trust genetic research.
- Use Deontology (The Rules): On the other hand, you could say that Uchromz has a moral duty to protect privacy, even if it means making less money.
- Milton Friedman said that a business’s only “social responsibility” is to make more money, as long as it stays within the law.
- Find the “Deficiencies” in Friedman’s work: In the world of DNA, “staying within the law” isn’t enough because technology changes faster than laws do. Making money at the cost of DNA security is a long-term risk.
- Talk about how information isn’t safe: Use the “Uchromz” example to show that sensitive genetic data can be misused by people outside of the organization, which makes “Security” more important than “Sharing.”
- Make Transparency a Priority: Make sure to stress that consent forms must be written in simple terms. Corporate Integrity fails when language is unclear.
- Finish with a synthesis: To protect its long-term reputation and its stakeholders, a successful business must use ethical theories.
Sample Assessment:
Business Ethics and Corporate Responsibility
Corporate Social Responsibility (CSR) entails various interpretations across industries due to differences in financial obligations and stakeholder dynamics. Embracing sustainable development, which encompasses Corporate Social Responsibility and business ethics, is crucial for meeting present needs without compromising the prospects of future generations, thus giving rise to the establishment of sustainable development goals. Corporate responsibility is increasingly embraced, with heightened scrutiny from businesses, consumers, scholars, and policymakers (Manasakis, 2018).
Ethical Issues and Their Relationships
The current landscape presents ethical dilemmas, notably concerning informed consent and the potential exposure of sensitive genetic information. Uchromz, having amassed millions of DNA samples within its expanding biobank, faces risks associated with security, confidentiality, and potential misuse by external parties. Privacy, security, informed consent, and confidentiality emerge as significant ethical considerations, with challenges in obtaining truly informed consent (Darby & Weinstock, 2018).
Clarity in consent forms is essential for DNA donors due to ambiguous language, ensuring transparency and safety. Privacy and confidentiality stand as paramount ethical principles, and Uchromz must responsibly safeguard customer information, particularly when dealing with third parties beyond its control (Noroozi et al., 2018).
Stakeholders’ Primary Interests
Uchromz stakeholders, including the company itself, consumers, and collaborating institutions, possess distinct interests. Uchromz endeavors to adhere to ethical and legal standards, safeguard customer privacy, and mitigate potential risks. Consumers seek genetic testing for ancestry and health insights while retaining control over their DNA data. Collaborating institutions aspire to access a vast DNA biobank for research endeavors and partnerships with a successful biotech entity like Uchromz (Schumacher et al., 2020).
Normative Ethical Theory
Utilitarianism, a normative ethical theory emphasizing actions and consequences, provides a flexible framework. Applying Utilitarianism to the scenario, Uchromz prioritizes the security and confidentiality of DNA donors, aligning its interests with those of customers, employees, and other stakeholders (Häyry, 2020).
Milton Friedman’s Stakeholder’s Theory
Friedman’s stakeholder theory posits that a business’s primary duty is to advance stakeholders’ financial interests, accentuating profit maximization. Uchromz must strike a balance among stakeholders’ interests to attain long-term prosperity, applying this theory to prioritize stakeholders’ primary interests and values (Okafor et al., 2021).
Traditional Theory of Normative Ethics
In the deontological theory of normative ethics, actions are assessed based on their conformity with ethical rules or principles. As part of its corporate social responsibility, Uchromz must shield the privacy and security of DNA donors by limiting third-party information sharing (Barrow & Khandhar, 2019).
Deficiencies of Milton Friedman’s Shareholder Theory
Milton Friedman’s Shareholder Theory, centered on profit maximization and limited social responsibility, has drawn criticism for prioritizing short-term profits over broader societal and environmental concerns. Uchromz should prioritize safety and security over profit, adhering to fundamental ethical values and ensuring stakeholders’ protection (Clarke, 2020).
Final Thoughts
In summary, CSR encompasses sustainable development, considering social, environmental, and economic dimensions for enduring business impacts. Business ethics steers companies toward integrity, and embracing normative ethical theories aids in effectively addressing ethical challenges.
PHI FPX 2000 Assessment 2: Business Ethics and Corporate Responsibility
Häyry, M. (2020). Just better Utilitarianism. Cambridge Quarterly of Healthcare Ethics, 30(2), 1–25. https://doi.org/10.1017/S0963180120000882
Manasakis, C. (2018). Business ethics and corporate social responsibility. Managerial and Decision Economics, 39(4), 486–497. https://doi.org/10.1002/mde.2921
Noroozi, M., Zahedi, L., Bathaei, F. S., & Salari, P. (2018). Challenges of confidentiality in clinical settings: Compilation of an ethical guideline. Iranian Journal of Public Health, 47(6), 875–883. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6077627/
Okafor, A., Adeleye, B. N., & Adusei, M. (2021). Corporate social responsibility and financial performance: Evidence from U.S tech firms. Journal of Cleaner Production, 292, 126078. https://doi.org/10.1016/j.jclepro.2021.126078
Schumacher, G. J., Sawaya, S., Nelson, D., & Hansen, A. J. (2020). Genetic information insecurity as state of the art. Frontiers in Bioengineering and Biotechnology, 8. https://doi.org/10.3389/fbioe.2020.591980
References (APA 7 Format)
- Investopedia: Corporate Social Responsibility
The 4 Types of CSR - Encyclopedia Britannica: Deontological Ethics
Duty-Based Frameworks - The New York Times: Milton Friedman’s Legacy
The Social Responsibility of Business is to Increase its Profits - Bioethics.net
Ethics of Genetic Testing and Biobanking
Rubric Breakdown
| Criteria | Distinguished | Proficient | Basic |
| Ethical Issue Identification | Clearly identifies systemic ethical risks (privacy, consent) in a complex business context. | Describes basic ethical issues like confidentiality. | Mentions ethics but fails to link them to the specific case. |
| Stakeholder Analysis | Analyzes the conflicting interests of consumers, institutions, and the corporation. | Lists primary stakeholders and their general interests. | Identifies only one stakeholder group (usually the company). |
| Theory Application | Applies Utilitarian and Deontological theories to provide conflicting but valid solutions. | Explains normative theories and applies them to the scenario. | Defines theories but does not apply them to the company’s actions. |
| Friedman Critique | Critically evaluates the limits of profit-maximization in the face of human rights risks. | Summarizes Friedman’s theory and notes its potential downsides. | Mentions Friedman but misinterprets his “Shareholder First” stance. |
Step-by-Step Guide
- CSR is a business’s promise to find a balance between making money and helping society.
- The main ethical issue at Uchromz is protecting private genetic information.
- Explain the interests of the stakeholders, comparing the company’s goals for making money with the needs of customers for privacy.
- Use Utilitarian theory to show how keeping DNA data safe is good for most people.
- Compare with Deontological theory, which emphasizes the ethical obligation to maintain donor confidentiality.
- Summarize Milton Friedman’s theory, making sure to stress how much he cares about maximizing shareholder profits.
- Critique the shareholder theory by pointing out that it doesn’t take into account bigger risks to society, like the misuse of data.
- Explain why informed consent is important, and make sure to stress that being open is a must for ethical business.
- Talk about the risks to data security and say that security should come before making money by sharing data with third parties.
- Finish by combining ethics with strategy to show that honesty is important for long-term business success.
Frequently Asked Questions
Q: Why is Milton Friedman’s theory so controversial?
Because it suggests that a CEO who spends company money on social causes is effectively “stealing” from the shareholders. Critics argue this leads to corporate “blindness” toward environmental and social harm.
Q: What is the difference between “Privacy” and “Confidentiality”?
Privacy is the right of the individual to be left alone or control their data. Confidentiality is the duty of the company (Uchromz) to protect that data once they have it.
Q: How does Deontology apply to DNA testing?
A Deontologist would say, “It is wrong to lie or hide terms in a consent form,” even if doing so would help a scientist find a cure for cancer. The rule of honesty is more important than the outcome.
Integrity Note
Note: Only use this assessment example for learning and structure purpose. Do not submit as your own work.
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