Question 1: Explain what is meant by an ethical business practice.

Answer: An ethical business practice is a way of operating that is morally right and fair, such as treating employees well, being honest with customers, and not exploiting suppliers.

Question 2: Identify two factors that might influence a business to adopt more ethical practices.

Answer: 1. Consumer demand for ethically produced goods; 2. Laws and regulations requiring fair treatment and environmental responsibility.

Question 3: Describe how a business's reputation can be affected by unethical behavior.

Answer: Unethical behavior can damage a business's reputation by causing customers to lose trust, leading to a decline in sales and potential loss of future business. It can also result in negative publicity and legal penalties.

Question 4: Discuss the potential advantages for a business that commits to ethical sourcing of materials.

Answer: Advantages include increased customer loyalty, a positive public image, and the ability to charge higher prices. Ethical sourcing can also reduce the risk of legal issues and promote sustainable practices.

Question 5: Identify and explain two possible ethical dilemmas that a business might face.

Answer: 1. Choosing between reducing costs by exploiting cheaper labor versus paying fair wages. 2. Deciding whether to advertise a product honestly or exaggerate its benefits to boost sales.

Question 6: Draw a simple diagram to illustrate the concept of a 'Triple Bottom Line' in business ethics. Label the three components.

Answer: A diagram showing three overlapping circles labeled 'People', 'Planet', and 'Profit'. The area where all three overlap represents sustainable and ethical business practices.

Question 7: Sketch a brief plan for a social media campaign that promotes an ethical business initiative. Use the space below.

Answer: A sketch of a social media post featuring an image of environmentally friendly products, a catchy slogan emphasizing ethics, and a call-to-action encouraging customers to support ethical sourcing. Include space for a hashtag and brand logo.

Question 8: Evaluate the importance of ethical considerations in building long-term customer loyalty.

Answer: Ethical considerations are crucial for building long-term customer loyalty because customers increasingly value companies that demonstrate social responsibility. Ethical practices foster trust, enhance reputation, and encourage repeat business, which ultimately benefits the company's sustainability.

Question 9: Provide an example of a recent ethical issue faced by a well-known company and briefly explain how they responded.

Answer: Example: A major clothing retailer faced criticism for poor working conditions in its supply chain. They responded by auditing suppliers, improving conditions, and launching a transparency initiative to showcase ethical sourcing.