Discuss the social responsibilities of Galaxy Games Ltd to its stakeholders - Leaving Cert Business - Question B - 2013
Question B
Discuss the social responsibilities of Galaxy Games Ltd to its stakeholders.
(20 marks)
Worked Solution & Example Answer:Discuss the social responsibilities of Galaxy Games Ltd to its stakeholders - Leaving Cert Business - Question B - 2013
Step 1
Social Responsibilities to Shareholders/Investors
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Answer
Galaxy Games Ltd must act in accordance with its Memorandum and Articles of Association, providing a fair return on the investment by shareholders. The company should avoid excessive payments to senior management, ensuring transparency in financial performance and maintaining proper accounts.
Step 2
Social Responsibility to Customers
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Answer
The company should ensure fair and honest advertising of its products, adhere to health and safety regulations, and provide safe products. Furthermore, it is essential to uphold the rights of customers to lodge complaints regarding product issues and ensure excellent after-sales service.
Step 3
Social Responsibility to Employees
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Answer
Galaxy Games Ltd should comply with Employment Law, Health and Safety Regulations, and ensure fair pay for all employees. A crucial aspect is promoting equal opportunities and preventing discrimination within the workplace.
Step 4
Social Responsibility to General Public/Community
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Answer
To be socially responsible, the company must engage in environmentally friendly business practices. This includes cooperating with governmental regulations and making commitments to sustainability.
Step 5
Social Responsibility to Suppliers
97%
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Answer
The company should follow fair tendering procedures where applicable and maintain good relationships with suppliers. Fostering a stable and transparent business relationship is critical for long-term growth.
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