5K Flashcards
Corporate social responsibility(n.)
Corporate social responsibility(n.)=The ethical conduct of a business beyond legal obligation, and the consideration of social, economic, and environmental impacts when making business decisions.
What are the three aspects corporate social responsibilities impact positively
Corporate social responsibility on the environment
corporate social responsibility on the general community
corporate social responsibility on the employees
Corporate social responsibility on the environment(half def n.)
Second=
How did they fulfil the corporate social responsibility on the environment
-Definition of CSR of environment=The business will have to consider the environment and work out their waste elements and the amount of waste produced by their production into the ecosystem.
-Second sentence=explain CSR of environement(at subway they did this to implement and make it happen)e.g. Lean management=reducing the waste of their operations system and decrease amount of waste released into the ecosystem=reducing environmental impact
corporate social responsibility on the general community(half def n.)
Second=
How did they fulfil the corporate social responsibility on the general community
Q14)Furthermore, another CSR consideration that the manger could address is the general community which would require the business to reduce or eliminate practices that are detrimental to society.
-Second sentence=explain CSR of general community(at subway they did this to implement and make it happen)e.g. The implementation of new brick and mortar stores, increasing amount of local jobs in the area and local employment rate. Brick and mortar stores to increase amount of customer traffic in the area.
corporate social responsibility on the employees(half def n.)
Second=
How did they fulfil the corporate social responsibility on the employees
-Definition of CSR of employees=Employees are people that the business would have to consider, and are the people working at subway(can use something as simple as this)
-Second sentence=explain CSR of employees(at subway they did this to implement and make it happen)e.g.training, career development opportunites=increasing motivation and efficiency
Strengths of CSR
Better business reputation can translate into improved sales for new customers,
or brand loyalty for existing customers.
Additional marketing opportunities.
Positions the business as an ‘employer
of choice’.
Improvements to employee satisfaction and motivation.
Can insulate the business with goodwill from society if a future problem occurs.
Benefits social health and welfare.
Leads to a sustainable future.
Limitations of CSR
Can be time consuming to establish.
Can sometimes be expensive to support ‘non-core’ activities.
CSR advantages and disadvantages
Advantages
-Business=
• A business can develop a positive reputation, leading to more customers purchasing its goods or services.
• Highly-skilled employees who value ethical conduct and are committed to meeting objectives may be attracted to work for the business.
-Employee=
• Employees may prefer to work for a business that has ethical practices.
• Employees may be more motivated to achieve objectives that positively contribute to the environment and society.
-Time=
-Money=
• Customers may be willing to pay higher prices for goods or services that are produced in an ethical manner.
• Customers may be more inclined to purchase from socially-responsible businesses, increasing sales and profits.
Disadvantages
-Business=
• A constant focus on CSR may decrease a business’s productivity levels.
-Employee=
-Time=
• It can be time-consuming to address various CSR considerations.
• A business change may be delayed if a business considers implementing CSR.
-Money=
• CSR practices can be expensive for a business to initially implement.
ANSWER THE QUESTION STRUCTURE=
In the swimwear industry, two brands dominate the market, collectively accounting for 75% of swimsuit sales. The smaller business, Toggies, has set the objective to increase its market share and overtake its main competitor, These Trunks. To achieve this objective, Toggies is focusing on improving the quality of its swimwear. The operations manager, Thanos, has identified that Toggies must change its suppliers so it can source higherquality materials, and it must purchase and import state-of-the-art tailoring equipment from France.
Explain one corporate social responsibility consideration that Thanos could address when changing suppliers. [2 marks]
My way=
-def of corporate social responsibility
-How could business address this when changing suppliers
ANSWER THE QUESTION STRUCTURE=
Bloom is a manufacturer of pottery and ceramics. After reviewing Bloom’s performance, the operations manager, Orlando, is worried about the significant increase in its level of wastage. Consequently, he has set an objective to reduce Bloom’s level of waste from operations by 75% over the next five years. To reach this goal, Orlando has decided to introduce technology into Bloom’s operations and replace human labour.
Justify one corporate social responsibility consideration that a business, such as Bloom, needs to address when implementing change.[3 marks]
My way=
-Def of corporate social responsibility
-add(or both dis adds if you want)
-add(or both dis adds if you want)
ANSWER THE QUESTION STRUCTURE=
Ben owns Give it a Flick, a home lighting business that employs 500 people across Victoria. Recently, Ben decided to close 5 stores that were furthest from the city in order for Give it a Flick to make a profit. In addition to these closures, Ben plans to change suppliers to maximise the range and quality of the lighting provided by Give it a Flick.
Explain two corporate social responsibility considerations that Give it a Flick could address when implementing these changes[4 marks]
My way=
-Def of corporate social responsibility
-How could this CSR be addressed when the business is making changes(what benefit does this have on the business)
-Def of anther corporate social responsibility
-How could this CSR be addressed when the business is making changes(what benefit does this have on the business)
