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Question 1

what is Corporate social responsibility

Answer 1

The ethical conduct of a business beyond legal obligation, and the consideration of social, economic, and environmental impacts when making business decisions.

Question 2

Strengths of CSR

Answer 2

· 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.

Question 3

Limitations of CSR

Answer 3

· Can be time consuming to establish.
. Can sometimes be expensive to support ‘non-core’ activities.

Question 4

CSR advantages

Answer 4

• 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.

-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.

Question 5

CSR disadvantages

Answer 5

=Business=
* A constant focus on CSR may decrease a business’s productivity levels.

-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.