7.6 corporate social responsibility

Question 1

What is CSR

Answer 1

Corporate Social Responsibility

Question 2

purposes of CSR?

Answer 2

To set targets (go beyond businesses requirements)
Improve quality of life
Behave ethically
Contribute to economic development

Question 3

Examples of companies using CSR

Answer 3

BP (oil rig spill - Mexico) this affected:
-local fishermen (social)
-the ecosystem (fish habitats were damaged- env)
-BPs need to pay back $53bn (econ)
-loss of employees (11killed)
M&S
+donations in covid, free delivery to NHS workers,eat well campaign etc
+young minds(2010)

Question 4

Reason for CSR (functional areas)

Answer 4

F: reduces fines, attract investment, price inelasticity
HR: less turnover, recruit more, motivated employees (worker benefits)
M: positive media attention and PR, more loyal customer
O: less productions costs-efficient procedures&recycling, good rls w supplier