Ch3.3 Flashcards
Corporate social responsibility (CSR) what is it?
Is a company’s obligation to conduct its activities with the aim of achieving social, environmental and economic development.
Human rights and employment standards in the workplace.
CSR needs to think of these when working globally and hiring.
They have to see tough issues like, child labor, pollution, fair wages and human rights.
Ethical sourcing and Procurement
If a company works with international suppliers, the company is tired to environmental and social concerns in that areas.
Ex- a company has an assembly plant in a different country. That company is now tied to the social conditions in that country, the company has a vested interest in the quality of schools in that area.
Marketing and consumer issues.
Manipulative marketing can lead to consumers having unrealistic expectations.
Ex- CVS has a market campaign called “Beauty in real life” then one named “Beauty unaltered”. Creating unrealistic images and causing consumers to possibly have eating disorders.
Environmental, Health and Safety Concerns.
Many industries even small companies make decisions everyday that affect the environment and the safety of their workers or neighbors.
Community and Good- Neighbor Policies
How a company affect the communities in which it does business, the surrounding neighborhoods.
What are the benefits of CSR?
Helps a company develop a positive reputation.
;can recruit and retain the best available talent
; efficiency increases when companies use materials resourcefully and minimize waste
;sales increase through new product innovations and environmentally and ethically conscious labeling.
What is a social audit
A study of how well a company is meeting its social responsibilities.
What is corporate philanthropy
When a company donates some of its profits or resources to charitable organizations.
What are possible ways to measure a company’s CSR level
Social Audits, rating and rankings, self-reporting and corporate philanthropy.
What does social networking have to do with CSR?
Social networking helps build their image and awareness. It can impact corporate decisions.
(SRI)Socially responsible investing what is it?
SRI is investing only in companies that have met a certain standard of CSR
