Chapter 5 CSR

Question 1

Principles of stakeholder engagement

Answer 1

1. Health and safety
2. Care and respect
3. Integrity
4. Accountability
5. Collaboration
6. Innovation

Question 2

Companies can reduce cost through CSR by?

Answer 2

1. Avoiding fines
2. Avoiding legal costs
3. Using resources efficiently
4. Using alternative raw materials eg recycled materials
5. Reducing monitoring costs
6. Increasing staff renting
7. Reducing cost of capital

Question 3

Companies can increase revenue through CSR by?

Answer 3

1. Developing new products or services eg. Carbon credit trading
2. Growing markets for services through general programs such as bridging the digital divide
3. Improving access to market
4. Avoiding boycott
5. Exploit the CSR premium

Question 4

Entrepreneurial process

Answer 4

1. Characteristics and decide whether to enter the market
2. Skills and resources
3. Resources
4. Opportunity and ideas
5. Feasibility
6. Business plan
7. Establishing a business

Question 5

Environmental scanning definition

Answer 5

Process of measuring, projecting and evaluating change in the different variables in the environment

Question 6

Process of environmental scanning

Answer 6

SWOT analysis and use eg of covid 19 and how businesses suffered

Question 7

Role of small business in the economy

Answer 7

Prompt should be entrepreneurship
1. Production of resources to products and services
2. Innovation
3. Aiding of big business
4. Job creation

Question 8

What is Sustainable development

Answer 8

Development that meets the needs of the present without compromising the ability future generations to meet their own needs

Question 9

Contribution of CSR to sustainable development

Answer 9

1. Environmental responsibility
2. Philanthropic activities
3. Economic responsibility
4. Ethical or human rights responsibility

Question 10

Important characteristics of business management

Answer 10

1. Complexity of the environment
2. Increasing instability and change
3. Environmental uncertainty
4. Interrelated-ness of environmental variables
   The physical environment
   Consumer buying power
   The international environment
   The economic environment

Question 11

Methods of environmental scanning

Answer 11

1. Updating relevant secondary and published information from a variety of sources
2. Adding primary information pr special investigations in particular aspects of the environment
3. Establishing a scanning unit within the business

Question 12

Importance and necessity of business plan

Answer 12

1. To sell business to yourself
2. To obtain bank financing
3. To obtain investment funds
4. To arrange strategic alliance
5. To obtain large contracts
6. To attract key employees
7. To complete mergers and acquisition
8. To motivate and focus your management

Question 13

Objectives of business plan

Answer 13

1. Identify and describe the nature of the new business opportunity
2. Present a written plan on how the entrepreneur will exploit the opportunity
3. Attract investors, bank financing or financial persons

Question 14

Format of business plan

Answer 14

1. Det who will write the business plan
2. Identify necessary skills to write the business plan
3. No rigid rules regarding the format of business plan
4. Appearance is important
5. Length depends on the type of business

Question 15

Content of business plan

Answer 15

1. The executive summary
2. The general description of the vision
3. The products and services plan
4. The makerting plan
5. The operating plan
6. The financial plan
7. The supporting materials

Question 16

Characteristics of entrepreneurs or traits

Answer 16

Achievement motivation
Internal locus of control
Innovation and creativity
Risk taking
Others :feedback

Question 17

Fundamental requirements of a good investment opportunity

Answer 17

A clearly defined market need for the product
A sustainable competition advantage must be attainable
Growth potent
Should be rewarding to the investor or entrepreneur
The timing of the opportunity must be right