Chapter 6 Flashcards
What is corporate social responsibility (CSR)?
CSR is a business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders.
Why is CSR important for businesses?
CSR is important for businesses as it can enhance their reputation, attract customers, retain employees, and create long-term value.
True or False: CSR activities are solely focused on philanthropy and charity work.
False. CSR activities also include ethical business practices, environmental sustainability, and social responsibility.
What are the three main pillars of CSR?
The three main pillars of CSR are economic, social, and environmental responsibilities.
Fill in the blank: CSR aims to achieve a _______ balance between economic, social, and environmental responsibilities.
sustainable
What is the triple bottom line?
The triple bottom line refers to measuring a company’s performance in terms of economic, social, and environmental impact.
How can businesses demonstrate CSR?
Businesses can demonstrate CSR through ethical sourcing, sustainable practices, community engagement, and transparent reporting.
What is the difference between CSR and philanthropy?
CSR is a broader concept that encompasses philanthropy but also includes ethical business practices and sustainability initiatives.
Why is stakeholder engagement important for CSR?
Stakeholder engagement is important for CSR as it helps businesses understand and address the needs and expectations of various stakeholders.
True or False: CSR is only relevant for large corporations.
False. CSR is relevant for businesses of all sizes, including small and medium enterprises.
What are the potential benefits of CSR for businesses?
Potential benefits of CSR for businesses include enhanced reputation, increased customer loyalty, improved employee morale, and cost savings.
What are some examples of CSR initiatives?
Examples of CSR initiatives include volunteering programs, sustainable sourcing, environmental conservation projects, and fair labor practices.
How can businesses integrate CSR into their core strategy?
Businesses can integrate CSR into their core strategy by aligning CSR goals with business objectives, engaging stakeholders, and measuring impact.
Fill in the blank: CSR helps businesses build _______ relationships with their stakeholders.
trust-based
What are some challenges businesses may face when implementing CSR?
Challenges businesses may face when implementing CSR include resource constraints, conflicting stakeholder interests, and measuring impact.
True or False: CSR is a one-size-fits-all approach that works for all businesses.
False. CSR strategies should be tailored to each business based on its industry, size, and stakeholder expectations.
What is the role of government in promoting CSR?
Governments can promote CSR through regulations, incentives, and partnerships with businesses and civil society organizations.
How can businesses communicate their CSR efforts to stakeholders?
Businesses can communicate their CSR efforts through annual reports, sustainability reports, social media, and direct engagement with stakeholders.
What is the concept of shared value in CSR?
Shared value in CSR refers to creating economic value for the business while also addressing societal needs and challenges.
Fill in the blank: Shared value focuses on aligning _______ and societal impact.
business success
Why is transparency important in CSR reporting?
Transparency in CSR reporting helps build trust with stakeholders, demonstrate accountability, and drive continuous improvement.
What is the difference between corporate citizenship and CSR?
Corporate citizenship focuses on the role of businesses in society, while CSR is more specific to the business practices and impact on stakeholders.
True or False: CSR is a static concept that does not evolve over time.
False. CSR is a dynamic concept that evolves in response to changing societal expectations and business needs.
What are some potential risks of not engaging in CSR?
Potential risks of not engaging in CSR include reputational damage, legal issues, loss of customers, and negative impact on society and the environment.
