Chapter 6

Question 1

What is corporate social responsibility (CSR)?

Answer 1

CSR is a business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders.

Question 2

Why is CSR important for businesses?

Answer 2

CSR is important for businesses as it can enhance their reputation, attract customers, retain employees, and create long-term value.

Question 3

True or False: CSR activities are solely focused on philanthropy and charity work.

Answer 3

False. CSR activities also include ethical business practices, environmental sustainability, and social responsibility.

Question 4

What are the three main pillars of CSR?

Answer 4

The three main pillars of CSR are economic, social, and environmental responsibilities.

Question 5

Fill in the blank: CSR aims to achieve a _______ balance between economic, social, and environmental responsibilities.

Answer 5

sustainable

Question 6

What is the triple bottom line?

Answer 6

The triple bottom line refers to measuring a company’s performance in terms of economic, social, and environmental impact.

Question 7

How can businesses demonstrate CSR?

Answer 7

Businesses can demonstrate CSR through ethical sourcing, sustainable practices, community engagement, and transparent reporting.

Question 8

What is the difference between CSR and philanthropy?

Answer 8

CSR is a broader concept that encompasses philanthropy but also includes ethical business practices and sustainability initiatives.

Question 9

Why is stakeholder engagement important for CSR?

Answer 9

Stakeholder engagement is important for CSR as it helps businesses understand and address the needs and expectations of various stakeholders.

Question 10

True or False: CSR is only relevant for large corporations.

Answer 10

False. CSR is relevant for businesses of all sizes, including small and medium enterprises.

Question 11

What are the potential benefits of CSR for businesses?

Answer 11

Potential benefits of CSR for businesses include enhanced reputation, increased customer loyalty, improved employee morale, and cost savings.

Question 12

What are some examples of CSR initiatives?

Answer 12

Examples of CSR initiatives include volunteering programs, sustainable sourcing, environmental conservation projects, and fair labor practices.

Question 13

How can businesses integrate CSR into their core strategy?

Answer 13

Businesses can integrate CSR into their core strategy by aligning CSR goals with business objectives, engaging stakeholders, and measuring impact.

Question 14

Fill in the blank: CSR helps businesses build _______ relationships with their stakeholders.

Answer 14

trust-based

Question 15

What are some challenges businesses may face when implementing CSR?

Answer 15

Challenges businesses may face when implementing CSR include resource constraints, conflicting stakeholder interests, and measuring impact.

Question 16

True or False: CSR is a one-size-fits-all approach that works for all businesses.

Answer 16

False. CSR strategies should be tailored to each business based on its industry, size, and stakeholder expectations.

Question 17

What is the role of government in promoting CSR?

Answer 17

Governments can promote CSR through regulations, incentives, and partnerships with businesses and civil society organizations.

Question 18

How can businesses communicate their CSR efforts to stakeholders?

Answer 18

Businesses can communicate their CSR efforts through annual reports, sustainability reports, social media, and direct engagement with stakeholders.

Question 19

What is the concept of shared value in CSR?

Answer 19

Shared value in CSR refers to creating economic value for the business while also addressing societal needs and challenges.

Question 20

Fill in the blank: Shared value focuses on aligning _______ and societal impact.

Answer 20

business success

Question 21

Why is transparency important in CSR reporting?

Answer 21

Transparency in CSR reporting helps build trust with stakeholders, demonstrate accountability, and drive continuous improvement.

Question 22

What is the difference between corporate citizenship and CSR?

Answer 22

Corporate citizenship focuses on the role of businesses in society, while CSR is more specific to the business practices and impact on stakeholders.

Question 23

True or False: CSR is a static concept that does not evolve over time.

Answer 23

False. CSR is a dynamic concept that evolves in response to changing societal expectations and business needs.

Question 24

What are some potential risks of not engaging in CSR?

Answer 24

Potential risks of not engaging in CSR include reputational damage, legal issues, loss of customers, and negative impact on society and the environment.

Question 25

How can businesses measure the impact of their CSR initiatives?

Answer 25

Businesses can measure the impact of their CSR initiatives through key performance indicators (KPIs), stakeholder feedback, and social and environmental metrics.