Corporate Social Responsibility Flashcards
Define Corporate social responsibility (CSR)
Corporate social responsibility refers to management’s awareness of the social and environmental consequences of its actions.
What is one benefit of Corporate social responsibility
- It can improve the businesses reputation
What are the three considerations of corporit social responsibility?
- Environmental Considerations
- Economic Considerations
- Social Considerations
Define business objective
Business objectives are the measurable results that companies hope to maintain as their organisation grows
Define business objective
Business objectives are the measurable results that companies hope to maintain as their organisation grows
Define consumer
a person who purchases goods and services for personal use
Define Product
A product is the item offered for sale
Define Product
A product is the item offered for sale
Define goods and services
the term goods and services refers to what consumers are consuming and spending money on
Define profit
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something
Define sole trader and 2 advantages and disadvantages
A sole trader is a self-employed person who owns and runs their business as an individual
Advantages:
- You keep all of the profit
- You have maximum privacy
Disadvantages:
- You have unlimited liability to all debts
- your capacity to raise capitol is limited
Define a publicly listed company and list 2 advantages and disadvantages
A public company is a corporation whose ownership is distributed amongst general public shareholders through publicly-traded stock shares.
Advantages - availability of financial information - Ability to raise funds by selling stock Disadvantages - Increased Liability - loss of management control
Define social enterprise and list 2 advantages and disadvantages
A social enterprise is a business with social objectives that serve its primary purpose. Advantages - Helps the community - Helps disadvantaged people Disadvantages - Lack of support structure and funding - Lack of general success
Define limited liability
- the condition by which shareholders are legally responsible for the debts of a company only to the extent of the value of their shares.
Define unlimited liability
Unlimited liability refers to the full legal responsibility that business owners and all business debts
Define Dividends
A dividend is the distribution of corporate profits to eligible shareholders
Define Shares
Shares are units of equity ownership in a corporation
Define Planed change
Planned change is the process of preparing the entire organization, or a significant part of it, for new goals or a new direction
Define unplanned change
Unplanned changes are not foreseen prior to the need to change, often made necessary by shifts in the orginization environment.
Define key performance indicators
a measure used to evaluate the success of an organization
Define net profit
The actual profit after working expenses have been paid
Define market share
the portion of a market controlled by a particular company
Define Staff Absenteeism
the Consistent non-presence of an employee at their job
Define staff turnover
Staff turnover refers to the proportion of employees who leave an organisation over a set period
Define Number of sales
The number of sales is the number of units sold within a reporting period
Define driving forces
The Driving Force provides focus, for the business to change in order to increase profit margin
Define restraining forces
Restraining forces are forces that make change more difficult.
Define inputs
Inputs are any resources used to create a product
Define outputs
Output is a quantity of goods or services produced in a specific time period
Example of a corporate social responsibility
Reducing your carbon footprint
