Corporate Social Responsibility ✔️

Question 1

Corporate social responsibility

Answer 1

organizations consider the social and environmental impacts of their business operations, and take steps to reduce negative impacts and increase positive contributions to society. This includes issues such as ethics, sustainability, human rights, and environmental protection.

Question 2

The potential conflict between CSR and profit and other objectives

Answer 2

Becoming more sustainable, ethical and caring more towards the environment will increase the costs of the business and therefore will limit the profits gained.

Question 3

evaluate the impact and importance of a CSR policy to a business and its stakeholders

Answer 3

CSR can be important as it could influence the reputation that the business has. It could impact owners with more profits for example

Question 4

Advantages of a business’s CSR profile to the business and its stakeholders

Answer 4

Better Relationships with Stakeholders: CSR can help businesses build and maintain positive relationships with key stakeholders, including governments, communities, and advocacy groups.

Increased Customer Loyalty: Customers are increasingly aware of the social and environmental impacts of the products they buy and are more likely to choose companies with a strong commitment to CSR.

Improved Financial Performance: Companies that prioritize CSR can benefit from cost savings, increased innovation, and improved risk management

Question 5

Disadvantages of a business’s CSR profile to the business and its stakeholders

Answer 5

Increased Costs: Implementing and maintaining a strong CSR program can be expensive, as it often requires investments in technology, processes, and personnel.

Potential for Reputational Damage: If a business’s CSR efforts are perceived as insincere or inadequate, it can lead to negative publicity and damage the company’s reputation

Question 6

Invest in Sustainable Operations:

Answer 6

Invest in Sustainable Operations: Invest in environmentally sustainable business practices, such as reducing waste and emissions, conserving resources, and using renewable energy.

Promote Ethical Business Practices: Promote ethical business practices, such as fair labour practices, human rights, and responsible sourcing, and ensure that these practices are reflected in the business’s policies and procedures.

Question 7

evaluate the impact and importance of CSR to a business and its stakeholders

Answer 7

A strong CSR profile can improve a business’s reputation and increase brand loyalty among customers, who are more likely to choose companies that demonstrate a commitment to social and environmental responsibility.