Corporate Social Responsibility

Question 1

What is CSR?

Answer 1

Corporate social responsibility (CSR) refers to organisations aiming to act in an ethical way or in any way that benefits either society or the environment.

Question 2

What are methods to ensure good CSR?

Answer 2

• Ethical and environmental responsibilities, eg avoiding the use of child labour.
• Philanthropy, eg donating to charity.
• Economical responsibilities, eg using fair and competitive marketing.
• Legal responsibilities, eg abiding by laws that governs businesses.

Question 3

What are advantages of CSR?

Answer 3

• The business gains a good reputation for its caring nature.
• Customers who agree with the aim are likely to use the business.
• The business can attract high-quality staff who believe in the ethics of the business.
• Society and the environment are kept in good order, which will benefit the business in the long run.