ethics and corporate social responsibility (slides eight)

Question 1

what is corporate social responsibility (csr)?

Answer 1

csr, a recent concept, is where businesses consider impacts of their decisions on society and the environment

Question 2

how is csr characterised?

Answer 2

by ethical decision-making, going above and beyond legal requirements to benefit society and the environment
csr values profits, social responsibility, and environmental sustainability

Question 3

how is csr beneficial?

Answer 3

csr can be beneficial in the long run as it can attract + retain customers, improve reputation, and foster trust

Question 4

csr in the short term?

Answer 4

can be costly, but ultimately good for the company

Question 5

benefits of ethical decision-making + csr

Answer 5

• lower business costs
• increased employee productivity
• improves business reputation
• attracts better employees –> people who want to work for socially responsible businesses