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Business Final > Lectures 6 & 8 > Flashcards

Lectures 6 & 8 Flashcards

1
Q

Corporate Social Responsibility (CSR)

A

conscious capitalism
profit with purpose
operate responsibly above minimum legal standards

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2
Q

CSR Categories

A

CHARITABLE giving
COMMUNITY development/empowerment
EMPLOYEE health, safety, advancement, diversity, etc
ENVIRONMENT management/climate change
GOVERNANCE & organizational ethics
INVESTING sustainably/responsibly
PRODUCTS and services w quality, made safely
SUPPLY CHAINS - ethical/diverse

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3
Q

Strategic Communications & CSR

A

Important to align organization actions w mission/values, be the organizations conscious, provide stakeholder support, tell the story of CSR

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4
Q

Triple Bottom Line

A

People, planet, profit

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5
Q

Environment, Social, Governance

A

E - energy & greenhouse gas & water efficiency // pollution & waste reduction // encroachment on nature
S - people - diversity, equity, inclusion, health/safety, community invention AND product responsibility
G - management compensation/board structure, ethical business practices w transparent/reporting, risk & compliance

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6
Q

CSR Purpose & Benefit

A

prioritize giving to community to enhance reputation beyond core business practices LEADS TO better reputation among major stakeholders

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7
Q

ESG Purpose & Benefit

A

first made to tell shareholders about non-financial issues w/ long-term financial impacts LEADS TO assuring ShH that risk is mitigated and company is adapting to world

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8
Q

Sustainability Purpose & Benefit

A

business approach balancing economic/social/environmental for benefit of future generations LEADS TO demonstration of business strategy that takes all into consideration

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9
Q

CSR Challenges

A

Business Pressures - to meet goals
Greenwashing
Maintaining Harmony w various stakeholders
Mis-Stepping

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10
Q

Shareholder Theory

A

all about bottom line - that maximizing financial success for shareholders is the priority, will lead to jobs and profits

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11
Q

Stakeholder Theory

A

all about social responsibility - that all stakeholders are rightful owners of a business, should have a vote and receive benefits, leads to higher value of company and better reputation

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12
Q

CSR Reporting Standards

A

CARBON disclosure project
DOW jones sustainability index
GLOBAL reporting initiative
SASB Sustainability Accounting Standards Board
UN Global Impact

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13
Q

Economics

A

Study of cause-and-effect relationships in an economy - consequences of decisions made about use of resources

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14
Q

economy

A

total sum of all goods/services produced among market participants - global, national, regional, local

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15
Q

macro and micro economics

A

macro - economy as whole, actions of governments/countries to influence broader economy
micro - concerned w actions of individual businesses/households

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16
Q

Economic Indicators

A

CONSUMER confidence (measures public opinion toward economy - act how they feel)
EMPLOYMENT reports - data on employment/unemployment
EXCHANGE rates - rate at which one currency exchanged for another
GDP - gross domestic product - market value of all Goods/services produced w/I country over a set period of time
INFLATION/DEFLATION - inflation decreases value of money, reduces purchasing power
INTEREST RATES - rate at which interest paid by borrowers to lenders, affects price/availability of credit for large purchases

17
Q

Consumer Price Index (CPI)

A

most widely followed measure of inflation - average prices paid for a basket of goods

18
Q

Bank of Canada

A

exists to regulate credit/currency in the best interests of the economic life of nation BY monetary policies, financial system, currency, funds management, retail payments supervision

19
Q

Supply and Demand

A

in free markets - influence pricing of products/services
Supply = production costs, technology, competition, future pricing expectations
Demand = income levels, consumer preference, prices of related goods/products, future pricing expectation

20
Q

Behavioural economics

A

study of the effect of emotional / irrational economic decisions made by individuals/organizations

21
Q

Bounded Rationality

A

decisions based on what we know, can have issues based on lack of expertise / available information

22
Q

Cognitive Bias and Discrimination

A

personal filters bias decision making - leads to discrimination against others

23
Q

Herd Mentality

A

being swayed by others actions/behaviours

24
Q

Choice architecture

A

offers designed to steer someone into making a specific decision

25
Q

economy and comms

A

anticipate business decisions
understand stakeholders concerns
explain to employees
recommend comms programs to match business environment

Business Final (5 decks)

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