Legal Business, Ethics, CSR

Question 1

Define the term

Corporate Social Responsibilty

Answer 1

The obligation to serve one’s own interest as well as those of society

Question 2

What are

3 different views of Corporate Social Responsibilty

Answer 2

1. Classic View: Business should focus on profits
2. Socioeconomic View: Business should focus on broader welfare as well as profits
3. Virtuous Circle: Occurs when CSR improves financial performance which leads to more CSR

Question 3

Define the Alternative View of Ethics

Utilitarian View

Answer 3

• Does a decision or behaviour do the greatest good for the most people?
• The greatest good for the most people

View is based off of philosopher John Stuart Mill

Question 4

In CSR, what are

Stakeholders

List of entities that may hold a stake in a company

Answer 4

• Employees
• Govts.
• Customers
• Owners
• Media
• Suppliers
• Local communities
• Special interior groups

Question 5

4 Strategies of Social Responsibility

Proactive Strategy

What responsibilities must be met?

Answer 5

Meet economic, legal, ethical and discretionary responsibilities

Question 6

4 Strategies of Social Responsibility

Accomodative Strategy

What responsibilities must be met?

Answer 6

Meet economic, legal and ethical responsibilities

Question 7

4 Strategies of Social Responsibility

Defensive Strategy

What responsibilities must be met?

Answer 7

Meet economic and legal responsibilities

Question 8

4 Strategies of Social Responsibility

Obstructionist Strategy

What responsibilities must be met?

Answer 8

 Meet economic responsibilities