Unit 7 - Anaylsing Performance

Question 1

What is corporate social responsibility

Answer 1

The idea that a business should go above and beyond the law to consider a range of stakeholders

Question 2

Give 3 advantages of good csr

Answer 2

Attracts investment
Competitive advantage - brand loyalty etc
Generates higher quality staff

Question 3

Give 3 disadvantages to csr

Answer 3

Additional costs
Open to greenwashing
Opportunity costs - meeting targets etc

Question 4

What does Carroll’s csr pyramid shows

Answer 4

Highlights the four aspects of strong csr

Question 5

What is philanthropic responsibilities

Answer 5

Behaviour that improves the lives of others. Eg charitable donations

Question 6

What is ethical responsibility

Answer 6

A step beyond legal requirements and behaving morally. Eg fair trade, paying living wage, renewable energy sources

Question 7

What is legal responsibility

Answer 7

Eg paying nmw, pay tax etc

Question 8

What is economic responsibility

Answer 8

Responsibility of the business to be profitable

Question 9

What is core competencies

Answer 9

A collection of strengths that are unique to the business, which the business performs strategically well

Question 10

What is Ellington triple bottom line

Answer 10

A model used to plan and manage business activities to avoid short termism

Question 11

What are 5 benefits of Ellington triple bottom line

Answer 11

1. Considers wider areas of performance
2. Enable managers to set SMART targets and monitor progress
3. Uses qualitative and quantitative data
4. Balances needs of stakeholders
5. Meets objectives such as B corporation

Question 13

Define porters 5 forces

Answer 13

Used to analyse the competitive nature of the market and helps managers develop the best strategy to gain a competitive advantage

Question 14

What are porters 5 forces

Answer 14

Rivalry
Buyer power
Threat of new entrants
Supplier power
Substitute threat