CSR (Corporate Social Responsibility) - ANSWERA responsibility among firms to meet the needs of their stakeholders and a responsibility among stakeholders to hold firms to account for their actions.
5 driving forces of CSR - ANSWERAffluence, sustainability, globalization, communication, and bran...
CRS Exam Questions & Answers 100% Correct!
CSR (Corporate Social Responsibility) - ANSWERA responsibility among firms to meet the needs of their stakeholders and a responsibility among stakeholders to hold
firms to account for their actions.
5 driving forces of CSR - ANSWERAffluence, sustainability, globalization, communication, and brands.
Affluence - ANSWERAffluence raises societal expectations. Firms operating in affluent societies, therefore, carry a greater burden to demonstrate they are creating value for their stakeholders. In less affluent societies, a manufacturer may be able to externalize some of its production costs to the larger society by polluting the environment. . . . When most members of a society are desperately seeking food, shelter, and other basic necessities, CSR concerns appear to be a luxury. As societies become increasingly affluent, however, the collective understanding of social issues like pollution grows, as does society's ability to afford effective solutions.
Sustainability - ANSWERHas a lot to do with climate change. The world is rapidly growing and is causing a lot of environmental damage that could become irreversible
very soon. As such, we are trying to sustain the environment by making changes like
Tesla and Starbucks are. CSR helps keep us responsible for our global emissions into the atmosphere so we can sustain the planet and population.
Brands - ANSWERBrands mean a lot to a business. It is the thing that consumers remember when they think of the company name and this has been proven to increase competitive advantage. Since it is all about the reputation of a business these days, companies drive CSR to make sure they stay on society's good side.
4 phases of stakeholder access to information - ANSWERindustrialization, internalization, globalization, and digitalization.
Stakeholder - ANSWERAn individual or organization that is affected by the firm (either voluntarily or involuntarily), and possesses the capacity and intent to affect the organization.
3 types of stakeholders - ANSWEROrganizational stakeholders: For example, employees, managers, directors
Economic stakeholders: For example, consumers, shareholders, competitors
Societal stakeholders: For example, media, regulators, local communities
The Firm - ANSWERThe strategy of a for-profit organization is to determine the industry in which it operates and the products it produces. They need to find something attainable and desirable. This helps them find targets to focus on and prioritize.
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