Corporate Social Responsibility and Sustainability
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Questions and Answers

What is the definition of corporate social responsibility (CSR)?

  • A strategy for increasing profit margins.
  • A legal requirement for companies to donate to charity.
  • Mandatory actions dictated by government regulations.
  • Voluntary actions by firms considering social and environmental concerns. (correct)

    • Which of the following statements best describes sustainable development?

  • It aims to enhance future generations' abilities to meet their needs. (correct)
  • It is solely about preserving natural resources.
  • It promotes consumerism without regard for environmental impact.
  • It only focuses on economic growth.

    • Who can be considered stakeholders in a firm's activities?

  • Only customers and investors.
  • Only employees and suppliers.
  • Only the state and civil society.
  • Any entity that influences or is influenced by the firm. (correct)

    • What percentage of millennials report that CSR influences their purchasing decisions?

    <p>64%</p> Signup and view all the answers

    What are some means of stakeholder pressure for CSR?

    <p>Boycotts and smear campaigns.</p> Signup and view all the answers

    What societal group is projected to represent one-third of the luxury market by 2030?

    <p>GenZ and GenAlpha</p> Signup and view all the answers

    In 2020, what percentage of consumers switched to more sustainable brands?

    <p>38%</p> Signup and view all the answers

    What pillar is NOT part of sustainable development?

    <p>Psychological</p> Signup and view all the answers

    Which of these is primarily considered a benefit of CSR for businesses?

    <p>Increased consumer trust and loyalty.</p> Signup and view all the answers

    What proportion of consumers researched CSR policies before making a purchase in 2019?

    <p>56%</p> Signup and view all the answers

    What was the percentage of luxury consumers engaging in selling on the second-hand market in 2019?

    <p>34%</p> Signup and view all the answers

    Which stakeholder is known for calling for boycotts or strikes as a means of pressure?

    <p>Civil society</p> Signup and view all the answers

    What factor increased consumer interest towards C2C and second-hand markets?

    <p>Rising sustainability trends</p> Signup and view all the answers

    What percentage of supplies used by Chloé are sourced in fair trade?

    <p>30%</p> Signup and view all the answers

    Which group is known for having high expectations from the luxury sector?

    <p>Civil society</p> Signup and view all the answers

    Which initiative demonstrates Chloé's commitment to gender equality?

    <p>Recruitment based on diversity and inclusivity</p> Signup and view all the answers

    What does Chloé's digital passport provide transparency about?

    <p>Product transparency</p> Signup and view all the answers

    How many luxury consumers engaged in buying from the second-hand market in 2019?

    <p>26%</p> Signup and view all the answers

    Which of the following is NOT part of Chloé's environmental initiatives?

    <p>Promotion of animal cruelty</p> Signup and view all the answers

    How is Chloé collaborating with external experts?

    <p>Establishing a dedicated CSR council</p> Signup and view all the answers

    Which stakeholder group is highlighted for its role in promoting the return to 'made-in France' practices?

    <p>Customers</p> Signup and view all the answers

    What pressure do competitors exert on firms in the context of resource scarcity?

    <p>Innovating or internalizing production</p> Signup and view all the answers

    What key factor is contributing to the shift in production practices mentioned in the content?

    <p>Pressure from stakeholders for innovation</p> Signup and view all the answers

    In relation to resource strain, which resource is specifically mentioned as a valid concern?

    <p>Alligator leather</p> Signup and view all the answers

    What is one of the means of pressure that stakeholders exert on firms?

    <p>Laws and regulations</p> Signup and view all the answers

    What is one implication of moving back to 'made-in France' production?

    <p>Enhancement of local craftsmanship</p> Signup and view all the answers

    Which group is NOT considered a stakeholder in the provided context?

    <p>Consultants</p> Signup and view all the answers

    How does the marred reputation of some resources affect companies?

    <p>It pressures companies to innovate.</p> Signup and view all the answers

    What percentage of consumers would prefer luxury firms to certify second-hand products?

    <p>74%</p> Signup and view all the answers

    Which factor is a reason buyers seek luxury goods, as mentioned?

    <p>Social climbing</p> Signup and view all the answers

    What is a challenge faced by the social pillar in the luxury sector?

    <p>Strain on human resources</p> Signup and view all the answers

    What action is suggested to enhance employer branding within the luxury sector?

    <p>Engagement in education</p> Signup and view all the answers

    How can luxury brands strengthen their reputation in the community?

    <p>Through community engagement</p> Signup and view all the answers

    Which of the following is an action related to the society pillar for luxury brands?

    <p>Engagement in social causes</p> Signup and view all the answers

    What is one potential risk associated with losing traditional craft professions?

    <p>Loss of know-how</p> Signup and view all the answers

    What is an essential aspect of CSR implementation for a luxury brand like Chloé?

    <p>Attaching certifications to products</p> Signup and view all the answers

    Study Notes

    Corporate Social Responsibility (CSR)

    • Firms voluntarily consider social and environmental factors in their operations and with stakeholders.
    • Contributes to sustainable development.

    Sustainable Development

    • Meeting present needs without compromising future generations' ability to meet their own needs.
    • Based on economic, social, societal, and environmental pillars.

    Stakeholders

    • Individuals or groups influencing or affected by firm activities.
    • Include customers, competitors, firms, employees, investors, suppliers, and the state.

    CSR as a Result of Stakeholder Pressure

    • Stakeholders exert pressure on firms through boycotts, smear campaigns, consumer associations, and calls for strikes.
    • Gen Z and Gen Alpha prioritize sustainability, representing 1/3 of the luxury market by 2030.
    • 64% of millennials consider CSR in their purchasing decisions.
    • 38% of consumers switched to more sustainable or durable brands in 2020.
    • 56% of luxury consumers research CSR policies before buying in 2019.
    • 34% of luxury consumers sold on the second-hand market in 2019, while 26% bought from it.
    • The general public expects luxury brands to engage in social causes due to their financial resources and international reach.

    Social Pillar - Challenges

    • Craft occupations losing attractiveness.
    • Strain on human resources (HR).
    • Loss of expertise.
    • Need for public-private partnerships.

    Social Pillar - Actions

    • Engagement in education.
    • Awareness campaigns.
    • Establishing knowledge institutions.
    • Cultivating an employer brand.

    Society Pillar - Challenges

    • Catching up with other sectors more advanced in the society pillar.
    • Becoming an active member of the community.
    • Enhancing the reach and reputation of the engaged luxury brand.

    Society Pillar - Actions

    • Engaging in social causes.
    • Ethics as a firm policy.
    • Patronage.
    • Partnerships with other luxury brands.
    • Certifications.

    CSR at Chloé's

    • Established a dedicated CSR council with external experts.
    • Employs diversity and inclusivity in recruitment.
    • Published a gender-equality index and engaged in women's empowerment.
    • Created a social impact index in collaboration with the Fashion Institute.
    • 30% of supplies are fair trade, in agreement with the World Fair Trade Association.
    • Open-source diffusion of the social impact index.
    • Partnerships with various organizations to improve social and environmental pillars.
    • Digital passport for product transparency.
    • Engages with UNICEF for women and girls.
    • Uses 90% low-impact materials.
    • Environmental impact report on biodiversity.
    • Reduced water consumption and greenhouse gas emissions.
    • Commitment against animal cruelty and for sustainable resources.
    • Monitoring the environmental impact of events and packaging.

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    Luxury Marketing Session 6 – CSR PDF

    Description

    Explore the impact of Corporate Social Responsibility (CSR) on sustainable development and stakeholder engagement. This quiz covers how firms respond to social and environmental pressures, and the growing importance of CSR among consumers, particularly younger generations. Understand the critical role of stakeholders in shaping corporate practices.

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