Podcast
Questions and Answers
What is the definition of corporate social responsibility (CSR)?
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?
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?
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?
What percentage of millennials report that CSR influences their purchasing decisions?
What are some means of stakeholder pressure for CSR?
What are some means of stakeholder pressure for CSR?
What societal group is projected to represent one-third of the luxury market by 2030?
What societal group is projected to represent one-third of the luxury market by 2030?
In 2020, what percentage of consumers switched to more sustainable brands?
In 2020, what percentage of consumers switched to more sustainable brands?
What pillar is NOT part of sustainable development?
What pillar is NOT part of sustainable development?
Which of these is primarily considered a benefit of CSR for businesses?
Which of these is primarily considered a benefit of CSR for businesses?
What proportion of consumers researched CSR policies before making a purchase in 2019?
What proportion of consumers researched CSR policies before making a purchase in 2019?
What was the percentage of luxury consumers engaging in selling on the second-hand market in 2019?
What was the percentage of luxury consumers engaging in selling on the second-hand market in 2019?
Which stakeholder is known for calling for boycotts or strikes as a means of pressure?
Which stakeholder is known for calling for boycotts or strikes as a means of pressure?
What factor increased consumer interest towards C2C and second-hand markets?
What factor increased consumer interest towards C2C and second-hand markets?
What percentage of supplies used by Chloé are sourced in fair trade?
What percentage of supplies used by Chloé are sourced in fair trade?
Which group is known for having high expectations from the luxury sector?
Which group is known for having high expectations from the luxury sector?
Which initiative demonstrates Chloé's commitment to gender equality?
Which initiative demonstrates Chloé's commitment to gender equality?
What does Chloé's digital passport provide transparency about?
What does Chloé's digital passport provide transparency about?
How many luxury consumers engaged in buying from the second-hand market in 2019?
How many luxury consumers engaged in buying from the second-hand market in 2019?
Which of the following is NOT part of Chloé's environmental initiatives?
Which of the following is NOT part of Chloé's environmental initiatives?
How is Chloé collaborating with external experts?
How is Chloé collaborating with external experts?
Which stakeholder group is highlighted for its role in promoting the return to 'made-in France' practices?
Which stakeholder group is highlighted for its role in promoting the return to 'made-in France' practices?
What pressure do competitors exert on firms in the context of resource scarcity?
What pressure do competitors exert on firms in the context of resource scarcity?
What key factor is contributing to the shift in production practices mentioned in the content?
What key factor is contributing to the shift in production practices mentioned in the content?
In relation to resource strain, which resource is specifically mentioned as a valid concern?
In relation to resource strain, which resource is specifically mentioned as a valid concern?
What is one of the means of pressure that stakeholders exert on firms?
What is one of the means of pressure that stakeholders exert on firms?
What is one implication of moving back to 'made-in France' production?
What is one implication of moving back to 'made-in France' production?
Which group is NOT considered a stakeholder in the provided context?
Which group is NOT considered a stakeholder in the provided context?
How does the marred reputation of some resources affect companies?
How does the marred reputation of some resources affect companies?
What percentage of consumers would prefer luxury firms to certify second-hand products?
What percentage of consumers would prefer luxury firms to certify second-hand products?
Which factor is a reason buyers seek luxury goods, as mentioned?
Which factor is a reason buyers seek luxury goods, as mentioned?
What is a challenge faced by the social pillar in the luxury sector?
What is a challenge faced by the social pillar in the luxury sector?
What action is suggested to enhance employer branding within the luxury sector?
What action is suggested to enhance employer branding within the luxury sector?
How can luxury brands strengthen their reputation in the community?
How can luxury brands strengthen their reputation in the community?
Which of the following is an action related to the society pillar for luxury brands?
Which of the following is an action related to the society pillar for luxury brands?
What is one potential risk associated with losing traditional craft professions?
What is one potential risk associated with losing traditional craft professions?
What is an essential aspect of CSR implementation for a luxury brand like Chloé?
What is an essential aspect of CSR implementation for a luxury brand like Chloé?
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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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