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Questions and Answers
What is the main focus of the Triple Bottom Line (TBL) concept?
What is the main focus of the Triple Bottom Line (TBL) concept?
- Maximizing profits for shareholders
- Reducing costs and improving operational efficiency
- Increasing market share and competitiveness
- Ensuring environmental sustainability and social responsibility (correct)
Which type of CSR involves charitable donations and volunteering?
Which type of CSR involves charitable donations and volunteering?
- Ethical CSR
- Environmental CSR
- Community Involvement CSR
- Philanthropic CSR (correct)
What is a benefit of CSR in terms of employee morale?
What is a benefit of CSR in terms of employee morale?
- Increased employee turnover
- Improved employee morale and retention (correct)
- Reduced employee benefits
- Decreased employee satisfaction
What is a challenge of CSR in terms of measurement?
What is a challenge of CSR in terms of measurement?
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What is the name of the framework that guides CSR reporting?
What is the name of the framework that guides CSR reporting?
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What is a benefit of CSR in terms of customer loyalty?
What is a benefit of CSR in terms of customer loyalty?
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Study Notes
Definition
- Corporate Social Responsibility (CSR) refers to a business model that prioritizes the well-being of society and the environment while pursuing economic goals.
Key Concepts
- Triple Bottom Line (TBL): People, Planet, Profit
- People: social responsibility towards employees, customers, and community
- Planet: environmental sustainability and conservation
- Profit: economic viability and growth
- Stakeholder Theory: considers the interests of all stakeholders, not just shareholders
- Shared Value: creating value for both the business and society
Types of CSR
- Philanthropic CSR: charitable donations and volunteering
- Environmental CSR: reducing environmental impact through sustainable practices
- Ethical CSR: adhering to ethical standards in business operations
- Community Involvement CSR: engaging with local communities and supporting social causes
Benefits of CSR
- Enhanced brand reputation and brand loyalty
- Increased customer satisfaction and loyalty
- Improved employee morale and retention
- Better risk management and compliance
- Access to new markets and business opportunities
Challenges of CSR
- Balancing CSR with profit goals
- Measuring and reporting CSR performance
- Ensuring authenticity and transparency in CSR initiatives
- Addressing skepticism and criticism from stakeholders
CSR Reporting and Implementation
- Global Reporting Initiative (GRI) framework for CSR reporting
- UN Sustainable Development Goals (SDGs) as a guiding framework
- Integration of CSR into business strategy and operations
- Stakeholder engagement and feedback mechanisms
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Description
Test your knowledge of Corporate Social Responsibility (CSR) concepts, including the Triple Bottom Line, Stakeholder Theory, and types of CSR. Learn about the benefits and challenges of CSR and how it is reported and implemented.
