Corporate Social Responsibility Overview
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Questions and Answers

Corporate social responsibility (CSR) involves businesses using ethical objectives to commit to behaving in a socially responsible way towards their internal and external stakeholders.

True (A)

What is the primary purpose of CSR?

To positively impact society, the community, and the environment.

Which of the following are potential benefits of a business pursuing CSR?

  • Improved corporate image (correct)
  • Increased customer loyalty (correct)
  • Enhanced employee morale (correct)
  • All of the above (correct)

What is one of the key ways the Internet and social media influence CSR?

<p>Promoting ethical behavior (A), Exposing unethical actions (B), Facilitating communication about social issues (C), All of the above (D)</p> Signup and view all the answers

What is the slogan of Ocean52, a company that focuses on reducing plastic pollution?

<p>No Plastic Water</p> Signup and view all the answers

What is the name of the campaign launched by IKEA Australia and Save the Children to raise awareness about homelessness caused by domestic violence?

<p>This is not a home</p> Signup and view all the answers

What type of products does Bombas sell, and what is its charitable initiative called?

<p>Bombas sells socks, underwear, and T-shirts, and its charitable initiative is called Bombas Giving.</p> Signup and view all the answers

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Flashcards

Corporate Social Responsibility (CSR)

The value, decisions, and actions taken by a business that positively impact society. It includes moral obligations to stakeholders, the community, society, and the environment.

Stakeholders

Individuals or groups who are affected by a company's actions.

Ethical Objectives

Goals tied to ethical principles and social responsibility.

Positive Corporate Image

A favourable perception of a company held by the public or stakeholders.

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Customer Loyalty

Customers' tendency to continuously purchase from a particular company.

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Employee Morale

Employees' level of satisfaction and enthusiasm about their work.

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Employee Retention

The ability of a company to keep its employees.

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Labour Productivity

The efficiency of employees in producing goods or services.

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Competitive Advantages

Superiority of one company over another within the same industry.

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Brand Loyalty

Customers' strong preference for a particular brand.

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Profitability

The ability of a business to generate profits.

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Deepwater Horizon disaster

A major oil spill in the Gulf of Mexico caused by negligence regarding safety checks.

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Ocean52

A company committed to ocean protection, donating 52% of profits to environmental causes.

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No Plastic Water

Ocean52's slogan and core message of reducing ocean plastics.

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IKEA and Save the Children

A joint campaign to raise awareness and aid homeless Australians, particularly victims of domestic violence.

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Bombas Giving

Bombas' charitable arm, donating products to those in need, focusing on homelessness.

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Homelessness

The state of lacking a permanent residence.

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What is Corporate Social Responsibility (CSR)?

A company's commitment to making decisions and taking actions that benefit society and stakeholders. It includes ethical behavior, environmental awareness, and contributing to the community.

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Who are stakeholders?

Individuals or groups who are affected by a company's actions, such as customers, employees, investors, and the community.

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What is ethical behavior in business?

Conduct that aligns with moral principles and values, prioritizing fairness, honesty, and integrity in all business practices.

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Why is a positive corporate image important?

A favorable perception of a company by the public and stakeholders, which can attract customers, talent, and investment.

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What is employee morale?

The level of enthusiasm and satisfaction employees have about their work and the company.

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What is employee retention?

The ability of a company to keep its employees, preventing them from leaving for other opportunities.

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What is labour productivity?

The efficiency of employees in producing goods or services, measured by output per unit of labor input.

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What is a competitive advantage?

A factor that allows a company to outperform rivals in the same industry, such as lower costs, better products, or stronger branding.

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What is brand loyalty?

Customers' strong preference for a particular brand, consistently choosing it over competitors.

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What are ethical objectives?

Goals that are aligned with ethical principles and social responsibility, contributing to a company's positive impact on society.

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Study Notes

Corporate Social Responsibility (CSR)

  • CSR involves positive societal impacts through business decisions and actions.
  • It's about a company's ethical duties to its stakeholders, community, and environment.
  • CSR extends beyond shareholders and includes all internal and external stakeholders.
  • Businesses understand the importance of ethical objectives as part of CSR to build a positive image.
  • Positive CSR can boost customer loyalty and employee morale, improving retention and productivity.
  • Ethics and transparency are necessary; companies may face public backlash for unethical practices.
  • A strong CSR approach can provide long-term competitive advantages.

Case Studies of CSR

  • Ocean52: Donates 52% of profits to ocean protection. Aims to reduce plastic use and raise awareness. Has prevented 3 million plastic bottles from entering oceans since 2018. Also engages in educational programs and beach clean-ups.
  • IKEA and Save the Children: Launched a campaign addressing homelessness from domestic violence. Showcased real-life scenarios like tents and cars as temporary homes in-store to create awareness. Aims to provide financial aid, housing, and furnishings to survivors.
  • Bombas Giving: A charitable arm of a sock, underwear, and T-shirt company. Donates an item for every item sold to support homeless individuals. Provides items designed for need like socks with antimicrobial and reinforced seams. Shows how philanthropy can strengthen a company’s brand and social impact.

Quotes on Honesty and Success

  • "Honesty is the cornerstone of all success.” - Mary Kay Ash
  • "You may not always see the results of your kindness, but every bit of positive energy you contribute to the world makes it a better place for us all." - Lisa Currie

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Description

This quiz covers the concept of Corporate Social Responsibility (CSR) and its societal impacts. It highlights the importance of ethical business practices, stakeholder engagement, and case studies such as Ocean52 and IKEA's initiatives. Understanding CSR can enhance a company's reputation and foster customer loyalty.

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