Podcast
Questions and Answers
A company committed to the 'triple bottom line' approach focuses on which combination of elements?
A company committed to the 'triple bottom line' approach focuses on which combination of elements?
- Profit, people, and the planet. (correct)
- People, planet, and philanthropy.
- Planet, profit margins, and product innovation.
- Profit, market share, and customer satisfaction.
Which of the following actions best demonstrates a company integrating sustainability into its business model to gain a competitive advantage?
Which of the following actions best demonstrates a company integrating sustainability into its business model to gain a competitive advantage?
- Donating a percentage of profits to a local charity each year.
- Publishing an annual CSR report highlighting environmental initiatives.
- Implementing eco-efficiency strategies to reduce waste and lower operational costs. (correct)
- Sponsoring community events to improve public relations.
What is the most important reason for a business to be genuinely committed to CSR efforts?
What is the most important reason for a business to be genuinely committed to CSR efforts?
- To comply with legal regulations and industry standards.
- To increase short-term profits through cause-related marketing.
- To attract socially conscious investors.
- To avoid potential public backlash and reputational damage. (correct)
A business is considering investing in employee well-being programs. Which outcome would be the most direct and measurable benefit of this investment?
A business is considering investing in employee well-being programs. Which outcome would be the most direct and measurable benefit of this investment?
Which approach would best help businesses balance the need for profit with their social responsibilities?
Which approach would best help businesses balance the need for profit with their social responsibilities?
A manufacturing company is looking to improve its environmental sustainability. Which initiative would likely have the most significant impact?
A manufacturing company is looking to improve its environmental sustainability. Which initiative would likely have the most significant impact?
How does Unilever's Sustainable Living Plan serve as an example of the benefits of CSR?
How does Unilever's Sustainable Living Plan serve as an example of the benefits of CSR?
What is the primary challenge businesses face when trying to adopt sustainable practices?
What is the primary challenge businesses face when trying to adopt sustainable practices?
Flashcards
Corporate Social Responsibility (CSR)
Corporate Social Responsibility (CSR)
A company's commitment to manage the social, environmental and economic effects of its operations responsibly.
Triple Bottom Line
Triple Bottom Line
A framework incorporating profit, people, and the planet.
Sustainable Development
Sustainable Development
Meeting the needs of the present without compromising the ability of future generations to meet their own needs.
Sustainable Development Goals (SDGs)
Sustainable Development Goals (SDGs)
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Eco-Efficiency
Eco-Efficiency
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Business Ethics
Business Ethics
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Benefits of CSR
Benefits of CSR
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Balancing Profit and Social Responsibility
Balancing Profit and Social Responsibility
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Study Notes
- CSR definition involves aligning business strategies with societal values and expectations.
- Businesses exist to serve society, with profit as a reward for serving society.
- CSR aims for a positive impact on society and the environment while balancing economic objectives.
Key CSR Concepts
- Responsibility entails a duty not to cause harm and to do good for the community.
- Accountability means businesses are accountable for their actions, potentially at an economic cost.
- Benefit Corporations balance profits with social and environmental responsibilities.
Carroll's CSR Pyramid
- Economic Responsibility: Be profitable.
- Legal Responsibility: Obey the law.
- Ethical Responsibility: Do what is right.
- Philanthropic Responsibility: Contribute to social causes.
Hartman & Des Jardins' CSR Model
- Economic aspect is solely profit-driven.
- Philanthropic activities involve charity for goodwill and PR.
- Social Web involves ethical obligations as part of society.
- Integrative approach involves social goals as central to business strategy.
CSR 1.0 vs. CSR 2.0
- CSR 1.0 is philanthropic, risk-based, and image-driven.
- CSR 2.0 is collaborative, performance-driven, and globally integrated.
Business Ethics
- Utilitarianism (Consequentialism) involves actions judged by outcomes, aiming for the greatest good for the greatest number.
- Deontology (Duty-Based Ethics) involves actions based on principles, not consequences.
- Virtue Ethics focuses on character traits and moral integrity.
Decision-Making Model
- Identify ethical issues.
- Determine relevant facts.
- Identify stakeholders.
- Consider alternative viewpoints.
- Evaluate consequences and principles.
- Make and implement a decision.
- Monitor and learn from the outcome.
Sustainable Development Goals (SDGs)
- 17 global goals aimed at eliminating poverty, protecting the planet, and promoting prosperity by 2030.
- Three core elements: Economic Growth, Social Inclusion, and Environmental Protection.
Examples of SDG Challenges in the Philippines
- Poverty (Goal 1): 6.2% of Filipino families still live in poverty.
- Hunger (Goal 2): 1 in 3 children suffer from stunting due to malnutrition.
- Education (Goal 4): 5 out of 10 families lack basic education.
- Gender Equality (Goal 5): Only 46.6% of women are in the labor force.
- Climate Action (Goal 13): The Philippines is one of the most vulnerable countries to climate change.
Business & SDGs
- Businesses contribute to SDGs by integrating sustainability into their core activities.
- Benefits include identifying market opportunities, enhancing corporate sustainability, and strengthening stakeholder relations.
Key Challenges to Environmental Sustainability
- Business activities have pushed biophysical limits of the Earth.
- Environmental laws in the Philippines include the Clean Air Act and Clean Water Act.
- Environmental laws encourage eco-friendly business practices.
- Regulations alone are not enough; businesses influence policy and consumer choices.
Sustainable Business Practices
- Circular Economy (Cradle-to-Cradle Model): Products are designed for reuse and recycling.
- Eco-Efficiency: "Doing more with less" by reducing resource use.
- Shift from Products to Services: Encouraging service-based economies.
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