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the people and groups that supply a company with its productive resources and so have a claim and stake in the company.
what are the 6 types of company stakeholders?
- 1. stockholders
- 2. managers
- 3. customers
- 4. community and society
- 5. suppliers and distributors
- 6. employees.
who are the most critical stakeholders?
define corporate social responsibility (CSR)
The way a company's managers and employees view their duty or obligation to make decisions that protect, enhance, and promote the welfare and well-being of stakeholders and society as a whole.
what are the 4 approaches to CSR and describe
- Obstructionist- companies choose not to behave in a socially responsible way and behave unethically and illegally.
- Defensive- companies and managers stay within the law and abide strictly with legal requirements but make no attempt to exercise social responsibility.
- Accommodative- Companies behave legally and ethically and try to balance the interests of different stakeholders against one another so that the claims of stockholders are seen in
- relation to the claims of other stakeholders
- Proactive- Companies actively embrace socially responsible behavior, going out of their way to learn about the needs of different stakeholder groups and utilizing organizational
- resources to promote the interests of all stakeholders
what are the five components of a CSR Strategy?
- 1. actions to ensure the company operates honorably and ethically
- 2. actions to support philanthropy, participate in community service, and better the quality of life worldwide.
- 3. actions to protect and sustain the environment
- 4. actions to enhance employee well-being and make the company a great place to work.
- 5. actions to promote workforce diversity
what is the triple bottom line, excelling on 3 measures of performance?
power, people, planet
is the relationship of a firm to its environment and its use of natural resources.
define sustainable business practices
are those practices of a firm that meet the needs of the present without compromising the ability to meet the needs of the future