session 26

Card Set Information

session 26
2014-05-08 19:57:58

Show Answers:

  1. define stakeholders
    the people and groups that supply a company with its productive resources and so have a claim and stake in the company.
  2. what are the 6 types of company stakeholders?
    • 1. stockholders
    • 2. managers
    • 3. customers
    • 4. community and society
    • 5. suppliers and distributors
    • 6. employees.
  3. who are the most critical stakeholders?
    the customers
  4. 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.
  5. 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
  6. 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
  7. what is the triple bottom line, excelling on 3 measures of performance?
    power, people, planet
  8. define sustainability
    is the relationship of a firm to its environment and its use of natural resources.
  9. 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