Card Set Information
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?
4. community and society
5. suppliers and distributors
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
companies choose not to behave in a socially responsible way and behave unethically and illegally.
companies and managers stay within the law and abide strictly with legal requirements but make no attempt to exercise social responsibility.
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
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