BU111 Lecture Notes - Lecture 4: Corporate Social Responsibility, Paradigm Shift, Natural Environment
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Document Summary
Pest - social factors: elements, customs, values, attitudes, demographic characteristics. Significance: affect customer preferences and worker attitudes/behaviour, standards of business conduct, corporate social responsibility. Ethics & its importance: ethics - individual standards/beliefs regarding what is right and wrong or good and bad, business or managerial ethics - standards of behaviour that guide individual managers in their work, corporate social responsibility. Stakeholders - who are they: groups, individuals, organization affected by organization, provide capacity to operate; except reciprocity, challenge: conflicting or varying expectations, balance: depends on csr approach. Four levels of csr: proactive: looks for opportunities, accommodative: goes further in some areas when requested, defensive: legally required only, obstructionist: as little as possible. Why focus on csr: make environment manageable, avoids adverse actions/increases support by stakeholders, promotes favourable legislation, meet csf. Improves trust & loyalty of customers & employees: promotes operating efficiency, encourages continuous improvement & innovation, can be source of distinctive competitive advantage.
