MGMT 1000 Lecture Notes - Lecture 6: Strategic Planning, Making Money, Corporate Sustainability
Document Summary
Csr shows that organizations are trying harder to become good citizens in the community. There are many ways a company can demonstrate their csr (volunteering, business practices, promotion of causes, etc) A vicious loop is when one bad decisions leads to more and more bad decisions as a result of the first action. By recognizing the pattern, it is possible to reverse it and get into a virtuous loop. Relationship between corporations and societies they are in. Advocacy advertising positioning favourably in eyes of public. Business citizenship actions seen constructive to society by stakeholders. Cause related marketing benefit provided if product is purchased. Coalition collaborating to achieve common goals. Community advocacy panels (caps) citizens advise firms about areas of common interest. Consumerism customers involved in decision making. Corporate philanthropy contributions benefit stakeholders and community. Corporate sustainability surviving for a long time. Enlightened self interest without giving up financial goals. Ethics guide to what is right and wrong.
