1st quiz GGSR FINALS

Question 1

an ethical framework in which individuals or corporations are accountable for fulfilling their civic duty and taking actions that will benefit society as a whole.

Answer 1

Social responsibility

Question 2

refer to a set of moral principles that govern a company’s or person’s behavior.

Answer 2

Ethics

Question 3

Advantages of social responsibility

Answer 3

• Gives a company a competitive edge
• Attracts strong candidates and increases retention
• Makes your business attractive to investors
• Improves business culture
• Increases customer loyalty and advocacy
• Improves company reputation
• Improves profitability and value

Question 4

Most customers today agree that social responsibility is a top criterion when choosing a company to shop from or do business with. Being a socially responsible company is also a message you can use in your brand position and marketing.

Answer 4

Gives a company a competitive edge

Question 5

The success of your company is strongly impacted by the people who work for you. If you consistently provide a socially responsible culture for your employees, and you have a reputation for doing so, you can attract and retain top talent to your organization.

Answer 5

Attracts strong candidates and increases retention

Question 6

Investors generally believe that a commitment to social change is a great way to position a company for long-term success. While there must be a balancing act between focusing on the profitability of an organization and social initiatives, doing so successfully can create endless opportunities for companies.

Answer 6

Makes your business attractive to investors

Question 7

Your employees are likely to be more motivated and have a greater commitment to the organization if they see the social initiatives are in place. Providing time for employees to support their own social initiatives can also build pride, loyalty and motivation among members of your team. This, in turn, makes everyone more engaged and productive.

Answer 7

Improves business culture

Question 8

Consumers are drawn to companies that have a reputation for being a good corporate citizen. Moreover, customer advocacy is key to attracting new customers. As your loyal customers talk to people they know about your product and share positive reviews, they will drive more business your way.

Answer 8

Increases customer loyalty and advocacy

Question 9

If your organization is continually participating in social initiatives, it gives an impression to customers, investors, and the world as a whole that your organization is financially viable. This, in turn, can attract new investors and investors alike.

Answer 9

Improves company reputation

Question 10

In many cases, companies find that when they introduce more energy-efficient methods and begin recycling they actually cut operational costs and benefit the environment. Social responsibility also increases transparency with investment analysts, shareholders and community members, which in turn improves the company’s reputation and increases the overall value.

Answer 10

Improves profitability and value

Question 11

Disadvantages of social responsibility

Answer 11

*Costs money to implement
*Impacts profitability
*Greenwashing

Question 12

While large organizations can afford to allocate a budget to corporate social responsibility reporting, this can be financially taxing on smaller organizations.

Answer 12

Costs money to implement

Question 13

A company has a fiduciary duty to its shareholders and costly social responsibility initiatives can impact this directly. This conflict can be challenging for managers, who may feel compelled to choose between socially responsible decisions or initiatives and focusing on the company’s profitability.

Answer 13

Impacts profitability

Question 13

In some cases, social responsibility initiatives have been used as a ploy to improve a company’s image even though no real change has been made. For this reason, it’s important to consider what social responsibility initiatives you’re going to take and evaluate the impact that they will have on the organization.

Answer 13

Greenwashing

Question 14

Examples of social responsibility in corporations

Answer 14

• Charitable giving and volunteer efforts
• Changes to company policies in an effort to improve or benefit the environment
• Improving labor policies and embracing fair trade

Question 15

• Charitable giving and volunteer efforts: Companies are giving employees time off for volunteering every year and also donating portions of revenue to a charitable organization.

Question 16

Companies are holding tree-planting events, minimizing paper waste, switching to energy-saving bulbs, setting up recycling bins and allowing remote work to reduce the negative impact of commuter traffic.

Answer 16

Changes to company policies in an effort to improve or benefit the environment

Question 17

Brands are striving to improve working conditions and the well-being of employees. They are giving parents significant periods of paid leave, unlimited vacation time, more natural lighting, soft seating, and plants to boost energy and morale.

Answer 17

Improving labor policies and embracing fair trade