CSR ( triple bottom line) Flashcards
What is Corporate Social Responsibility (CSR)?
Corporate Social Responsibility (CSR) is the concept that businesses have a responsibility to consider and positively impact society beyond their economic interests. It involves voluntarily integrating social and environmental concerns into business operations and stakeholder interaction.
Which stakeholders are usually considered in CSR activities?
CSR takes into account the impact of business activities on various stakeholders including employees, customers, communities, the environment, and society at large
How does CSR differ from mere legal compliance?
CSR goes beyond legal compliance; it involves companies actively contributing to sustainable development and societal well-
being rather than just meeting legal requirements.
Give an example of a socially responsible activity related to
sustainable sourcing.
Japanese fashion retailer Uniqlo has moved towards an eco-
friendly strategy focusing on technologies that enable production
of new clothing from recycled materials.
What responsible marketing practice does Marks and Spencer
employ?
Marks and Spencer ensures it never directs marketing communications to children under 12 and does not advertise
products high in fat, sugar, or salt to children under 18.
How does Starbucks demonstrate environmental protection in its
CSR strategy?
Starbucks offers discounted coffee to customers who use
branded multi-use cups, promoting reusable packaging and
reducing waste.
What commitment is expressed by John Lewis’s ‘Never
Knowingly Undersold’ slogan?
It reflects John Lewis’s commitment to regularly checking
competitor prices to ensure customers pay the lowest local price
available at that time.
Why might a business implement CSR from a commercial perspective related to reputation?
CSR can enhance a business’s image and reputation, attract
existing and potential customers, lead to positive media coverage, help retain and attract quality workers, and appeal to ethical investors.
Explain how CSR can add value for a business in a competitive market
CSR can create a unique selling point (USP) that differentiates
the business, allowing it to charge premium prices, as seen with
Tony’s Chocolate’s commitment to using slavery-free cocoa
enabling higher pricing.
How can CSR improve employee motivation and productivity?
CSR may improve employee motivation and productivity because
workers are more likely to feel connected to a business that ‘does
the right thing’ and may be more inclined to work hard to ensure
the business’s success. Employees are also less likely to leave or
take time off work.
In what ways can CSR help solve social problems?
CSR can help solve social problems by encouraging businesses
to play a key role in addressing social, ethical, and environmental
issues, such as resource depletion. For example, businesses that
minimize the use of fossil fuels contribute to global efforts against
climate change.
What are some potential benefits for businesses that implement
CSR?
usinesses adopting socially responsible principles usually
attract long-term loyalty from employees and customers, gain
support from the local community and government, and may
achieve a competitive advantage. Suppliers and competitors may
also adjust their approaches to remain competitive.
What is a possible downside to adopting a socially responsible
approach according to the text?
approach according to the text?
Taking a socially responsible approach costs more and may
reduce overall profits if the business cannot raise prices to
compensate for these higher costs.
