Lecture 3 Flashcards
(19 cards)
What does the corporate social responsibility entail?
THe purposeful incorporation of public interest into a business’ decision making
OR
The voluntary actions taken by a company to adress the economic, social and environmental impacts of its business operations and the concerns of its principle stakeholders
What is the triple bottom line for corporate social responsibility>
Planet
People
Profits
In what three areas do corporate businesses hold responsibility and in what way?
- Economic
-> Profit
-Stability and Growth - Social
-> Employees, community
-Wellbeing and health - Ecological
-> Environment
-Nature protection, pollution minimalization, climate change prevention
Historical development: CSR depends on
-Economic Prosperity
-Organisation and level of social security
-Cultural and demographic differences
What are the 7 CSR pillars?
- Integrated with firm
- Business relevant
- Stakeholder interests
- Strategic plan
- Optimized value
- Evaluation
- Not short-term
What are the 6 types of CSR Engagement?
- Cause promotion
- Cause related marketing
- Corporate social marketing
- Corporate philanthropy
- Community volunteering
- Socially Responsible business practices
Cause promotion
A company uses its resources to raise awareness and support for a social issue, without directly aiming for profit
Cause-related marketing
A portion of sales from a product is donated to a cause - benefits both the business and the cause
Corporate social marketing
Campaigns aimed at changing public behavior for social good
Corporate Philanthropy
Direct donations of money, goods, or services to nonprofit organisations or charitable causes
Community volunteering
Employees are encouraged or given time to volunteer in the community, often during paid work hours
Socially Responsible Business Practices
Improving business operations to be more ehtical and sustainable
What are the four strategig CSR communication goals?
- Reputational
- Marketing
- Engagement
- Social impact
Reputational communication goal
Showing how you take responsibility is likely to increaser reputation or to regain license to operate
Marketing communication goal
CSR may function to distinguish your company from competitors
Engagement communication goal
CSR efforts may encourage employees or clients to contribute themselves
Social Impact communication goal
Social advocacy may help a social/environmental cause to succeed
CSR Communication strategies
- Tell your own story
- Dialogical CSR communication
- Avoid empty boasting, match rhetoric with action
- Be transparent
- WOM from trusted sources about CSR efforts
- Stakeholder information strategy
- Stakeholder response strategy
- Stakeholder involvement strategy
How to build or improve Community relations
-Earning trust
-Corporate citizenship
-Practices
–> Donations: in kind or financially
-Employee volunteer programs
-Enduring non-profit partnershi[s
