BUS 101 - final ch. 3

In the United States, the idea of corporate social responsibility appeared around the start of the _____ century

20th

what is a social enterprise

A business that adopts social benefits as its core mission An organization that uses business strategies for the purpose of improving human and environmental well-being (It can be large and established or small and new)

Which of the following companies is being the most socially responsible?

A company trying its best to operate in a way which will help local students get education and jobs

A B Corporation must prove its socially responsible by meeting the ______

B lab standards

what are the four phases of CSR?

Corporate social stewardship, 1950s - 1960s - acts of charity Corporate social responsiveness, 1960s - 1970s - gov't regulation Corporate/business ethics, 1980s - 1990s - ethics training Corporate/global citizenship, 1990s - 2000s- triple bottom line

Stakeholder partnerships, high-tech communication networks, and sustainability audits are examples of:

Corporate/Global Citizenship

what are three responsibilities of businesses?

Economic responsibilities Social responsibilities Legal responsibilities

_____ provides expanded framework for understanding the evolution of CSR concept

Frederick

what is social entrepreneurship?

Individuals who—like traditional entrepreneurs—act boldly to pursue opportunities, attract support, and build new organizations to create and sustain social rather than economic value When a person or group of people identify a social need and use their entrepreneurial skills to address this need

what is a B corporation/benefit corporation?

a new type of corporation that seeks to blend its social objectives with financial goals

what is B lab?

a non-profit organization that assesses a corporation's social and environmental performance standards

Business can carry out its responsibility to society by _____ to these underserved people

bringing products and services (ex. microfinance)

Faced with social protest, a few farsighted business executives advised corporations to use their power and influence voluntarily for _____ rather than for _____

broad social purposes profits alone

_____ is a balance to all three responsibilities

challenge

Successful firm is one which finds ways to meet each of its _____ and ______ to enable the obligations to help each other

critical responsibilities develops strategies

A corporation should act in a way that _____ society and its inhabitants and be _____ for any of its actions that affect people, their communities, and their environment

enhances held accountable

Economic and social goals come together in companies that practice ______

enlightened self-interest

what does enlightened self-interest mean?

firm leadership can see it is in the company's self-interest in the long term to provide true value to its customers, to help its employees grow and behave responsibility

the primary purpose of a social enterprise is NOT to...

maximize returns to its shareholders

what is microfinance?

occurs when financial organizations provide loans to low-income clients or solidarity lending groups who traditionally lack access to banking or related services

Corporate social and environmental responsibility is likely to _____

pay off

Studies comparing CSR with firm performance shows there is a moderately _____ association between profits and promoting the social good

positive

what does the term bottom of the pyramid refer to?

the poorest people in the world—nearly 4 billion who earn less than $2.50 per day

what does corporate social responsibility imply?

that harm to people and society should be acknowledged and corrected if at all possible -It may require a company to forge some profits if its social impacts seriously hurt some of its stakeholders or if its funds can be used to have a positive social impact