Corporate Social Responsibility (CSR)

These flashcards cover key concepts and terms related to Corporate Social Responsibility (CSR) and its significance in business strategy.

Corporate Social Responsibility (CSR)

A business model that helps a company be socially accountable to itself, its stakeholders, and the public.

Enlightened self-interest

The practice of looking beyond self interests to recognize the expectations of a larger group.

Stakeholders

Individuals or groups that have an interest in the organization's success and may be affected by its actions.

B Corporation (Benefit Corporation)

A certification for companies that meet high standards of social and environmental performance, accountability, and transparency.

Corporate activism

The initiative where companies advocate for social issues and take action to bring about societal change.

Nike's use of Colin Kaepernick in marketing

An example of corporate activism that sparked controversy and discussions about racial issues and brand values.

Social enterprise

A business model that aims to address social issues through its core operations and profits.

Tom's Shoes

A social enterprise that donates a pair of shoes for every pair purchased, emphasizing social responsibility.

Warby Parker

A B Corporation that offers designer eyewear at a revolutionary price while promoting social consciousness.

Community-based business model

A framework for businesses that emphasizes ethical behavior, transparency, and community engagement.

Trust in business

A crucial factor affecting stakeholder relationships and company performance, especially in response to social responsibility.

Social mission

The declared purpose of a company that focuses on societal benefits alongside profit.

COVID-19 impact on CSR

The pandemic prompted businesses to prioritize public health, employee safety, and community support in their CSR efforts.

Transparency and accountability

Key characteristics of socially responsible companies that build trust with their stakeholders.