Business Sac Revision: Corporate Social Responsibility (CSR)

A collection of flashcards summarizing key concepts related to Corporate Social Responsibility (CSR) and its various considerations in business.

Corporate Social Responsibility (CSR)

When a business goes above and beyond legal obligations to improve social, economic and environmental results of stakeholders.

CSR Considerations for Inputs

Managers can choose more expensive alternatives to reduce business impact on the environment, such as sourcing from local suppliers.

Examples of CSR Considerations for Inputs

Sourcing locally, implementing forecasting, just-in-time delivery, and using efficient machinery like motion detector lights.

CSR Considerations for Processes

Utilizing precise machinery and recycling methods to reduce waste and harmful chemicals from production.

Examples of CSR Considerations for Processes

Technology for precision, recycling excess materials, and safe disposal of harmful chemicals.

CSR Considerations for Outputs

Ensuring final goods/services do not harm the community/environment, creating recyclable products.

Examples of CSR Considerations for Outputs

Creating recyclable products, bulk delivery to reduce emissions, and incentive strategies to recycle.

Triple Bottom Line

A reporting framework that includes Social outcomes, Environmental impact, and Financial performance.

Social Outcomes

Benefits provided to employees and communities, such as improved working conditions and living standards.

Environmental Impacts

The effects that an organization has on the natural environment, including waste levels and recycling efforts.

Financial Performance

Assessment of a company's profitability, including revenue, profit, and market share.

Financial Benefits

Evaluation of gains and losses related to a company's profitability.