BU111 Lecture 5: SOCIAL FACTORS
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BU111 Full Course Notes
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Social factors: how society is changing affects what customers want and do not want, the actions of the gov"t symbolize our ideals as a society, e. g. Gun laws we don"t believe in violence. Stakeholders something in return willingness and opportunity to act organization: how you balance them depends on managerial ethics and approach to csr! Ben & jerry"s wanted to supply from local dairy farmers, treat: e. g. People pay for organic foods: encourages continuous improvement and innovation, can be a source of distinctive competitive advantage. Areas of social responsibility: responsibility towards the natural environment, responsibility towards society, responsibility towards customers, responsibility towards employees, responsibility towards investors, stakeholders watch out for other stakeholders, people in other parts of the world should be treated well. Responsibility to customers: areas: pricing, advertising, rights, purchase goods and services thereby providing businesses with revenue, treating them well ensures the return of their revenue.
