MGMT-201 Chapter Notes - Chapter 3: Corporate Social Responsibility
17 Jan 2016
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More resources, lower cost of production, planning further into the future, bringing new products and technologies to developing societies. Disproportionate influence on politics, shape tastes, dominate public discourse, divide markets and squash competition. In the long run, irresponsible use of power will lead to loss of it. Corporations are expected by stakeholders to use power responsibly. Act in a way that enhances society and be held accountable. Harm to society should be acknowledged and corrected. May require forging of profits if the impact of a loss would be too great/funds can be used for a positive social impact. Philanthropy: allocation of company"s funds to support communities. Interact with stakeholders and comply with public policies. Creation and maintenance of an ethical corporate culture. Use of mission statements, ethics codes and social contracts. Strategies to enable responsibilities to help each other. Leadership can see it"s in the company"s self-interest (long-term) to provide true value to its customers.
