BU111 Lecture Notes - Lecture 3: Corporate Social Responsibility, Stakeholder Management, Natural Environment
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BU111 Full Course Notes
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Document Summary
Significance: affect customer preferences and worker attitudes and behaviour, standards of business conduct, and corporate social responsibility. Ethics: individual standards/beliefs regarding what is right and wrong or good and bad. Business or managerial ethics: standards of behaviour that guide individual managers in their work. Corporate social responsibility: what organization does to & for stakeholders, organizational ethical conduct, how business balances conflicting stakeholder interests. Stakeholders who are they: groups, individuals, organizations affected by organization, provide capacity to operate; expect reciprocity, importance depends on situation & issue. Four levels of csr: proactive, looks for opportunities, accommodative, goes further in some areas when requested, defensive, legally required only, obstructionist, as little as possible. Make environment manageable: avoids adverse actions/increases support by stakeholders, promotes favourable legislation. Meet csf: improves profitability, improves trust & loyalty of customers & employees, promotes operating efficiency, encourages continuous improvement & innovation, can be source of distinctive competitive advantage. Stakeholders: natural environment, customers, society, employees, investors.
