The stakeholder model of corporate social responsibility (CSR)
views business as a citizen of the society in which it operates and, like all members of a society, business must conform to the normal range of ethical duties and obligations that all citizens face.
- Environmental Responsibility. …
- Ethical Responsibility. …
- Philanthropic Responsibility. …
- Economic Responsibility.
According to the model (Figure 1a), four kinds of social responsibilities constitute total CSR:
economic (“make profit”), legal (“obey the law”), ethical (“be ethical”)
, and philanthropic (“be a good corporate citizen”).
For a comprehensive CSR strategy, businesses should make multiple commitments that address all branches of corporate social responsibility:
environmental, social, and supply chain/sourcing
.
The economic model of corporate social responsibility (CSR)
holds that businesses should integrate social goals and economic goals. … On this narrow view, the social responsibility of business managers is simply to pursue profit within the law.
What are the six main characteristics of CSR?
The six core characteristics of CSR follows as the features which shows how CSR is represented with different initiatives and processes ranging from
voluntary activities, managing external factors, stakeholder management, alignment of social and economic responsibilities, considering practices and values and finally
…
What is CSR and examples?
What is CSR and examples? CSR is
where businesses look at how they can better serve society as a whole
, thereby improving its public image and relations. Examples include Google that invested $1.5 billion into renewable energy, and Disney which invested $100 million in children’s hospitals.
What are the five main areas of CSR?
- Positive Press and Reputation Building. One of the most powerful effects of sustainable, responsible business is its ability to quickly generate positive publicity for an organization. …
- Consumer Appeal. …
- Talent Attraction and Employee Retention.
What does CSR stand for?
Corporate social responsibility
(CSR) is a company’s commitment to manage the social, environmental and economic effects of its operations responsibly and in line with public expectations.
What are the benefits of CSR?
- It builds public trust. 88% of consumers said they were more likely to spend money for a company that supports and engages in activities to improve society. …
- It enhances positive relationships. …
- Sustainability. …
- It increases profits. …
- Encourage professional and personal growth.
There are four key aspects of social responsibility:
ethical, legal, economic and philanthropic
.
What is CSR and its importance?
CSR stands for
Corporate Social Responsibility
and is a business’s approach to sustainable development by delivering economic, social and environmental benefits. It also encapsulates the initiatives by which a company takes responsibility for its effect on social and environmental well being.
What is CSR strategy?
What is CSR strategy? CSR strategy is
the comprehensive plan companies and funders use to design, execute, and analyze their corporate social responsibility initiatives
. It includes specific focus areas, program design, promotion and communication approaches, and evaluation procedures.
What is Ackerman model?
The Ackerman Model is
a bargaining approach that is based on the offer-counter-offer system
. Unlike the traditional “split the difference” approach, it uses the tapering principle to bring down the amount in a bargaining negotiation.
Is CSR a framework?
Corporate social responsibility (CSR) is a
business approach
that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. CSR is a concept with many definitions and practices.
What is the most basic responsibility of all businesses?
The most basic responsibility of all businesses is
its economic responsibility
.
