A voluntary commitment taken by a business to ensure that they will protect and value their stakeholders ethical, enviromental and social needs.
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Advantage of CSR
Good publicty, which means that existing customers will be retained and potential customers will be intregied.
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Advantage of CSR
Easier to get bank loans and make investments due to an increase in trust.
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Disadvantage of CSR
Limits you to explore new options in the future.
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Disadvantage of CSR
In terms of economic meltdown, people want value and do not care if you're CSR efficient
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6 Stages of CSR
Socially responsible business practices, Community volunteering, Corporate philanthropy, Corporate social marketing, Cause-related marketing, Cause promotion.
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Socially resonsible business practices
Discretionary practices and investment to support causes.
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Community Volunteering
Employees donating time & talents in the community.
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Corporate Philanthropy
Donating directly to causes - usually cash
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Corporate social marketing
Behaviour change initiatives.
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Cause-related marketing
Contributing to causes based on sales.
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Cause Promotion
Increasing awareness and concern for social causes.
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Other cards in this set
Card 2
Front
Good publicty, which means that existing customers will be retained and potential customers will be intregied.
Back
Advantage of CSR
Card 3
Front
Easier to get bank loans and make investments due to an increase in trust.
Back
Card 4
Front
Limits you to explore new options in the future.
Back
Card 5
Front
In terms of economic meltdown, people want value and do not care if you're CSR efficient
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