Question

LO 1.5What is corporate social responsibility, and who are the stakeholders?

Answer 1

Answer:

Corporate social responsibility is really a complex concept which, relating on the company or sector, will take several aspects. Companies can improve society by enhancing their products via CSR services, charity, and community projects.

It first needs to take responsibility for itself and its stakeholders in order for a company to be socially conscious. Today, organizations that implement CSR strategies have evolved to the point in which they can contribute to the community. CSR is therefore predominantly a large corporate strategy              

     A stakeholder is indeed a party with an involvement in a business and may influence or be influenced by business. His owners, staff, consumers and distributors are the key stakeholders in a standard company. The conceptual model of the idea, though, goes outside this original design to also include extra stakeholders such as a society, administration or trade organization.