Chapter 4 Part 4 Flashcards Preview

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Flashcards in Chapter 4 Part 4 Deck (10)
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1

Management’s important responsibility—firm's long-term survival, can be achieved by satisfying the interests of multiple corporate __________

Stakeholder model

2

To make a profit by producing a valued product or service

Economic responsibility

3

To obey society’s laws and regulations

Legal responsibility

4

To abide by accepted principles of right and wrong when conducting business

Ethical responsibility

5

Social role that a company fulfils beyond its economic, legal, and ethical responsibilities

Discretionary responsibility

6

Company does less than society expects

Reactive

7

Company admits responsibility for a problem but does the least required to meet societal expectations

Defensive

8

Company accepts responsibility for a problem and does all that society expects to solve that problem

Accommodative

9

Company anticipates a problem before it occurs and does more than society expects

Proactive

10

No trade-off between being socially responsible and economic performance
Relationship becomes stronger when a company has a strong reputation for social responsibility
No guarantee that socially responsible companies will be profitable

Social Responsibility and Economic Performance