Question 1

What are the four types of corporate social responsibility? Provide a brief explanation of each type, including an example of how a business may fulfill each responsibility.

Accepted Answer

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Question 2

In the long run, the success of a company is built on
A) a company's commitment to be on the leading edge of technology.
B) its efficiency in operations.
C) long-term relationships with customers built on mutual respect and cooperation that leads to repeat purchasing.
D) a company's ability to negotiate with suppliers and vendors.
E) innovative integrated marketing communications programs.

Accepted Answer

While all of the options listed may play a role in a company's success, long-term relationships with customers built on mutual respect and cooperation that leads to repeat purchasing is the most sustainable factor. Efficient operations, technological innovation, and effective vendor/supplier negotiations may provide initial success, but maintaining loyal customers who repeatedly purchase from the company is what will ultimately ensure long-term success. Integrated marketing communications programs can support these efforts, but are not the primary factor in a company's sustained success.

Question 3

Employee commitment develops from
A) employees who believe their future is tied to that of the organization and are willing to make personal sacrifices for the organization.
B) paying the best wages in the industry.
C) working in a team-based organization.
D) the reality that unemployment is on the rise, and people are lucky to have good jobs
E) offering child care to working mothers and fathers.

Accepted Answer

Employee commitment develops when employees have a sense of ownership towards the organization and believe that their future is tied to that of the organization. This leads to personal sacrifices being made by the employees for the betterment of the organization. Offering child care or paying the best wages may be good incentives but they alone do not develop employee commitment. Working in a team-based organization may or may not lead to employee commitment, it depends on the individuals and the organization's culture. The rising rate of unemployment may lead to job security being a factor in employee commitment, but it is not a sustainable or positive approach.

Question 4

Trace the recent history of social responsibility in the United States, including key events and trends that led to current expectations of business.

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Question 5

What impact do corruption and underdeveloped social institutions tend to have on a country's economy?

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Question 6

What are the performance benefits of social responsibility? Outline the benefits to investors, customers, and employees.

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Question 7

For companies that operate in a number of locations, describe the relationship between social responsibility expectations in the home market and social responsibility expectations in host markets.

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Question 8

About how many consumers said they would be likely to switch to brands associated with a good cause, if price and quality were not compromised?
A) Less than 5 percent
B) 20 percent
C) 40 percent
D) 50 percent
E) 80 percent

Accepted Answer

According to a survey conducted by Cone Communications in 2017, around 78% of consumers said they would switch to brands associated with a good cause if the price and quality were not compromised. This represents a significant increase from previous years and suggests that consumers are increasingly motivated by social and environmental issues when making purchasing decisions. Thus, the best choice is E, i.e., 80 percent.

Question 9

Overall, evidence supports that social responsibility
A) is unrelated to the performance of a business.
B) is good for a firm's reputation, but has little effect on performance.
C) negatively affects a firm's performance because it increases costs and reduces profits.
D) is positively associated with return on investment, return on assets, and sales growth.
E) works well in theory, but is hard to implement in business.

Accepted Answer

The evidence suggests that social responsibility is positively associated with return on investment, return on assets, and sales growth. This means that businesses that prioritize social responsibility can actually benefit financially.

Question 10

Which type of investor causes the most problems for CEOs when developing strategic plans?
A) Shareholders seeking short-term gains
B) Institutional investors
C) Shareholders willing to sacrifice short-term gains for long-term income
D) Employees who own stock
E) Global investors who do not understand the business

Accepted Answer

Shareholders seeking short-term gains create pressure on CEOs to focus on immediate profits rather than long-term growth and sustainability. This can lead to decisions that sacrifice long-term success for short-term gains, which can cause problems for the company in the future.

Question 11

The framework to understand how businesses meet their economic, legal, ethical, and philanthropic responsibilities is developed around the assumption that social responsibility is a
A) process.
B) specific set of rules and guidelines.
C) result that does not need further attention.
D) theory, with little relevance to business practice.
E) requirement by federal law.

Accepted Answer

The framework is based on the idea that social responsibility is a process, meaning it requires ongoing effort and attention by businesses to ensure they are meeting their responsibilities in various areas. It is not a specific set of rules or a result that can be achieved and then ignored. While it is often grounded in theories of ethics and social justice, it is highly relevant to business practice and increasingly expected by consumers and stakeholders. While some aspects of social responsibility may be required by federal law, it is not solely driven by legal requirements.

Question 12

Describe the social responsibility continuum, including the two endpoints of the continuum and the types of responsibilities and stakeholders considered at the endpoints.

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Question 13

Define social responsibility, and then describe three other characterizations that exist within the definition and meaning of social responsibility.

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Question 14

What are the four major parts of the social responsibility model? Describe each element and how these elements work together in the model.

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Quiz 1: Social Responsibility Framework

What are the four types of corporate social responsibility? Provide a brief explanation of each type, including an example of how a business may fulfill each responsibility.

In the long run, the success of a company is built on

Employee commitment develops from

Trace the recent history of social responsibility in the United States, including key events and trends that led to current expectations of business.

What impact do corruption and underdeveloped social institutions tend to have on a country's economy?

What are the performance benefits of social responsibility? Outline the benefits to investors, customers, and employees.

For companies that operate in a number of locations, describe the relationship between social responsibility expectations in the home market and social responsibility expectations in host markets.

About how many consumers said they would be likely to switch to brands associated with a good cause, if price and quality were not compromised?

Overall, evidence supports that social responsibility

Which type of investor causes the most problems for CEOs when developing strategic plans?

The framework to understand how businesses meet their economic, legal, ethical, and philanthropic responsibilities is developed around the assumption that social responsibility is a

Describe the social responsibility continuum, including the two endpoints of the continuum and the types of responsibilities and stakeholders considered at the endpoints.

Define social responsibility, and then describe three other characterizations that exist within the definition and meaning of social responsibility.

What are the four major parts of the social responsibility model? Describe each element and how these elements work together in the model.