+1-415-670-9189
info@expertsmind.com
What corporate social responsibility means
Course:- Business Management
Reference No.:- EM13772743




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Business Management

Question: Reminder: Initial Discussion Board posts due by Wednesday, responses due by Sunday

Students will be expected to post their first initial discussion board posting by Wednesday of each week. Discussion posts will be graded and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

Students are expected to post their responses to peers by Sunday. NOTE: All submission posting times are based on midnight Central Time.

Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Corporations have a lot of influence over the economy, the community, and people. The traditional view of corporate responsibility is that a corporation has no additional social responsibility beyond making a profit for its shareholders. In more recent years, arguments have arisen with the belief that corporations have a high degree of social responsibility to people affected by the corporation's decisions.

You are returning for a second interview for a management position at a pharmaceutical corporation. The hiring committee wants to hear your views on a corporation's social responsibility. The hiring committee has even provided to you a case example to review and discuss during your interview. To prepare for the interview, you decide to write out your thoughts that you plan on discussing with the hiring team.

In your paper, you decide to include the following topics:

Definition of what corporate social responsibility means to you

Arguments supporting social responsibility

Description of a real-life example of a specific corporation acting in a socially responsible manner

Your opinion and supportive reasoning on the case example and questions provided below

Case Example: Phishy Pharmaceuticals is a corporation that recently kicked off the sale of its new weight-loss pill, Lose It Fast. After three months of sales, the management team has received some troubling reports of some unanticipated side effects caused by the pill. The management team asks the accounting department to run some numbers to determine how much it would cost to recall Lose It Fast, to suspend manufacturing, and to conduct more tests to determine the pill's safety and other possible side effects.

After running some numbers, the accounting department states that it would be more cost-effective to leave the product on the market shelves and propose settlement proceedings with anyone who is injured and initiates a lawsuit.

The corporate attorney has advised that the product states on the package that the pill is not FDA approved, and off-the-record has stated that everyone who buys a weight-loss product knows there are some risks involved, so it is likely that the majority of injured consumers will not initiate a lawsuit.

If you recall the product, it will result in a delay of dividends paid to shareholders and a loss in revenue, affecting shareholder profit. Consider the following questions regarding this example:

What would you do, and why?

Would you leave the product on the shelves because you feel your duty as a corporate manager is to maximize shareholder profits?

Would you recall the product because you feel the corporation owes a duty to the public, consumers, and the government in terms of social responsibility?

Answered:-

Verified Expert


Preview Container content

CORPORATE SOCIAL RESPONSIBILTIES

Corporate social responsibilities are the responsibilities that the organisations should undertake for the social good and welfare of the country in which it does its business. These responsibilities are not just limited to social causes; it also means that the company should try to save the environment from pollution and depletion.

Most famous companies, these days, undertake a lot of social and environmental responsibilities and provide a huge budget for this. Such companies are often regarded as the best companies and they attract more customers because of their role in social and environmental welfare.

As we all know that Google is one of the top companies in the world, it plays its part of social responsibility well enough. Google started Google Green as a corporate effort to reduce the usage of energy resources and make more use of renewable sources of energy. The move by Google gives a wonderful message to the other companies as it worked for improving the environment and its work in promoting good citizenship is also commendable.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Business Management) Materials
Write a research paper/presentation on what application and web security are, and recent attacks that were mentioned in the last 6 months. Present your views and experts' v
Question 1:What is the bullwhip effect and how CPFR can benefit the supply chain partners minimizing the bullwhip effect? Question 2: Discuss some of the pricing and promotion
The objective of this assignment is - from a management perspective - is to understand product positioning, branding and product lines. How do companies decide where to posi
Explain why businesses develop information systems. Also, point out some of the wrong reasons businesses sometimes cite for developing information systems and support your a
Management in Today's World - management principles are seen in every organizational system existing today. As such top managers are expected to demonstrate the following i
What is the customer segment for this particular product, line of products, or brand? Which social media outlets does the company use to reach the customer segment? Discuss el
Q1) What do you think are the best workplace applications for emotion reading technology? Q2) What are the ethical implications of reading faces for emotional content in the w
Risk is one of those words that takes on a myriad of meanings, depending upon the discipline."risk" is defined as: 1. The possibility of suffering harm or loss; danger.