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| The collection of private, commercially orientated organsiations |
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| A broad group of people and other organisations, interest groups, a community, a nation |
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| "the same market that exploits workers, brings you cheap products" |
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- Dominance of free market economics
- Knowledge economy
- Labour power shift
- Social obligations of business
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| An individual or group with a multitude of interests, expectations and demands as to what a business should provide to society |
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| An unwritten, but implied agreement between business and society that guides the business's conduct and responsibility |
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- Britains larges circulation newspaper
- Founded in 1843
- Politically influential - Have influenced law changes in the past
- Would shame sex offenders among other things
- systematic phone voicemail hackers - usually celebs
- broke social contract when hacked the VM of an abducted girl - Milly Dowler
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Wide decentralisation and diversity of power.
Diffusion of power among society's many groups. |
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| Employees, management, owners, inverstors, board of directors |
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| Consumers, government, suppliers, special interest groups |
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| Corporate or business power |
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| Ability to produce and effect or influence |
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| The mechanisms, processes and relations by which corporations are controlled and directed |
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| Iron Law of responsibility |
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| In the longrun, those who do not use their power in a way society expects, tend to lose it |
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| Groups with their own objectives, who can be strong and influential stakeholder to a business - can influence a businesses conduct |
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| Stakeholder Attributes: Power |
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| The ability to bring about the outcomes they desire |
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| Stakeholder attributes: Legitimacy |
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| Legitimacy of the stakeholder's relation with a firm - The actions of an entity are appropriate with some soundly constructed system of values |
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| Stakeholder attributes: Urgency |
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| The degree to which a stakeholder can call to immediate action |
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| Consists of: Analysis, decision, action ==> an organisation takes in order to create and sustain competitive advantages |
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| Enterprise level // Corporate level // Business level // Functional level |
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| Enterprise level strategy |
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| What is the role of the organisation? |
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| What businesses are we in? or should be in? |
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| How should we compete in a given industry |
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| Functional level strategy |
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| How should a firm integrate sub fuctional activites and relate them to its functional areas? |
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| Enterprise level strategy => items |
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| code of ethics, mission statement, corporate creed/credo, code of conduct, values statements, vision statements |
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| A firm's stance, strategy or position on public, social and ethical aspects of stakeholders and corporate functioning |
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| the management processes that focus on formalisation and institutionalisation of corporation public policy |
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| Presentation of one side of the situation. To influence the way something is described in public to change the way people think about it. |
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| Fake "grassroots" campaigns - Creating the impression of support or opposition for a policy or idea. Usually used in protest to government policy or against businesses |
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| "a more sustainable and inclusive global economy" |
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| Polices world trading system, ensures that nations adhere to rules set out in treaties by WTO members |
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| Maintains order in international monetary system. Ensures the stability of the monetary system. Facilitates exchange and international payments. Deal with macroeconomic issues that bear global stability |
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| Promotes economic development. Create sustainable growth. Invests in people via access to water, health, education, sanitation and energy. - Loans and grants |
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| Formed after WW2 - About world peach and international security. Development and providing humanitarian assistance to those who need it. Human rights, democracy, climate change - a better world |
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| Involves soical responsibility - It is the extent to which a business meets it's social, ethical and legal responsibilities, as set by stakeholder. |
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| Corporate social responsibility (CSR) |
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| To seriously consider the company's impact on society. |
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| Corporate social: Responsibility |
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| Obligation, accountability |
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| Corporate social: Responsiveness |
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| Corporate social: Performance |
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| Society should determine its needs through the market place |
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| Society's expectations have changed - Relevant law constraining business emerged |
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| Over time social model evolves |
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"business must serve the people"
-Founded 1976
-Core values: Against animal testing
-Purchased by L'Oreal in 2006 |
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-Restricts the classic economical goal of biz
-Biz are not equipped for social activity
-Limits ability to compete in the Marketplace
-Dilutes primary purpose
-Increases the power of business |
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-Addresses social issues brought on by the Biz, allows them to be part of the solution
-Protects self interest
-Wards of gov intervention
-Public support for CSR |
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| Ways to respond to CSR pressure |
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*Defensive approch: Avoid pressure that makes them incur costs
*Cost-benefit-approch: Responding only if benefits outway costs
*Strategic: Recognise changing enviro - Engaging and accomodating CSR deliberately
*Innovation and learning approach: New opportunities to understand the market - maybe more profits |
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| Drivers for corporate responsibility |
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*Interal: Values, reputation, strategy, recruiting and training
*Externa: customers, expectations in community, laws and political pressure |
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| Social, Economical, Environmental ---> OR "people, planet, profit" |
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| Forms of electronic communication through which users can create online communities to share information, ideas, personal messages, and other content |
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| Social media success stories |
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| AAMI - Rhonde and Ketut ads => Leading to audience engagement |
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New England patriots - Twitter autogenerates Team Jersey with twitter handle printed => Strange and racist names appearing
Trolls online
People shaming your company every time something goes wrong |
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