Chapter 6 Implementing Corporate Social Responsiblity

Chapter 6 Key terms:
1. Business model: The underlying idea or theory that explains how a business will create value by making and selling products or services in the market.
2. Mission Statement: A brief statement of the basic purpose of an organization.
3.Stakeholder map: A diagram showing stakeholders and their relationship to their firm.
4.strategy: A basic approach, method, or plan for achieving and objective.
5.Transparency: The state in which company social policies, processes, and actions are visible to the external observers.
6. Sustainability reporting: Documentation and disclosure of how closely corporate performance conforms to the goal of sustainable development.
7. Sustainable Development: Economic growth that meets the needs of the present without consuming social and environmental resources in a way that harms future generations.
8.Triple Bottom line: An accounting of a firm's economic, social, and environmental performance.
9. Assurance: Verification by audit that information in a corporate sustainability report is correct.
10.Philanthropy: Concern for the welfare of society expressed by gifts of  money or property to the needy or to activities for social progress.
11. Altruism: The desire to give to help, or improve others and society with no expectation of self gain in return.
12. Checkbook Philanthropy: A traditional, passive form of corporate philanthropy characterized by donations to multiple worthy causes without any relationship to business stategy.
13. Strategic Philanthropy: A form of corporate philanthropy in which charitable activities reinforce strategic business goals.

Reaction:
We learn in this chapter that corporations seek to be socially responsible. The main way to be socially responsible is to get involved in corporate philanthropy. We also learn that corporations must undertake a range of social initiatives. Companies must respond to multiple sources of pressures on corporations.