CSR
What is CSR?
Is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.
What is a supplier?
A person or company that provides goods/services to another business
Who is a competitor?
Another business offering similar products or services in the same market
Give one example of a technological consideration in a business
e.g. Using automated machines to increase production speed.
Give one example of global economic considerations
e.g. Importing and exporting prices - tariffs
How can CSR increase employee motivation in a business environment?
Employees feel valued and proud to work for a company that cares about them, leading them to feel supported and overall work better.
Why might a business choose multiple suppliers?
To reduce risks if one supplier fails and to encourage competitive pricing
Describe one method a business can hse to analyse competitors
Comparing products, prices, marketing campaigns, or conducting a SWOT analysis
Give an example of how technology can create a competitive advantage
e.g. Using analytics to understand customer preferences better than competitors
Describe one challange of entering a foreign market
e.g. Understanding cultural differences, local regulations, consumer preferences
What are the challenges of implementing CSR in a competitve business environment?
Challenges include higher costs, balancing profits with ethical practices and leaves the business with no immediate economic benefits.
Analyse the impact of poor supplier performance on a business
Poor supplier performance can cause production delays, increased costs, dissatisfied customers, lost sales and damages to the business's reputation
How can businesses build long term customer loyalty?
Through quality products, excellent services, loyalty programs and consistently meeting customer expectations.
Evaluate how economic conditions influence strategic business decisions
Economic factors including inflation or unemployment can affect pricing, investment, production and hiring in which businesses must adopt strategies to maintain profitability and stability.
Analyse the risks and opportunites of entering a new global market
Opportunities - larger customer base, economies of scale, diversification
Risks - cultural misunderstandings, regulatory compliances, political instability and currency fluctuations