What must a firm consider beyond its economic goals according to CSR?

What must a firm consider beyond its economic goals according to CSR?

• A. Maximizing bonuses for executives
• B. Setting competitive prices
• C. Societal benefits and issues
• D. Improving production efficiency

Answer: (C)

A firm must consider societal benefits and issues beyond its economic goals according to Corporate Social Responsibility (CSR) principles. CSR emphasizes the importance of businesses being accountable not only for their economic performance but also for their social, environmental, and ethical impacts. This approach encourages companies to actively contribute to societal wellbeing, minimize harm, and improve their relationships with stakeholders, including customers, employees, communities, and the environment. By focusing on societal benefits, organizations can enhance their brand reputation, foster customer loyalty, and create a sustainable operating environment, which can indirectly lead to long-term economic success. Integrating societal considerations into business strategies aligns with the growing expectation from consumers and investors for companies to operate responsibly and ethically.

A firm must consider societal benefits and issues beyond its economic goals according to Corporate Social Responsibility (CSR) principles. CSR emphasizes the importance of businesses being accountable not only for their economic performance but also for their social, environmental, and ethical impacts. This approach encourages companies to actively contribute to societal wellbeing, minimize harm, and improve their relationships with stakeholders, including customers, employees, communities, and the environment.

By focusing on societal benefits, organizations can enhance their brand reputation, foster customer loyalty, and create a sustainable operating environment, which can indirectly lead to long-term economic success. Integrating societal considerations into business strategies aligns with the growing expectation from consumers and investors for companies to operate responsibly and ethically.