MGMT 380 #3
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MGMT 380 #3 - Leaderboard
MGMT 380 #3 - Details
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13 questions
| 🇬🇧 | 🇬🇧 |
| Why Must We Reimagine Capitalism? | What’s wrong with modern capitalism? Short-term profit focus. Environmental and social harm. Inequality and depletion of resources. Why is sustainability crucial for business? Long-term competitiveness and success depend on sustainable practices. |
| Business Case for Sustainability – Key Question | How can businesses improve competitiveness and success through voluntary environmental and social responsibility? The debate: Does sustainability make good business sense? (vs. Ethical case for sustainability). |
| : Defining Sustainable Business Practices | (Whelan & Fink) Sustainable practices: At minimum do no harm. At best create value for stakeholders. Improve ESG performance (Environmental, Social, and Governance). Address material impact in operations, supply chain, or customers. |
| Historical Origins of the Business Case | 1930s-40s: Early discussions on business & societal impact. Notable works: The Function of the Executive (1938), Social Control of Business (1939). 1950s – “Modern Era”: Howard R. Bowen (1953): Social Responsibilities of the Businessman. Idea: Businesses impact more than just profits. Keith Davis: “Some responsible decisions benefit the firm in the long run.” → Enlightened Self-Interest. 1970s: Committee for Economic Development (CED): Businesses exist by public consent and must serve societal needs. 1980s-90s: Growth of business ethics, stakeholder theory, CSR. Connection between corporate responsibility & financial performance. 2000s-Present: Businesses embrace sustainability & ESG. |
| Core Arguments for the Business Case (Whelan & Fink) | 1.Competitive advantage through stakeholder engagement. 2.Improved risk management. 3.Fostering innovation. 4.Enhancing financial performance. 5.Building customer loyalty. 6.Attracting and engaging employees. |
| Competitive Advantage Through Stakeholder Engagement | From shareholders to stakeholders. Engaging stakeholders helps businesses: Adapt to economic, social, and environmental changes. Improve cooperation & reduce conflicts (e.g., activist pressure, boycotts). Enhance regulatory compliance. |
| Risk Management & Sustainability | Global supply chains are vulnerable to: Climate disasters (e.g., floods, wildfires). Social conflicts (e.g., labor exploitation, pandemics, wars). Investing in sustainability = supply chain resilience. |
| Fostering Innovation Through Sustainability | Sustainability drives new product innovation. Examples: Induction cooktops vs. gas stoves (meeting new standards). Cold-water detergents (reducing energy use). Electric vehicles (EVs) (appealing to eco-conscious consumers). |
| Financial Performance & Eco-Efficiency | Sustainability reduces costs & increases efficiency. Eco-efficiency = more value with less environmental impact. Strategies: Reduce energy, water, material use. Minimize waste & pollution. Increase product life & recyclability. |
| Customer Loyalty & ESG Expectations | Consumers demand sustainable products. McKinsey Survey (2020): 60% of US consumers would pay more for sustainable packaging. Brands with ESG claims show faster growth. |
| Attracting & Engaging Employees | Sustainability boosts employee morale & productivity. Helps with: Recruitment & retention. Company culture & efficiency. Reducing absenteeism. |
| Creating Shared Value (CSV) – Porter & Kramer | Response to capitalism’s legitimacy crisis. Problem: Business ignores societal well-being, resource depletion, and economic distress. Solution: "Businesses should create economic value while addressing societal needs." Key shift: Old view: Business vs. society = conflict. New view: Social needs define markets. Competitiveness & community well-being are interconnected. |
| How is Shared Value Created? | Reconceiving products & markets: Selling socially/environmentally beneficial products (e.g., sustainable goods for lower-income consumers). Redefining productivity in the value chain: Eco-efficiency = lower costs (e.g., energy savings). Building supportive industry clusters: Stronger supply chains = stronger businesses. |