What is the triple bottom line?
the idea that organizations should consider three areas of performance:
1. People
2. Planet
3. Profit
What is a social audit?
evaluates an organization's social/environmental performance in addition to its financial performance.
What is a stakeholder?
a person or group that has an important stake or interest in an organization and can potentially affect or be affected by the organization.
Internal environment
People/groups inside the organization
External environment
people/groups outside the organization
Internal Stakeholders
people inside the organization who have an important interest in how the organization performs and have the power to influence its future.
What are 3 examples of internal stakeholders?
Employees, owners, and board of directors
External stakeholders
people/groups outside the organization that interact with or can affect the organization.
Task environment
made up of groups that interact with a particular organization on a regular basis.
General environment
affect many organizations and industries.
What is ethics?
refers to principles or standards concerning what is right and wrong behavior.
What are values?
the beliefs and principles that a person or organization considers important.
Preconventional
Follows rules to avoid unpleasant consequences.
Conventional
The person follows rules because they want to meet social expectations and maintain approval/order.
Postconventional
Behavior is guided by the person's own values and standards.
Corporate Social Responsibility (CSR)
refers to an organization's responsibility to consider its impact on society and act as a responsible member of the community.
Sustainable development
The idea of meeting current needs while considering the ability of future generations to meet their needs.
Natural Capital
The natural resources and environmental systems that provide value to organizations and society.