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The link between company and social responsibility
Corporate social responsibilty
Importance of social responsibility in business
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The company owns 11 amusement parks, three water parks, and five hotels. Properties include Knott's Berry Farm and Knott’s Berry Soak City in Buena Park, California; Michigan's Adventure near Muskegon, Michigan; Cedar Point and Cedar Point Soak City, located in Sandusky, Ohio; Kings Island in Kings Mill, Ohio; Canada’s Wonderland; Carrowinds located in Charlotte, North Carolina; Dorney Park and Wildwater Kingdom in Allentown, Pennsylvania; King’s Domain located in Doswell, Virgina; Valleyfair nestled in Shakopee, Minnesota; Wildwater Kingdom in Aurora, Ohio; and Worlds of Fun Oceans of Fun located in Kansas City, Missouri. Two of the parks, Knott's Berry Farm and Castaway Bay Indoor Waterpark Resort, operate year-round while the other parks …show more content…
There are three main responsibilities for a company to cover under social responsibility environmental, social and economical. When social and economical responsibilities overlap it helps create an equitable company. When environmental and economical responsibilities overlap it creates a viable company. When social and environmental overlap it creates a bearable company. But when all three are combined it creates a sustainable company that incorporates all three outcomes of overlapping …show more content…
are the local community, environment, general public, shareholders or investors, employees, customers and government or administrative bodies. Although not much information is not given on the social responsibilities of Cedar Fair L.P. it is acceptable to interpret and understand what their social responsibilities are as a company. It is a social responsibility of Cedar Fair L.P. to voluntarily eliminate hazards. Some examples are making sure rides are secure and safe to ride, that includes when weather is not cooperating, and installing security fences to contain guests for their own safety. Food safety is another social responsibility for eliminating hazards, many people have allergies and it is necessary for each park to label and clearly state what’s included in the recipe, what the food was cooked in and where the ingredients came from. It is also extremely important to follow OSHA’s requirements for proper food handling, storing and cooking methods. Another social responsibility of Cedar Fair L.P. is community development. Not only does each park benefit from a plethora of guests but so does neighboring businesses such as hotels when guests decide to stay overnight close to the park and restaurants for people who decide to eat outside of the park. Many of Cedar Fair’s parks even offer deals on tickets for two day entry to help boost sales for hotels and restaurants in the
In 2012, the new CEO of Cedar Fair Entertainment announced a new Long Term Growth Strategic plan for the company. The plan is known as the FUNforward and financial goals for the Company. The CEO is headed in this direction because of the significant barriers to entry and a loyal high-repeated customer base as well as the significant momentum that they have created for the Company over the past two record-setting years (Rotting Flesh Radio RSS, 2012). For example, Kings Dominion is one of the largest theme parks on the East Coast and the loyalty of the younger generation is outstanding. The park is located in an area that is very convenient off of interstate 95. Most parents use the theme park as a baby sitter. They drop their kids off in the morning and pick them up in the afternoon after work. The park is so big and it caters to the younger generation and it adds a new ride every couple of years to make the park even more attractive to its customers.
The basic definition of social responsibility is that all companies should embrace more than just the focus of maximizing profits, and should have as part of their business model the goal to have a positive impact upon the society in which they operate. (Investopedia, 2014) Some businesses believe that social responsibility can only be applied to individuals and not to a corporation or business entity, and that the social responsibility of business is only to maximize the profits of the company for the shareholders of the organization. By maximizing the profits of a business, society as defined by these companies, is benefiting because the business is successful adding value to the entire society in which the company is operating.
The Wal-Mart Corporation is a multi-billion dollar low-cost retail organization, consisting of 6400 stores and 1.8 million sales associates worldwide. Wal-Mart’s influence on the retail world and the enormity of their corporate size is unparalleled. Wal-Mart can easily report sales of $312.4 billion dollars per fiscal quarter and net profits of $3.8 billion dollars. Wal-Mart promises her customers "Always low prices. Always!" and upholds this motto by providing low prices to her customers and high return on investment to her stockholders. One way that Wal-Mart has managed to maintain a competitive edge over other low cost retail giants and provide low prices is by cutting wages and by not offering too many company benefits to their employees. Full-time employee working at Wal-Mart only make $8 an hour, while only 45% of the workers can afford to be covered by health insurance. Wal-Mart also increase part time employees from 20 percent to 40 percent so that they do not have to cover all of their employees for health insurance . Although Wal-Mart may not provide excellent benefits to her employees, it successfully performs as a legitimate business operating in a capitalistic society. Wal-Mart upholds the primary fiduciary duty to satisfy her stockholder and follows free the market libertarianism model, which states that a business should not interfering with the free market. In a free market Wal-Mart has a direct responsibility to her primary stockholders rather than the employees of a company.
The code of ethics for Toys R Us does not specifically address corporate social responsibility of the company but it does have a special link on its website dedicated to the charitable giving projects that they have in place called “Mission in Giving”.
Costco Wholesale Corporation has various key corporate social responsibility programs that effectively address the interests of its stakeholders. Both the company and the stakeholders affect each other significantly and it is necessary for Costco to make sure that its corporate social responsibility efforts address any concerns that the stakeholder’s may have. If they keep the stakeholders happy, then they can have long lasting beneficial gains from it, such as a stronger brand image and loyal customers. Costco’s organizational activities aim to enhance performance all across the board within the company and their corporate social responsibility programs address the following stakeholder groups and they are arranged according to significance
So before we go in greater detail on the different perspectives related to social responsibility, one might question the meaning of social responsibility. It is generally agreed that social responsibility is defined as the business obligation to make decisions that benefit societ...
Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a...
There is a link between corporate social responsibility and the key principles of the stakeholders, which a company should follow to be responsible to its stakeholders. The first stakeholder is environment and the key principle used for it is not damage the environment for example, recycling, dealing correctly with their wastes and emissions. The second stakeholder is the employees. The key principle for the employees is companies providing safe and health working conditions for their staff. Moreover, the employees earn an appropriate salary for ...
Abstract In this research paper the main issue is about CSR (corporate social responsibility) .many enterprises contribute to CSR, one of those enterprises is MacDonald’s restaurant. MacDonald’s was founded in 1948 and it is the second company that gives opportunity to hire high number of employees. But the issue is that MacDonald’s have high profit in the same time they have high number of employees (which is expense)!
Ferrell, O.C. (2010). Case 8. New Belgium Brewing (A): social responsibility as a competitive advantage (pp 473-479).Mason, Ohio:South-Western/Cenage Learning.
Business organizations regularly run into demands from various stakeholders groups when conducting day-to-day business. These demands are generated from employees, customers, suppliers, community groups, governments, and shareholders. Thus, according to Goodpaster, any person or group of people that can shape or can be shaped by attainment of the objectives by an organization is considered a stakeholder. Most business organizations recognize and understand their responsibilities to these groups and endeavor to honor and fulfill them. These responsibilities are often communicated to the public by a statement of principles or beliefs. For many business organizations, corporate social responsibility (CSR) has become an essential and integral part of their business. Thus, this paper discusses the two CSR views: the classical view and the stakeholder view. Furthermore, I believe that the stakeholder view has brought ethical concerns to the forefront of businesses, and an argument shall be made that businesses would improve both socially and economically if CSR, guided by God’s love, was integrated into their strategic planning.
While the concept of an individual having responsibility is commonly recognized, modern views have lead to the emerging issue of corporate responsibility. Business Directory.com defines corporate social responsibility as, “A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources.” But such a concept has been much disputed since at least the 1970’s.
Corporate Social Responsibility is an organisation’s obligation to serve the company’s own interest and the one’s of the society. Moreover, Corporate Social Responsibility has a definition of a concept where the companies integrate social and the environmental concerns into their own business operation and also on a basis of voluntary with their interactions they have with the stakeholders. Corporate Social Resp...
...can be an arbiter of business responsibility to society through the application of tax incentives or tax credits. In good corporate governance, the management should be able to meet their social responsibilities, these include making sure that their products are not hazardous to people and to the environment, sharing their profits for the good of the community as a natural person or human being would do, donating to social causes, organizing activities to benefit the community.
A company has an economic obligation. It must earn a favorable return for its stockholders in the restrictions of the law. But, corporate social responsibility means that organizations have also ethical and societal responsibilities that go past their economic responsibilities. CSR needs organizations to develop their documentations of their responsibilities to include other stakeholders such as workers, customers, suppliers, local societies, state governments, international organizations, etc. Ethics could be seen as a fundamental component of individual and group activities at the heart of organizations’ errands.