Profits and Corporate Social Responsibility
A business’s only responsibility is to produce profits. To what extent do you agree or disagree with this statement? I Disagree
The requirement is also in the ppt, thanks!
Assignment Brief
Please read this document carefully. It includes the learning outcomes, assignment task, information about plagiarism and marking criteria. Please speak to your tutor if you have any questions.
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Programme
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Undergraduate/International Foundation Programme: Business, Economics, Finance and Management
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Module
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Skills for Business |
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Assessment title
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CSR essay |
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Deadline date
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To be confirmed by your tutor |
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Weighting
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This assessment counts for 30% of your overall grade for this module |
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Pass mark
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40% *please note your University may require a higher grade for progression. |
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Assignment summary
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To write an individual essay answering the following question: A business’s only responsibility is to produce profits. To what extent do you agree or disagree with this statement? Disagree
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Submission of work
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Feedback
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Feedback will also be communicated back to you via your tutor. They will confirm the timescale in which you will receive your feedback. |
Important details
Unless instructed otherwise by your tutor, please follow the below instructions:
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Word count |
1,000 words |
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File type |
Word processed |
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Font |
12 pitch font –Times New Roman |
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Format |
Double spaced and justified |
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Referencing |
Harvard system |
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Notes |
Your assignment must include page numbers and word count.
You will receive a 10% penalty for this assignment if you go over the word count by more than 10%. If your assignment is significantly under the word count, you may not have answered the question in full. This will be reflected in your overall mark and feedback given by your tutor.
The word count does not include contents, end of text references or appendices.
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Module learning outcomes |
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Upon successful completion of this module, you will be able to:
Please refer to your Subject Guide for the full list of learning outcomes for this module.
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Assignment purpose: |
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The purpose of this essay is to help you develop the following skills: conducting research about the question, forming an opinion, supporting this opinion with examples and reasoning, presenting your arguments in the style of an academic essay, using accurate Harvard style referencing for several different types of sources, writing up an accurate bibliography. The purpose is also to help you think about the role of Business in society so as to prepare you to take part in the Business world.
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Assignment instructions: |
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Use the following details to help structure your essay. Assignment Instructions This is an individual piece of work. You may discuss ideas with friends and the in-class debate may help you form your opinions, but the final essay will be an individual piece of work. How to prepare for your CSR Essay Do a lot of reading around the topic. Watch videos online. Discuss with your friends. Prepare and participate actively in the in-class discussion. Marking Criteria for the CSR Essay The essay is marked out of 60 marks (40 for content, 10 for presentation and 10 for Harvard style referencing). You should use examples of real companies or use quotes from real thinkers and business leaders in order to support your opinions. Please see the MARK SCHEME document attached for full details. Writing Style This is a piece of academic writing, so the majority of it will be written in the third person. However, the essay question does require your personal evaluation by asking to what extent you agree with the statement. This part may be answered in the first person if you wish. Referencing You must research and incorporate reliable resources (books, academic articles, websites) into your work and provide a list of references. You should use at least 4 references. You will need to use Harvard referencing. You must not reference any user-generated sources of information such as Wikipedia or forums. You could read these to get a general overview for your own understanding, but they should not be used in your references as they are not always reliable sources of information. If you are unsure of what is expected of you, please speak to your tutor. Some useful tips for your essay
what extent do you agree..) |
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Plagiarism |
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We expect all submitted work to be your own words (apart from in-text quotations), written in a style that reflects your English language level. If you copy other people’s work and present it as your own, this is called plagiarism and is a serious academic offence. The full details of our policy on academic misconduct can be found at the back of the Programme Handbook. You must complete a coursework submission sheet and attach this to the front of your assignment. Submissions without this sheet may be rejected and may result in a mark of 0 being awarded for this assignment. |
CORPORATE SOCIAL RESPONSIBILITY
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Corporate Social Responsibility
Businesses have a responsibility to maximize profits and establish dominance in the market. In this case, profits refer to the financial benefit that businesses yield from generated income after all the expenses have been accounted for (Widarti et al., 2018, p.48). Profits are used to gauge the financial performance of a business. Making profits is essential to businesses because, other than determining a business's financial health, profits also determine the survival of businesses. According to Tur-Porcar et al. (2018, p.3), profits can enhance a business's sustainability. This is because profits allow businesses to pay suppliers, build the community, and pay employees, among other essential things for sustainability. Besides, profits allow companies to remain competitive. As revealed by Tur-Porcar et al. (2018, p.9), most businesses operate in a competitive environment, and generating enough profits is central to the business's success. However, profit generation is not the only responsibility that a business has. By generating profits, businesses are only meeting their responsibility to one group of stakeholders, namely the shareholders. Yet, businesses have more than one group of stakeholders, and they should be responsible to all the stakeholders. This paper will demonstrate that a businesses' sole responsibility is not to generate profit. Businesses should also be socially responsible through corporate social responsibility (CSR). If anything, a business can be both profitable and socially responsible, without one aspect suffering heavily at the other's expense.
CSR is a constantly evolving concept in business that has been used to inform the interactions between a business and its stakeholders. According to Agudelo et al. (2019, p.7), CSR refers to the approaches that companies undertake to incorporate societal and environmental issues in their business activities in response to the concerns of different stakeholders. CSR has become an important concept in modern business for various reasons. One, CSR has been used as a strategic approach to enhancing a company's public image and reputation (Agudelo et al., 2019, p.13). Businesses have a responsibility to consumers, who make up one group of stakeholders. Consumers are now drawn to an organization that is more responsive to societal and environmental issues. Through CSR, companies can improve their reputation in the eyes of consumers. Two, CSR plays an important role in attracting investors (Sroka & Szanto 2018, p.6). Like consumers, investors want to be associated with companies that are conscious of the environment and social issues. Investors are a source of capital for new and mature businesses.
Three, CSR can improve a company's productivity (Sroka & Szanto 2018, p.6). Employees are more likely to stay in organizations that act responsibly towards society and the community they serve. Also, community involvement through CSR boosts employee engagement, hence productivity. This also results in a decline in staff turnover (Sroka & Szanto 2018, p.6). Finally, CSR can be used to improve the profitability of a business. According to Sroka and Szanto (2018, p.6), companies attract new customers through CSR, and as a result, sales and revenues go up significantly. This indicates that CSR is also a strategy for improving a company's bottom line.
As pointed out earlier, generating profits is a central responsibility of business organizations. However, there has been a shift in recent years from financial gains to the triple bottom line. Rather than focusing on their operations' financial aspects, companies are also focusing on the social and enviro...
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