BUS-G202 Topic 1 NonMarket

BUS-G202 Topic 1 NonMarket - Indiana University Bloomington...

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Topic 1: The Non-Market Business Environment REQUIRED READINGS: “Case: Wal-Mart’s Business Environment” Online Wal-Mart Case Discussion: Jan. 22 nd —Jan. 24 th In-class Wal-Mart Case Debriefing: Jan. 25 th
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Corporate Social Strategy Corporate Social Responsibility (CSR): Firms are responsible for their entire value chain. From the beginning of production to the end of product life. Firms should think about ALL stakeholders. Market Stakeholders: customers, clients, employees, shareholders, etc… Non-Market Stakeholders: communities, governments, socially-minded non-governmental organization (NGOs), etc… Strategic CSR (profit enhancing): Manage non-market threats and look for non-market opportunities to exploit. Evaluate current and proposed government regulation. Monitor interest group activity and changing social demands.
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Non-Market Forces Public Policy Makers Firm Managers Socially-Minded NGOs
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Market Equilibrium Intersection of supply and demand. Demand is based on the Value to Consumers. Consumer Surplus: Difference between what customers are willing to pay and the price they have to pay. Supply is based on the Cost to Producers. Producer Surplus: Difference between the price sellers receive and the minimum supply price to cover costs.
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