The_Body_Shop

The_Body_Shop - BUSI 698 Strategic Management The Body Shop...

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BUSI 698 – Strategic Management The Body Shop Corporate Social Responsibility
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Strategy for Profitability Firm Economic Profits  (Competitive  advantage) Industry-Level  Sources Firm-Level  Sources Industry Structure Competitive Positioning Resources & Capabilities Corporate Strategy Strategy  Implementation Corp Social  Responsibility
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Why study business ethics and CSR?
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What is the role of firms in society? Views on corporate social responsibility: Adam Smith & The Invisible Hand The social responsibility of business is to increase its profits (Milton Friedman) A stakeholder theory of the modern corporation (R. Edward Freeman)
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Milton Friedman The Social Responsibility of Business Is to Increase Its Profits 1976 Nobel Prize Winner in Economics One of the most effective advocates of economic freedoms and free enterprise Asserts that a corporation's primary (and perhaps sole) purpose is to maximize profits for the stockholder
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Milton Friedman:  There is one and only one social  responsibility of business - to use its resources and  engage in activities designed to increase its profits so  long as it stays within the rules of the game. Corporation – Managers as agents Shareholders Customers markets for control factor markets product markets Friedman’s view Suppliers
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Invisible Hand viewed more closely… Effectiveness of Invisible Hand does not require the benevolence of all (corporate) citizens “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.”
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The_Body_Shop - BUSI 698 Strategic Management The Body Shop...

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