Describe the pyramid of corporate social responsibility and include a description of its components.
What will be an ideal response?
The pyramid of corporate social responsibility portrays four kinds of responsibility: economic, legal, ethical, and philanthropic. Economic performance is the foundation for the structure, because if the company does not make a profit, then the other three responsibilities are moot. While maintaining a profit, business is expected to obey the law, do what is ethically right, and be a good corporate citizen.
| 1 | Philanthropic responsibilities are to be a good corporate citizen, contribute resources to the community, and improve the quality of life. |
| 2 | Ethical responsibilities are to be ethical; to do what is right, just, and fair; and to avoid harm. |
| 3 | Legal responsibilities are to obey the law, which is society's codification of right and wrong, and play by the rules of the game. |
| 4 | Economic responsibilities are to be profitable, because profit is the foundation on which all other responsibilities rest. |
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