Asked by anmol setia on May 09, 2024
Verified
Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.
Corporate Citizenship
The extent to which businesses are socially responsible for meeting legal, ethical, and economic standards to positively impact society and the environment.
Socially Responsible
A term describing companies or individuals that act in a way that benefits society, often through sustainable practices, ethical behavior, and philanthropy.
Bottom Line
The final profit or loss of a business after all expenses have been deducted from the revenues, also used metaphorically to mean the ultimate outcome.
- Understand the importance of corporate social responsibility and ethical marketing practices for long-term business success.
Verified Answer
LH
Laura HaderMay 11, 2024
Final Answer :
True
Explanation :
This statement is true. Many studies have shown that companies that engage in socially responsible actions tend to have better reputations, increased customer loyalty, and improved employee morale, which can ultimately lead to increased profits and long-term success. Additionally, there is growing pressure from stakeholders and consumers for companies to act responsibly, further emphasizing the importance of corporate citizenship.
Learning Objectives
- Understand the importance of corporate social responsibility and ethical marketing practices for long-term business success.