Question

Fill in the blanks:As part of external engagement, ______refers to the efforts a company makes to manage its relationship with the external world. It is the idea that firms have obligations to society and can involve the use of market-based methods to solve social problems. For example, the leaders at Weston Constructors founded Homes and Hearths, a foundation to rebuild homes that were lost in natural disasters. Thus, Weston Constructors is engaged in ______; ethically and socially responsible behavior can lead to benefits for a company, including financial gain.The relationship between social and financial performance may be a_____, meaning that corporate social performance and corporate financial performance feed and reinforce each other.Several terms are associated with ethical and moral leadership in the business community. ______ are accepted guidelines or behaviors for groups or institutions. An individual's determination of right and wrong refers to one's_____, which are influenced by______such as fairness or honesty.

Answer 1

A. Corporate Social Responsibility

B. Social Entrepreneurship

C. Virtuous Circle

D. Ethics

E. Morals

F. Values

Step-by-step explanation:

Corporate Social Responsibility(CSR):

This is the concept in which companies operate based on set standards, in ways that will positively impact its workers and the society at large, examples include volunteering, philanthropy, environmental conservation, etc. These efforts are geared towards maintaining a positive relationship with the society.

Social Entrepreneurship:

This is an effort undertaken by companies to develop solutions to societal problems. For example Homes and Hearths rebuilding homes destroyed by natural disasters.

Virtuous Circle:

This is a situation in which a good event/deed feeds upon itself, thereby leading to further improvement of a business. This is seen in the scenario given above, where corporate social performance and corporate financial performance feed and reinforce each other.

Ethics:

Accepted guidelines or behaviors for groups or institutions. For instance, it is ethical for a company to practice Corporate Social Responsibility.

Morals:

This is an individual's determination of what is right or wrong, good or bad. For example, it could be someone's morals to treat others how he/she would like to be treated.

Values:

These are personal beliefs that guide one's actions and attitudes to others. For example, being honest and fair to others.