Free Essay

Social Responsibility

In: Business and Management

Submitted By fazlinie87
Words 940
Pages 4
Small Business & Technology Development Center

Conducting an Industry Analysis
This guide is intended to assist you with your research as you perform an analysis of your business industry. The following steps should be used as a template to report major findings and organize your research. Several key factors must be considered as you analyze your industry:

     

Geographic Area – Local?, regional?, statewide?, national?, international? Industry – Size, trends, outlook Product Buyers – Target customers Regulatory Environment Company Information – Identify and research most successful businesses

Identify the Industry
Determine the Standard Industrial Classification (SIC) Code and/or NAICS Code for the industry. Find codes at the US Census Website: http://www.census.gov/eos/www/naics/

Industry Overview
Include:  A brief history  Factors that affect growth  Government regulations  Leading businesses in the industry Library Resources: o Standard & Poor's Industry Surveys o US Industry & Trade Outlook o Encyclopedia of Emerging Industries, Gale Research o Encyclopedia of American Industries, Gale Research Internet Resources (free or for purchase): o Trade Associations – Find appropriate associations in: Encyclopedia of Associations or a general Internet search) o Hoover's Online (http://www.hoovers.com/) – Companies and Industries Section o MarketReseach.com (http://www.marketresearch.com) – Retailer of private market research reports

Small Business & Technology Development Center

Page 1 of 4

Conducting an Industry Analysis

Include:  Estimated size of the industry – Dollars? Products/Services sold?      Establish trends in sales over recent years Determine current operational/management trends within the industry? What types of marketing strategies are prevalent within the industry? Is the industry seasonal? Is the industry sensitive to economic fluctuations? Library Resources: o Standard & Poor's Industry Surveys o US Industry & Trade Outlook (see online version at: http://www.trade.gov/td/industry/otea/OTII/want2_industry.html) o Encyclopedia of Emerging Industries, Gale Research o Encyclopedia of American Industries, Gale Research Internet Resources (free or for purchase): o Trade Associations – There may be more than one per industry Note: Ask specific questions, e.g., “How large is the textile market in North Carolina in terms of dollars?” or “Do you have a list of food distributors available for the Southeast?” o ZapData – Dun & Bradstreet offers free statistical industry data on their website http://www.zapdata.com. Free registration is required. o BizStats – http://bizstats.com o SBDCnet – http://www.sbdcnet.org o Hoover's Online (http://www.hoovers.com/) – Companies and Industries Section o IBISWorld (available at NCSU, UNC-CH,ECU, UNCG, UNCC, UNC-W) o MarketReseach.com (http://www.marketresearch.com) – Retailer of private market research reports

Industry Developments, News, Innovations, and Government Regulations
Resources: o Literature searches of newspapers, journals, and magazines – Local library publications and online databases (NCLive, Dow Jones Interactive, InfoTrac). o Trade associations and industry magazines – Connect through association websites o Better Business Bureau (http://www.bbb.org) o Library of Congress’s Legislative Information (http://thomas.loc.gov/) o North Carolina General Assembly (http://www.ncleg.net)

Small Business & Technology Development Center

Page 2 of 4

Conducting an Industry Analysis

Consumer Market Data
Include:   Demographics – Population/household size, median income, age, sex, race, ethnicity, family status, housing status, etc. Psychographics – Lifestyle information, tastes, preferences, and buying habits Library Resources: o Lifestyle Market Analyst, SRDC – used for collecting psychographic data o Demographics USA County or Zip Code editions, VNU Publishing Internet Resources (free or for purchase): o Bureau of the Census web site: http://www.census.gov o ESRI – Has free demographic data available by zip code on their website, http://www.esri.com/data/esri_data/demographic.html o EASI (http://www.easidemographics.com/) will give estimated demographic statistics within a user-specified radii for any address o For psychographic information and analysis of zip code areas, use Claritas’ website: http://www.claritas.com/MyBestSegments/Default.jsp

Competitor Information
Include:     Who are the major businesses in the industry? Where are they located? How long have they been in business? What is their market share? Library Resources: o North Carolina Business Directory o Encyclopedia of American Industries, Gale Research o Harris InfoSource Business Directory Internet Resources (free or for purchase): o Trade Associations o Securities Exchange Commission (for research on public companies) – http://www.sec.gov/edgarhp.htm o ReferenceUSA (subscription-based service for libraries and government agencies – See their parent company site, InfoUSA at http://home.infousa.com/) o NC Employment Security Commission’s WebSARAS site (http://www.websaras.org) – Go to the ‘Employers’ link to find information on North Carolina Companies o Dun & Bradstreet’s Zapdata (http://www.zapdata.com) o Hoover’s Online (http://www.hoovers.com) o North Carolina Business Directory, online (http://www.resourcelinks.net/indexnc.htm) o Thomas Register (http://www.thomasnet.com), Thomas Regional (http://thomasregional.com), or Thomas Global Register (http://www.tgrnet.com/) – Free registration is first required o Search company websites for more information on their business. Small Business & Technology Development Center Page 3 of 4

Conducting an Industry Analysis

Leads and Other Information on the Internet
Perform a search in a search engine such as Google (http://www.google.com), Bing.com (http://www.bing.com), or Dogpile (http://www.dogpile.com). Use common industry jargon and/or search to see if the identified trade associations have web sites. Use quotes around a multi-word phrase when searching, to ensure that it will be treated as one phrase instead of two/several words. Many times the most commonly asked questions about an industry will be published online.

More Information
For more information and business data sources on the web, check out the SBTDC’s Internet Resource List (http://www.sbtdc.org/resources/web.asp)

Small Business & Technology Development Center

Page 4 of 4…...

Similar Documents

Premium Essay

Social Responsibility

...SOCIAL RESPONSIBILITY: WHY IT’S THE RIGHT THING TO DO “Being socially responsible means that people and organizations must behave ethically and with sensitivity toward social, cultural, economic and environmental issues. Striving for social responsibility helps individuals, organizations and governments have a positive impact on development, business and society with a positive contribution to bottom-line results,” (http://www.imasocialentrepreneur.com/social-responsibility/). In layman’s terms, corporations have a responsibility to serve the community while providing goods and services and making a profit. Business Law author Henry Cheeseman identifies the four theories of social responsibility as: a) maximizing profits, b) moral minimum, c) stakeholder interest, and d) corporate citizenship. In order to comply with social responsibility standards, all requirements must be met. Unfortunately, not all business owners feel obligated to be fully socially responsible. T.J. Rodgers, founder and CEO of Cypress Semiconductor, is one who does not. His primary interests are in maximizing profits and stakeholder interests. Whole Foods CEO John Mackey, on the other hand, fully grasps the idea of and practices all aspects of social responsibility. There are legitimate arguments for and against businesses performing social responsibility activities. The strongest argument in support of social responsibility is that because businesses have such a profound impact on their......

Words: 1568 - Pages: 7

Free Essay

Social Responsibility

...Scenario: You are tasked with developing a social responsibility strategy for a client. This is an important assignment as business organizations both large and small, domestically and internationally, address issues of sustainability and social responsibility. To be sure, 21st century business practices will demand nothing less from companies seeking to add to their triple bottom line (people, planet, profit). The strategy you develop should include a focus on environmental considerations, sustainable business practices, ethical decision making on the part of the leadership who will implement your plan, and should also be in compliance with all government regulations that affect the industry. For this task, you will select your client from your actual place of employment, a local small business, or a well-known public company. Task: Develop a social responsibility strategy for your chosen client which includes the following components: 1. Environmental considerations and recommendations 2. Ethical leadership considerations and recommendations 3. Sustainability considerations and recommendations 4. Legal and regulatory considerations and recommendations Note: This may be a strategy for the company's current product line or service and current business objectives, or it may be a strategy that recommends a new direction for the company. Step 1: The company I work for is an iron foundry. The company makes cast iron parts for other industries. This involves industrial...

Words: 668 - Pages: 3

Premium Essay

Social Responsibility

...Social Responsibility and the Community NFL's Involvement and Responsibility to the Community NFL Play 60 is a campaign designed to tackle childhood obesity. Introduced in October 2007, by the National Football League, NFL Play 60’s goal is to make the next generation of youth more active and healthy by encouraging young fans to be active for at least 60 minutes every day. The NFL has dedicated over $200 million to the health and wellness of children, while also implementing in school, after school and team based programs to get children excited about being active. Childhood obesity is a national epidemic. The current generation of children is projected to be the first generation not to live longer than its parents. Only 8 percent of elementary schools provide daily physical education which has led to 33 percent of children in America being obese or at risk to be obese. NFL players from around the league have donated their time and money to encourage kids to get active. Cam Newton of the Carolina Panthers just recently did a commercial promoting the campaign as well. Players from the Washington Redskins, Baltimore Ravens, and Miami Dolphins also supported NFL Play 60 by participating in the Annual Easter Egg Roll at the White House. The players taught children that attended football skills and did some football drills with them as well. Factors that Influence the NFL's Social Responsibility A variety of factors, including education, health, and......

Words: 997 - Pages: 4

Premium Essay

Social Responsibility

...however, social responsibility looks outside of profits and determines the effects on all stakeholders including customers, environment, and society. In addition, the strategic decision should also be based on the code of ethics set forth by the organization. Furthermore, when determining the development of a strategic plan, the organization may either use the views of Milton Friedman or Archie Carroll (Wheelen, 2010). Two Views of Social Responsibility Milton Friedman and Archie Carroll have two opposing opinions of social responsibility. Both opinions evaluate the effect a company invests in the environment or society to the effect of the shareholders dividends and investments. Milton Freidman suggests that the main view of the organization is to make money for the organization’s shareholders. Freidman views by investing in trivial projects that helps the environment and society, the company is taking away money owed to its shareholders. In addition, Freidman argues by not investing in society responsibility, the company can keep the prices on its products and services to a minimum which will result in more business transactions. Archie Carroll’s view is the opposite. Carroll suggests when an organization invests in society responsibility it will build a positive reputation within the society. This will encourage new or repeat consumers to the organization and result in profit for the shareholders (Wheelen, 2010). Carroll describes the four responsibilities......

Words: 1047 - Pages: 5

Premium Essay

Social Responsibility

...Corporate Social Responsibility (CSR) is defined as “the implied, enforced, or felt obligation of the managers, acting in their interests of groups other than themselves”. CSR is looking at more than just company shareholders interest; rather it takes the good of the society as a whole into consideration (Mondy 33). CSR is evolving to include sustainability, which is defined as “meeting the needs of the present without compromising the ability of future generations to meet their own needs” (qtd. in Werbach 8). The two terms will be used interchangeably throughout this paper, to illustrate the overall concept of companies acting in a responsible way rather than only looking out for the best interest of their company and shareholders. CSR is going above and beyond current laws and industry standards, it’s about looking at what practices the organization can do to improve the lives of their employees and the community in addition to focusing on the bottom line. Often times when people talk about CSR or sustainability they are referring to protecting the environment or adopting green practices; although that is part of it, it goes far beyond just looking at ways to conserve the environment. In his book Talent, Transformation, and the Triple Bottom Line, Andrew Savitz explains that social and economic sustainability are just as important as environmental sustainability. More organizations are looking at the so-called Triple Bottom Line – “a set of yardsticks that measures a...

Words: 1469 - Pages: 6

Premium Essay

Social Responsibility

...has been in an accident, and I don't know who to turn to. Can you come?" was IJz's frantic question. "Yes,I'm on my way," Lael responded. When Lael got to the hospital, she found . -- 54 Part t Understanding Ethical Dedsion Making Chapter 3 Applying Morall'hilosophies to Business Ethics 55 that Janeen's injuri~s were fairly serious and that Questions - Exercises Liz woul '4JIOJddllyau3q-lsoo I asn pul atdo>d JO '3qwnu Isal..,6 a41 JOJ p006Isal..J6 a41 JOJ ~OOIsUI~~1II1O 'Sa). '£ "S"'"PU"IS 100141aaU!WJalap 01 wa41 punOJI aso41 PUI saAiaswa411e ~OOISU!'!lllaM 'Sa).'~ 'ws!06a S,II'U 'ON . L SM3MSNV :,'.j- I =-- 72 Part 1 Understanding "Ethical Decision Making Chapter 4 Sodal Responsibility 73 I While Myron was working on the betel nut, David, Myron's boss, also wanted him to work on the introduction of khat (pronounced "cot") into Asia. Khat Is a natural stimulant from a plant grown Myron had just graduated from West in East Africa and southern Arabia. Fresh khat leaves, Coast University with both chemistry' which are typically chewed like tobacco, produce pharmacy and business degrees and was excited to work for Producto In- a mild cocaIne- or amphetamine-like euphoria, which, however, is much less intense than that ternational (PO. Myron loved the opportunity to discover medicinal products around the world. His produced by either of these substances, with no wife, Quan, was also enthusiastic about her job......

Words: 3040 - Pages: 13

Premium Essay

Social Responsibility

...Part A Overall, Company Q has a very negative attitude toward social responsibility. Part of social responsibility is having a positive interaction between a company and the community in which it operates. Company A did not have a positive interaction in the city because they closed several of their stores. A socially responsible company is aware of, and positively acts on the concerns of its consumers and the environment. The company does not seem very disturbed with the concerns and the requests of its customers. It took them years to respond to the customers’ requests for healthier options and organic products. When the store finally did bring in these much requested food items, they were very limited and were very expensive. A socially responsible company cares about the way that it influences and affects the people it deals with on a daily bases. In the case of Company Q being asked to donate day-old food to a local food bank, it denied their request. A socially responsible company is not completely concerned with maximizing their profits, but they understand that the people they serve are just as important as making a profit. The company thought that they would lose revenue due to the possibility that their employees might steal food under the guise of them donating it, and therefore the company decided to not donate any food to the food bank. Part B When a company improves its social responsibility, it will not only benefit the community and the people it......

Words: 777 - Pages: 4

Premium Essay

Social Responsibility

...Social Responsibility 4/2014 JJT2 task 1 Social Responsibility Corporate Social Responsibility (CSR) is an organization holding itself accountable for the impact of its decisions and activities on society, the environment and, it’s own prosperity. Otherwise known as the triple bottom line of people, planet and profit (Lawrence & Weber, 2010). CSR is whatever a company does to give back to the community in which there is presence. Sometimes this involves grants, volunteerism or sponsorships. Other times, a company will chose to demonstrate its CSR by a commitment to clean energy or other commendable cause. J.D. Rockefeller stated the when a business gives back to the community, the company honors a tradition of giving to the people which makes continued success possible (Barker, 2014). The areas to be considered for a company developing CSR are the environment, ethics, organizational viability and legal considerations. The business of Protective Coatings will be reviewed in these areas and recommendations will be given to help the business in their efforts to be socially responsible. A1. Environmental Considerations and Recommendations Protective Coatings is a small independently owned business involved with applying protective coatings for a large variety of businesses whose applications reach into the industrial, private and public sectors. It is necessary for Protective Coatings to integrate environmental concerns into their business’s economic plan in order to...

Words: 2063 - Pages: 9

Premium Essay

Social Responsibility

...RUNNING HEAD: SOCIAL RESPONSIBILITY OF BUSINESS Social Responsibility of Business MGM365-1003B-11: The Legal and Ethical Environment of Business Professor Carolyn James September 21, 2010 Social Responsibility of Business The moral philosophies an individual believes generally influence how they judge certain situations or differentiate between what can be viewed as ethical and what can be viewed as unethical behavior. The different approaches that one may take to make moral judgments are based on the philosophical dimensions of idealism and relativism. Idealism is when individuals make judgments with public welfare in mind while relativism is when people reject universal norms when making judgments. Idealists believe that individuals should act in accordance to moral principles. Strongly idealistic people believe situations should always conclude with desirable consequences and that harming people should be avoided. On the other hand, highly relativistic people reject universal rules or laws and believe there are no moral absolutes and that the individual, situation, time, and place create the moral action (Cuizon, 2009). As once stated by Supreme Court Justice Potter Stewart "There is a big difference between what we have the right to do and what is right (Hitt, 2008)." Moral and legal behavior is not always identical but in some instances there are parallels that may be drawn that cause confusion between legal and moral acts (Sufrin, 1983). The belief......

Words: 722 - Pages: 3

Premium Essay

Social Responsibility

...Social Responsibility Social Responsibility Social responsibility is an ethical framework which suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty that every individual has to perform in order to maintain a balance between the economy and the ecosystem. Similar to business ethics this moral obligation is a good practice that demonstrates global awareness, reduce buyer’s remorse, and builds rapport for strong lifetime partnerships. Social responsibilities are a cross cultural platform that can be both positive and negative, adversely affecting people, planet, and profits. (Forbes 2015). People Socially responsible individuals are demanding companies and organizations to become more socially responsible at home and in the workplace. For instance, employees are warned of images that they portray, post that they write on social media sites, and pictures that they post may jeopardize their career if they are perceived as inappropriate. Some say it is a violation of freedom of speech but one can agree that we are all responsible for our own actions. Individual social responsibility is about an individual becoming responsible in their actions that have effect on communities outside their immediate circle. This responsibility includes active engagement towards the community where you live and active participation in solving local problems. People have......

Words: 886 - Pages: 4

Premium Essay

Social Responsibility

...Company Q: Social Responsibility Social responsibility is critical to an organization’s future. An organization should focus on having a positive image and reduce any negative impacts on stakeholders. A socially responsible company will maintain a good reputation with all of their stakeholders. Social responsibility follows several guidelines; ensuring profitability, maintains a legal structure, abides by ethical standards, and engages in philanthropy. Company Q does not engage in a very positive social responsibility. The company had two of their grocery stores located in areas with high crime rates. Because of this, they eventually had to close down both of the stores, resulting in a decrease in profits and disappointed loyal customers in the area. Company Q also lost out on profits when they decided to put a limited amount of their new healthy and organic items on the shelves. Although the new items were high margin, they did not benefit the company because there was only a limited amount being offered to customers. As far as philanthropy, Company Q does not provide donations to the local food bank in order to avoid possible fraud or theft from their employees, causing them to lose out on a good public image. If fraud or theft occurs in the company, it goes against the legal structure that the company is required to have. Based on the fact that the company is worried about legal issues which prevent them from making donations, it is clear that the company lacks......

Words: 632 - Pages: 3

Free Essay

Social Responsibility

...Corporate social responsibility (CSR) can be defined as the "economic, legal, ethical, and discretionary expectations that society has of organizations at a given point in time" (Carroll and Buchholtz 2003, p. 36). The concept of corporate social responsibility means that organizations have moral, ethical, and philanthropic responsibilities in addition to their responsibilities to earn a fair return for investors and comply with the law. A traditional view of the corporation suggests that its primary, if not sole, responsibility is to its owners, or stockholders. However, CSR requires organizations to adopt a broader view of its responsibilities that includes not only stockholders, but many other constituencies as well, including employees, suppliers, customers, the local community, local, state, and federal governments, environmental groups, and other special interest groups. Collectively, the various groups affected by the actions of an organization are called "stakeholders." The stakeholder concept is discussed more fully in a later section. Corporate social responsibility is related to, but not identical with, business ethics. While CSR encompasses the economic, legal, ethical, and discretionary responsibilities of organizations, business ethics usually focuses on the moral judgments and behavior of individuals and groups within organizations. Thus, the study of business ethics may be regarded as a component of the larger study of corporate social......

Words: 446 - Pages: 2

Premium Essay

Social Responsibility

...Being Socially Responsible means that people and organisations must behave ethically and with sensitivity toward social, cultural, economic and environmental issues. Striving for social responsibility helps individuals, organisations and governments have a positive impact on development, business and society with a positive contribution to bottom-line results. Individual Social Responsibility (ISR) to achieve Corporate Social Responsibility (CSP) ISP may appear to be a new concept in relation to CSP, but it is a concept as old as The Golden Rule — Do unto others as you would have them do unto you. ISR expands on this by promoting a proactive stance towards positively influencing and affecting the people and environments outside your immediate circle. ISR is at the roots of CSR, because a corporate comprises of individuals and hence determines the social responsibility culture it creates. This is the intermingled relationship between CSR and ISR. Individuals are becoming more socially responsible and, in response to this Corporations and Companies need to become more socially responsible to meet consumer demand. The International Organisation for Standardisation (ISO) states: “In the wake of increasing globalisation, we have become increasingly conscious not only of what we buy, but also how the goods and services we buy have been produced. Environmentally harmful production, child labor, dangerous working environments and other inhumane conditions are examples of issues......

Words: 1190 - Pages: 5

Free Essay

Social Responsibility

...Social Responsibility Review of Company X When reviewing Company X’s business plans I noticed they are lacking in community loyalty and can see room for improvement when it comes to social responsibility. Company currently has an attitude of what’s in it for me? Or in this case what’s in it for Company X? They haven’t thought of their social responsibility to the local community. The first area I will address is products that are being offered and ideas on how to work with the community. The concern here is the company is only worried about the small amount of profit being made selling these products. Not the customer satisfaction that comes from carrying health conscience foods. The next thing that I think is very important to change would be to rethink donating day old food. This is very concerning that Company X can’t take a little extra time to donate day old food and give back to the company is unacceptable. They need to give back as much as possible to the local community that gives them business. Finally I would like to explore the idea of reopening the stores in the high crime areas with a plan to involve the local neighbors and try to show them our support. Company X’s decision to close these stores was a move to only better the company and hurt is community by decreasing employment. There have been multiple requests for the last few years from customers who would like to see health conscience and organic products to be sold in the stores. Company X has stocked a...

Words: 649 - Pages: 3

Premium Essay

Social Responsibility

...Social Responsibility Views on Corporate Social Responsibility Abstract This dissertation examines R. Edward Freeman and Milton Freidman perspectives surrounding corporate social responsibility by summarizing their respective articles titled: “Stakeholder Theory and The Corporate Objective Revisited” and “The Social Responsibility of Business is to Increase its Profits”. By examining their articles, I will provide a personal opinion of which of their economic models should be the leading model when it comes to business and corporate social responsibility. Summary of Articles Author R. Edward Freeman’s article “Stakeholder Theory and The Corporate Objective Revisited,” emphasized a response to a piece put out by Sundaram and Inkpen titled “The Corporate Objective Revisited” by clarifying misconceptions about stakeholder theory and concluding that truth and freedom are best served by seeing business and ethics as connected (Freeman, Wicks, & Parmar, 2004). Freeman supports the above statement by providing the following three main critiques: 1) the mischaracterization of stakeholder theory; 2) the primacy of creating value for stakeholders, and; 3) the real issues of economic and political freedom (Freeman, Wicks, & Parmar, 2004). In response to social responsibility, Freeman clarifies that stakeholder theory claims that no matter what the ultimate mission of the corporations or any form of business activity, managers and owners must take into account the......

Words: 984 - Pages: 4