CSR is no longer an ancillary practice for corporations that compete in the global marketplace. Consumers across the world are demanding that, beyond the brand, companies demonstrate CSR company-wide and engage in ethical and sustainable practices in all or many facets of their operations.
Before we can develop an effective CSR measure all costs need to be included in the production process. This is achieved via the concept of lifecycle pricing. Read the case study, Lifecycle Pricing (p.192-195), in your textbook.
In a well-written paper, answer the following questions:
- What is the significance of the product lifecycle in lifecycle pricing for companies that promote CSR?
- What are the implications for a firm’s reputation when there is a dichotomy between the final consumer product and the inputs to its production?
- Describe two examples of companies that, in the past, have not always paid attention to the product life cycle of their brands. What should they have done differently to be socially responsible?
- Describe five steps to take as a leader in a global company to ensure that it is engaging in ethical and sustainable practices.