Key concepts in business.

Essay by miabanzonUniversity, Bachelor's February 2006

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I. Corporate Social Responsibility

Corporate social responsibility goes beyond making one's business or enterprise an economic institution directed towards profit whose main responsibility to society is to provide goods and services and to return maximum benefits to its shareholders. CSR is now becoming an emerging need in businesses and most of the businesses these days that attain sustainable development are those who practice CSR. CSR assesses a business not only from its financial success but also from how well it distributes some of its wealth back to the shareholders and the community, and as well as how it contributes to both environmental and social issues.

Furthermore, in developing countries like the Philippines, CSR can become very beneficial. The group showed examples of the CSR undertakings of companies like ABS-CBN and GMA and these acts definitely had a great impact in helping a lot of people. In return, these two companies continue to be strongly supported by the people.

II. Benchmarking

The essence of benchmarking is in getting what is good from other leading businesses and neglecting what is bad. It helps businesses to go with the flow of the industry and not be left out through comparing the performance in the key business functions. However, benchmarking is not as simple as it may seem. It requires a careful study on the practices that work best for other companies and why or why not it can work best for one's company as well. Copying the methods of other booming companies does not necessarily result to the success of the following company.

III. Total Quality Management

Total Quality Management (TQM) plays an important role in customer satisfaction which keeps customers coming back and gaining new ones. It is about balancing the costs of making a product or rendering a service and engineering...