Business and Society: Creating Shared Value (GRAB001)

Social context in which business operates in XXI century is very complex and uncertain. Businesses are expected and asked to be more responsible for a welfare of a society nowadays, engage more in pursuit of public value, make positive impact not only on economic performance but also on social development of a country. Thus next to “traditional expectations” from business, its role and responsibility in a global economy and society is changing. Furthermore, the relationship between business and society is becoming even more complex in an economy that is increasingly integrated and interdependent. Globalisation of business, emergence and strengthening of civil society organisations around the world, development of information technologies, increasing governmental regulations and international agreements add additional challenges to managers and their strategic decision-making.The course aims at raising awareness and enabling future entrepreneurs and leaders from private and public sectors to see the unique obstacles and challenges of business as opportunities. Business competences of dealing with its stakeholders, sensitivity to its ecosystem and abilities to address creatively existing challenges might inspire sustainable business practices and enable it to identify potential sources of competitiveness. In discussing changing roles of and opportunities for business, framework of creating shared value (CSV) is applied: policies and practices that enhance the competitive advantage and profitability of a company while simultaneously addressing societal needs and challenges. Shared value is not corporate social responsibility, philanthropy, or even sustainability, but a new way to achieve economic success. When businesses act as businesses – not as charitable donors – they can improve profitability while also improving environmental performance, public health and nutrition, affordable housing and financial security, and other key measures of societal wellbeing. Business can create economic prosperity by meeting needs and making a profit, creating scalable and self-sustaining solutions.The course is about framework of thinking: theories and academic readings are analysed with help of case studies and real life situations. The cases of the course illustrate various challenges and opportunities for businesses from different industries and different countries.

• To analyse and evaluate changing roles of business in a global economy and society.
• To analyze and evaluate the role of stakeholders in sustainable business development and apply stakeholder theories in practice.
• To enable future leaders to identify and evaluate sources of competitiveness and opportunities to make an impact in society in creating economic and social value.
• To equip future business and society leaders with capacities to understand and develop sustainable profitable business with social dimension in its strategy.
• To understand and challenge discussion on relationship between business, state, civil society and others who impact and inspire sustainable business practices.
• To develop critical thinking and problem-solving skills.
• To apply the knowledge in a team project.