essay corporate social responsibility

Informing the public and markets about the financial crisis and its processes is part of CNBC's analytical job.. CNBC Consumer News and Business Channel CNBC, or the Consumer News and

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TRƯỜNG ĐAI HỌC MỞ THÀNH PHÔ HÒ CHÍ MINH

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ESSAY CORPORATE SOCIAL RESPONSIBILITY

CASE STUDY : CNBC

LECTURE : DR VAN THI HONG LOAN GROUP : 9

CLASS : MK20IC MEMBER : NGUYEN PHAM BAO VY

TRAN THỊ TƯỜNG VY

VÕ TƯỜNG VY HUYNH VO HAI YEN

Table of Contents

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Abstract

This essay focuses on how the media functions in a democracy and how it affects the authority and accountability of both individuals and institutions The opening paragraph of the piece emphasizes how important it is for the media to enlighten the people and hold those in positions of authority accountable It also emphasizes how important information presentation and selection are to the media industry's integrity in the age of information overload and viewership-based ad revenue

Disseminate the PR department's standard messaging simplicity and repetition As it happens, the principal contributors to that publication published a mere 12 percent of the news in the UK's national reporting year The piece also highlights CNN's public informational role and its impact on the US government's military offensive choices in times of conflict It also discusses how the media shapes architectural concepts and how a nation's strategy of exceptionalism is implemented

Informing the public and markets about the financial crisis and its processes is part of CNBC's analytical job It draws attention to CNBC's achievements in major media and its rise to prominence as a top television network during the financial crisis The piece also mentions CNBC's voluble reporting throughout the crisis and the modern media's loss of authority

Draws attention to the ways that our understanding of and consumption of news has changed As it happens, our orientation to information has changed as a result of the blending of content and solutions The piece also highlights how tough it is to control information in the cyber era and how important it is for businesses to have good relationships with stakeholders in order to avoid being the next convenient media victim the press

Ultimately, the essay highlights the media's critical function in supplying information and guaranteeing the legitimacy of authority while also highlighting its formulations and effects

on society and power

Introduction

Media

Media stands as the linchpin of global communication, serving as a multifaceted conduit for information, entertamment, and discourse Embracing a diverse array of platforms, from traditional outlets such as newspapers, television, and radio to the expansive realm of digital platforms and social media, media plays an instrumental role in shaping societal narratives and influencing public opinion Its pervasive reach and instantaneous impact make it a potent force in disseminating ideas, fostering connectivity, and reflecting the pulse of the world

Within the context of corporate social responsibility (CSR), the media assumes a pivotal role in facilitating the dialogue between businesses and the broader community It acts as a bridge, allowing companies to communicate their CSR initiatives, environmental commitments, and social contributions to a diverse audience Beyond a mere vehicle for dissemination, media becomes a dynamic tool for building and enhancing corporate reputations, fostering transparency, and engaging stakeholders in a meaningful discourse

on ethical business practices and sustainable development

CNBC ( Consumer News and Business Channel )

CNBC, or the Consumer News and Business Channel, stands as a prominent and influential entity in the realm of global financial journalism and business news broadcasting Established in 1989, CNBC has evolved into a leading platform that delivers real-time financial information, market analyses, and business insights to audiences around the world With a comprehensive reach spanning television, digital media, and social platforms, CNBC plays a pivotal role in shaping the way individuals, investors, and businesses perceive and respond to economic developments

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The network's programming encompasses a diverse range of shows, interviews with industry experts, and live coverage of financial markets, providing viewers with a wealth of information to make informed decisions As a part of the larger NBCUniversal family, CNBC leverages its extensive resources to offer unparalleled access to key players in finance, economics, and business

Beyond its role as a news provider, CNBC serves as a barometer for global economic trends and a catalyst for in-depth discussions on the intersection of business, politics, and society The network's commitment to journalistic integrity and accuracy establishes it as a trusted source in the fast-paced world of financial news

CSR ISSUES :

CNBC's Issues: A Case Study Analysis

From the content of the case study, it is evident that news media channels are increasingly commercialized, leading to sensationalized reporting, lack of objectivity, and causing misunderstandings for viewers This has resulted in serious consequences, such as eroding public trust in the press and diminishing the societal role of journalism

The challenge lies in altering their media approach to attract viewers by exploiting the U.S financial crisis from 2007-2009 to build credibility CNBC utilized the frenzy of the crisis

to enhance its reputation by consistently delivering timely news However, they

excessively engaged in sensationalism, compromising journalistic integrity by prioritizing sensationalism over maintaining their societal role They were willing to present unverified and inadequately reviewed information without thorough verification or scrutiny

The temptation to capture public attention led to the need for entertainment-focused news, blurring the lines between entertainment and journalism Researchers found that only 12%

of stories in five major UK newspapers—The Times, The Guardian, The Independent, Daily Telegraph, and Daily Mail—relied entirely on materials created by their own reporters From this, several issues with CNBC can be identified:

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Lack of Neutrality and Sensationalism:

CNBC faced criticism for displaying bias towards specific viewpoints and prioritizing sensationalism over objective journalism This trend is notably observed in statements from figures like Jim Cramer, who made bold but often inaccurate predictions, prioritizing entertainment over accurate analysis Cramer and CNBC were accused of complicity, delving too deeply into insider perspectives, presenting unverified information without fact-checking, contributing to misinformation, and eroding public trust in the media Blurring the Lines between News and Entertainment:

CNBC's focus on ratings and entertainment value blurred the line between news and entertainment, raising allegations of prioritizing profit over journalistic integrity In the U.S., shows like The Daily Show with Jon Stewart and The Colbert Report replaced news and documentaries as primary sources for young audiences to understand current events CNBC, as a leading provider of global business news for over 33 years, significantly impacts financial markets However, the entertainment-driven approach may mislead viewers and distort their understanding of complex financial issues

Complicity in the Financial Crisis:

Some argue that CNBC's coverage of the financial crisis lacked crucial analysis and contributed to an overly optimistic atmosphere and widespread risky investment behavior This highlights the inherent risk when media outlets get too close to the industries they are supposed to monitor

In conclusion, CNBC faces challenges related to lack of neutrality, sensationalism, blurring the line between news and entertainment, and potential complicity in critical events Addressing these issues is crucial to rebuilding public trust and upholding the integrity of journalism

Stakeholders :

1 Viewers :

CNBC is an international financial television channel that broadcasts worldwide As a result, CNBC's audience comes from many different countries and territories Investors and businesspeople are the main audience of CNBC, as they need to stay up-to-date on financial and business market information to make accurate investment and business decisions.In addition, asset managers, financial experts, and analysts are also important viewers of CNBC, as they need to evaluate and predict financial market trends to develop effective investment and asset management strategies.Teachers and students studying finance, economics, management, and related fields are also regular viewers of CNBC, as they need to stay up-to-date on the latest knowledge and information about financial markets to apply to their work and studies.Finally, CNBC also has viewers from other fields such as politics, business, technology, and entertainment, as these topics are often related to financial markets and have an impact on the economy and financial markets Consumption of sensationalized information: CNBC prioritizes delivering news in an entertaining and captivating manner to attract viewers, leading to the risk of oversimplified, shallow, and potentially biased information Broadcasts on market fluctuations and challenging economic situations can cause anxiety, insecurity, and stress, especially for individual investors.Influence on event perception: CNBC's images and reporting style can shape how audiences understand global events, potentially harboring the risk of manipulating public opinion

2 Journalists:

CNBC employs a team of journalists who cover a wide range of topics related to finance, business, and the economy These journalists are responsible for researching and reporting

on breaking news, conducting interviews with industry experts and business leaders, and providing analysis and commentary on financial market trends and events.CNBC's journalists also produce a variety of multimedia content, including articles, videos, and podcasts, which are distributed across CNBC's various platforms, including its television

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channel, website, and social media channels.Some of CNBC's most well-known journalists include anchors and reporters such as Andrew Ross Sorkin, Becky Quick, Jim Cramer, and Carl Quintanilla, among others These journalists have extensive experience in the financial industry and are highly respected for their knowledge and expertise in their respective fields

Competitive pressure and audience attraction: The fiercely competitive environment and the pressure to attract advertising revenue may lead journalists to sensationalize news to capture viewers, impacting the objectivity and honesty of journalism

Loss of information control: The growth of the internet and social media has made information control more challenging, requiring journalists to adapt to a new media landscape that is flexible and responsive

Strategy and Tactics

Strategy:

Deliver news swiftly, real-time

Infuse entertainment through comedy and amusing effects into news reporting

Tactics:

¢ During the 2008 financial crisis, CNBC seized the opportunity as public interest in the market soared CNBC quickly became a leading financial news source by providing real- time updates "It was news being made, all the time, in real time." CNBC consistently and rapidly delivered financial information, attracting a large audience and contributing to its substantial growth

* CNBC incorporated elements of comedy and entertainment into their news coverage Jon Stewart, one of the hosts on CNBC's program, effectively used humor to captivate the audience, shifting their focus toward entertainment rather than current affairs Blurring the lines between news and entertainment alters how we comprehend global events and consume news Shows like The Daily Show with Jon Stewart and The Colbert Report have

become popular mediums for young audiences to stay informed about current events These programs are produced with high quality and have a high entertainment value, making them appealing to a younger audience that often leans towards entertainment-oriented content rather than traditional news

GROUP ‘S OPINION :

Our deep concern lies with the recent trajectory of CNBC's journalistic practices Their disregard for professional ethics has led to a cascade of negative consequences, significantly impacting the media landscape and public trust

One of the most egregious offenses is the blatant blurring of the lines between news and entertainment This prioritizes sensationalism and attention-seeking personalities over objective reporting, undermining the very foundation of journalistic integrity This shift towards entertainment has eroded CNBC's professionalism and rendered its content untrustworthy

The detrimental effects of this approach became painfully apparent during the 2008 financial crisis CNBC's lack of objectivity fostered the illusion of a stable market, leading many investors to make disastrous decisions This blatant disregard for the truth exposed the fragility of public trust when placed in the hands of an unaccountable media outlet Furthermore, CNBC's reliance on unverified information and "embroidered" news gathered from various sources further erodes professional ethics This practice of newsgathering, devoid of independent investigation or verification, raises serious questions about the organization's commitment to journalistic principles

The fear of becoming a target of CNBC's reporting has created a chilling effect on businesses While this may incentivize them to adopt better corporate social responsibility (CSR) practices, it simultaneously fosters a toxic media environment where manipulation and fear-mongering reign supreme

In conclusion, CNBC's journalistic transgressions have severely eroded public trust and undermined the very foundations of a free press Their prioritization of entertainment over objectivity, reliance on unverified information, and blatant disregard for professional ethics have created a toxic media environment where truth and accountability are sacrificed for

fleeting ratings This alarming trend necessitates a critical reevaluation of CNBC's practices and a renewed commitment to journalistic integrity

Suggest some solutions for the group

According to the paper "How to communicate CSR effectively in a crisis” by Brown (2021), which provides some tips on how to communicate CSR effectively in a crisis The paper argues that businesses need to focus on the following factors during the CSR communication process in a crisis:

+Honesty and transparency: Businesses need to be honest and transparent in providing information about the crisis and the actions taken by the business to resolve the crisis +Empathy: Businesses need to show empathy for those affected by the crisis

+Accountability: Businesses need to take responsibility for the mistakes that caused the crisis

In addition, the paper "Crisis management i CSR: A literature review" by Chen, Wu, and

Yu (2020) provides an overview of research on CSR crisis management The paper found that CSR crisis management is a complex issue that requires businesses to be prepared and respond promptly The paper proposed some factors that need to be considered in the process of CSR crisis management, including:

+Stakeholders: Businesses need to identify stakeholders who may be affected by the crisis and build good relationships with these stakeholders

+Crisis management plan: Businesses need to have a crisis management plan in place and practice it regularly Media communication: Businesses need to communicate accurate and timely information to the public during a crisis

Lessons learned from implementing the CSR program after CNBC's reporting incident

The CNBC reporting incident is a valuable lesson for businesses when implementing CSR programs The incident shows that CSR is not just a moral obligation, but also an important factor in building and maintaining a business's reputation

In addition, businesses need to implement CSR seriously and effectively, avoiding mistakes that could lead to a crisis In the event of a CSR crisis, businesses need to have a clear and effective crisis management plan