Definition of Csr

Businesses, specifically larger corporations, play a major role in what occurs in society therefore, they are responsible to their stakeholders not only to pursue economic goals but the greater social good as well. Corporate social responsibility (CSR) means that a corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment. (Lawrence, 2010). Social responsibility is becoming the norm so much so that some businesses have incorporated it into their business model. There are three components of the bottom line of social

The benefit to business of good Corporate Social Responsibility is difficult to quantify as it varies depending on the nature of the enterprise. Some scholars believe that there is a business justification for CSR. That is, what is good for the environment and society will be good for company profitability. And studies have shown a slightly positive correlation between CSR and financial gain (Steiner and Steiner, 2006). However, as Freidmanism claims, the first responsibility of business is to make enough profit to cover the costs for the future. If this social responsibility is not met, no other responsibilities can be (Hargreaves, 2006). Therefore it is critical that CSR activities are included in strategy formulation and that the level of resources devoted to CSR is determined like any other strategy – through cost/benefit analysis. Corporations will not throw money away…they need to see it

The Cadbury case demonstrates clearly the changing nature of CSR and its effect on relationship between business and society throughout history. In the first allegation, although the firm’s reputation was badly damaged, no action was taken. In modern time, under pressure from the media and civil society, Cadbury needs to adopt business ethics that go beyond economic responsibility and reach out for discretionary acts as certain duties and obligation in order to be a good ‘citizen’ of society. Defensive approach such as partnership with NGOs, governments to get rid of human rights and production issues is taken to defence its reputation. CSR also paves way to new business opportunities such as ethical brand. Its ethically sourced cocoas will benefit local producers as well as enhance the brand’s image

Background to CSR - In this environment, the impact of behaviour, values and ethics on achieving a company's strategic vision represents a timely and valuable undertaking. This behaviour, often called Corporate Social Responsibility (CSR) is a new focus on ethical and social issues (Sen & Bhattacharya 2001). CSR leads marketers to the notion of both global and stakeholder responsibility, and an organizational system that begs for sustainability not just to outlast the competition, but to increase customer loyalty, presence in the global market, and a stronger unification with the political bureaucracies. There is a clear integrative framework involved that impacts the idea of sustainable marketing concepts (Maignan & Ferrell 2004). Indeed, at the same time, "culture" has changed, too; there is likely not a country in the

CSR plays a very important role in the sustainability of every department in the corporation including marketing and management. Corporations are very particular in maintaining a sustainable corporate socially responsible environment. While marketing a product they make sure that they endorse it in the right way as it is the responsibility of the company to provide the right facts of the product to the society. In the same manner with regards to Management corporations make sure that they are socially responsible.

The (Commission, 2015) defines CSR as “companies taking responsibility for their impact on society”. It adds that CSR should be initiated by companies, with public authorities playing a supporting role through policy and regulation. Companies the commission would consider as socially responsible would have to comply with the law, integrate social, environmental, ethical, consumer and human rights concerns into their business and strategy operations. This recent definition of CSR covers most if not all of the angles of the different definitions and models of CSR put forth by writers in the CSR space. However as written by many authors, this is a dynamic field that continues to evolve (Carroll and Shabana, 2010, Geva, 2008, Carroll, 1999, Lee, 2008, Pirnea et al., 2011, Waddock, 2008). According to (Spector, 2008) its roots can be traced to the pre- World War II era (early years of the cold war), but for the sake of this paper we shall not go that far back. We

With the spread of social marketing and CSR in the world, organizations tend to not only consider the consumers’ demands and the companies’ profit, but also take the consumers’ and societies’ long-term benefit into account. Hildebrand,D,et,al (2011) demonstrated that the CSR activities can make up the central, special and core characteristics of the company identity, the identification of the corporate can also be aroused due to CSR activities. Moreover, Porter and Kramer (2006) highlighted that CSR can aid companies create the ability to achieve corporate resource so as to build a sustainable and defensible competitive position. So the companies should consciously undertake corporate social responsibility.

Corporate social responsibility (CSR) is a firm’s decision to accept responsibility for its social, environmental and ethical actions. A firm’s decisions whether to adopt and rank importance to CSR should be due to a variety of reasons, like the financial stability of the company aswell as the culture of the organisation. But one definitive factor would be a firm’s corporate objectives, corporate objectives are a quantifiable statement of a business’s goals which should include measurable targets. Essay will look to examine the relative importance of CSR in relation to other corporate objectives.

Social responsibility is an idea that has been of concern to mankind for many years. Over the last two decades, however, it has become of increasing concern to the business world. This has resulted in growing interaction between governments, businesses and society as a whole. In the past, businesses primarily concerned themselves with the economic results of their decisions. “Today, however, businesses must also reflect on the legal, ethical, moral and social consequences of their decisions” (Anderson 15). This paper will discuss the concept of corporate social responsibility. It will give the definition of the phrase, and identify some of the global factors that necessitate corporate social responsibility. It will discuss the importance of corporations setting up corporate social responsibility projects, and the impact these have on society. Social corporate responsibility and the maintenance of high ethical standards is not an option but an obligation for all business.

This essay will evaluate the relationship between Corporate Strategy, Corporate Social Responsibility and will give some examples in order to give an idea to companies why they should engage in CSR and the consequences of engaging on it. It has been told that engaging on Corporate Social Responsibility is a cost, but recently has been demonstrated that if it is well managed the money that you put on CSR implementation can be taken into account as an investment. Companies engage in CSR not only because moral questions, it has been demonstrated that CSR is a door to an increase in the reputation of the company. In the long term companies realize that customers really appreciate the engagement of the company to social or environmental activities. Managers nowadays realize on how the consumers mind are changing towards a more responsible consumption and how these consumers look for information on how the products they consume have been produced. So these managers in order to increase in a long term base the good reputation of the company are investing nowadays on changing their strategy and trying all the company to engage in responsible practices. As explained in more detail in this paper the consequences of engaging in CSR are worth more than the cost of changing the company’ strategy. Some of them are the increase of consumer loyalty, investor attractiveness, political stability and economic benefits.

The purpose is to highlight the complexities in operating a company in a socially responsible manner while remaining profitable. In addition, outlining key areas essential to meeting evolving needs of stakeholders. Corporate Social Responsibilities (CSR) is broken down into four responsibilities: economic, ethical, legal, and philanthropic. (Carroll & Buchholtz, 34) Moreover, companies’ responsibilities are evolving in regards to society and the global industry as a whole.

Abstract:Corporate Social Responsibility (hereafter CSR) is essence in nowadays business since the business is facing new

“CSR is now intertwined with international development and the related goals of poverty alleviation and sustainability,” (Blowfield, 2005). There are many benefits for a company who develops a high CSR profile. Although the costs of implementing a CSR strategy can be high, the overall outcome can prove most beneficial for both the bottom line and reputation of the company; as well as the development of third world countries and as stated above, the alleviation of poverty.

Corporate social responsibility, often abbreviated as ‘CSR’ is an approach taken by corporate companies of different purposes of the welfare of their workers, customers and as well as paying attention to ecological maintainability and responsible advertising. The term ‘CSR’ started becoming popular since World War II and has been a subject of major debate over whether a firm should solely aim for making profits or also consider giving back to its society, therefore, corporate social responsibility should be voluntarily embraced rather than being enforced. This essay focuses on the positive and adverse effects of corporate social responsibility on the companies as well as its importance for the society.

The concepts of corporate social responsibility (CSR) have been evolving for decades. At the very beginning, it was argued that corporation’s sole responsibility was to provide maximum financial returns to shareholders. However, it became quickly apparent to everyone that this pursuit of financial gain had to take place within the boundary of the legal system (Carroll, 1979;1991). Bowen’s 1953 publication of ‘Social Responsibility of Businessman’ was considered by many scholar to be the first definitive book, to explain the idea behind CSR. Following Bowen’s book, a number of works played a vital role in developing the social responsibility concept (Cheit, 1964; David & Blomstrom, 1966; Carroll, 1979;1991).