Evaluate the Relative Importance of Corporate Social Responsibility Relative to Other Corporate Objective

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

Corporate Social Responsibility (CSR) is something that affects all companies and should be an active factor in the company’s decision making. It is something all corporations need to care about. CSR is when business’ or corporations take part in an initiative or campaign for a cause that will benefit society and/or in some way make the world a better place (Taylor, 2015). Initially, Corporate Social Responsibility started to take shape around the 1950’s, but some say that it dates all the way back to the 1800s, the idea of CSR was seen (Carroll, 2007). One may think that because it is dated so long ago, it doesn’t have an important impact today nevertheless, it is proven that Corporate Social Responsibility is a pathway for entities to self benefit as they are in the process of benefitting society.

But why do we need CSR activities? I believe that nowadays due to the problem with ecology and environment consumers really pay attention to companies that act ethical to everything that surrounds us. CSR also help the company not to have a good impact on environment but also develop strong relationships with the customer, attract workforce, competitive

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.

Chapter 3: Define corporate responsibility (CSR). Describe the benefits. Why do some executives support CSR while others find it troublesome and argue against it?

Corporate Social Responsibility is known for bringing long term benefits to a business organisations . Companies that demonstrate CSR will have a good image among the public . Business organisations should publicize their efforts and let the public know about their ongoing CSR activities .A business organisation which has a strong record of CSR tend to attract more customers . Customers will then buy more of the product or service and will be reluctant to change to another brand . A very good example is by Unilever . Unilever launched its blueprint for sustainable business in the

In this essay, I am going to prove that a business organization should be socially responsible in a successful or an effective manner which will eventually benefit the company’s owners or shareholders. I will do so through illustrating the different potential effects of a business organization engaging in Corporate Social Responsibility (“CSR”). The effects that will be shown in this essay would be an increase and decrease in the company’s expenses, sustaining and harming the environment, increase and decrease in sales and customers, improve the lives of people inside and outside the company, and the practice of social irresponsibility. I will also be providing actual companies engage in CSR, and its effects on each company. I

CSR is majorly working in a sustainable proximity of optimal utilization of resources furthermore progressing towards societal development and the protection of environment. CSR has become an indispensable part of growth for companies all over the world. It aims to incorporate a self-regulatory mechanism wherein a business monitors and ensures its assent with the spirit of law, ethics and international norms. However for many organizations today corporate social responsibility is much more than just following the above mentioned practices, they believe in growing with the people and have set standards and goals in order to realise their notions of societal development. CSR helps an organization in many ways by building good reputation in the market; encourage a positive impact on the stakeholders both internal and external and also proves to be an aid to recruitment and retention particularly with such competitive world market.

Lou and Bhattacharya (2009) maintain that CSR creates a level of ‘Moral Capital’, which then translates into ‘Relational wealth’ with different stakeholders. This is based on brand faith and credibility with costumers, affective commitment among employees and regulators, trust among suppliers and higher attractiveness for investors in general. Consequently it is important for organizations, to understand that CSR initiatives need to be communicated and transmitted to its group of interest. As Blomqvist and Posner (2004 cited in Comfort et al. 2007, pp.584) propose:

Firstly, most of the companies giving free education to poor people, giving free medical check-up and donating money to charities. 5 decades ago, 500 companies were issued corporate responsibility report. But now more than 8000 around the world have signed in UN global compact pledging to show good global citizenship in the areas of human rights, labor, or standards and environmental protection. CSR has a number of stands like economic, ethical, and social. Many organizations have CSR. There is lot of companies doing a corporate social responsibility just like Pepsi, dell, airlines, chocolate companies etc. CSR have top brands. Some of companies doing a charity give a poor people some free brands like Nike brands, shoes, t-shirts etc. Every organization has a stakeholders (shareholders) interest group with direct or indirect stoke on the business. Basic list of stakeholders, investors, employees, customers, suppliers, local people. Corporate social responsibility is not going solve the world problems. That said CSR is a

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.

First of all, for some corporations the CSR is not their priority, the most common reason is because the practice of CSR will increase the cost of the company and decrease the profitability of the company. According to Sprinkle and Maines (2010) the costs associated with practice CSR separated into opportunity costs, sunk costs and recurrent costs. Opportunity costs defined as any activity that could not have been undertaken due to capital and labor being bound to the CSR activity, which might result in lost revenues. Secondly, although CSR can help the company build up their positive corporate image and good corporate citizenship, for some companies the process is too slow to see the benefit side of it, and it is a time consuming

The CSR focuses broadly on how or whether companies’ sole purpose is to improve and increase the wealth of shareholders and stakeholders and in making different kind of decisions. The debate about CSR has been introduced in every era by different platforms, which was mostly focused on large national and multinational MNC’s NC’s. However are now evolved time by time and considering wide social responsibilities for example? Community rights, environment and employee.

Corporate Social Responsibility can be defined as a company’s responsibility to ensure ethical business behavior, contribution to the economic development of a country, improve the lifestyle of its own workforce and their family members, betterment of local community and overall society. It is some small amount of cost done by the company which effect can’t be seen in the present but in long term it promotes positive image for the company. Successful CSR program can take a company beyond government regulation and legislation. It is a sustainable program which a company can easily run with its other activities. It mainly defines areas of concerns and initiatives which can improve the relationship of customers, shareholders, suppliers, competitors and other stakeholders with the company.CSR helps to achieve organization’s objectives and guide a company toward what the company stands for and how it satisfy its consumers. CSR can also define in three words that are People, Planet and Profit. People represent fair labor practice and betterment of the community where it operates. Planet represent environment friendly business practice and last of all Profit refers to organization’s economic value created after deduction of all the costs from the revenue including capital costs. Now a day CSR is regarded as a tool for building brand equity through customer loyalty based on distinctive ethical values. CSR is also criticized by some critics. According to their

The concept of CSR was initiated in the 1950’s in USA but it became established in early 1970’s. That time USA was facings social problems like Poverty, pollution and unemployment, also the huge fall in prices of Dollar. During 1980’s to 2000, corporations recognised and started accepting a responsibility towards society. Corporate social responsibility (CSR) is to focuses on the wealth creation for the optimal benefit of all stakeholders – including employees, shareholders, environment, customers, environment and society. CSR refers to the