Answered: What is the significance of corporate…

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

Related questions

Question

What is the significance of corporate social responsibility to a company’s strategy?

Expert Solution

Introduction

A management concept known as "corporate social responsibility" urges businesses to incorporate 'social and environmental considerations' into their daily operations and relationships with stakeholders.
'Corporate social responsibility' is designed to help the community, support charitable endeavors, and add value to society. Businesses are increasingly relying on CSR to have an impact and enhance their company's reputation.
CSR makes it possible to combine the interests of stakeholders and stockholders in 'order' to maximize organizational revenues. Although there are many current actions involved in CSR initiatives, it is important to emphasize that the strategic planning process comes first in their execution.