Understanding Business
Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question

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

Expert Solution
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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.
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