Introduction New Balance is privately owned company, which is the second largest footwear manufacture in the United States and the fourth largest footwear manufacture in the world with annual sales in 2008 of $1.61 billion (Veleva, 2010). Although New Balance owners did not have an official Corporate Social Responsibility policy there was a strong culture of “Doing the right thing” (Veleva, 2010). New Balance owners along with company leadership did realize that New Balance needed to engage in the next step, which was to develop a strong Corporate Social Responsibility. To do this New Balance promoted their senior corporate communications officer to the social responsibility manager. In addition, New Balance hired a firm outside the company to provide a credible and independent study of were New Balance stood in respects to their Corporate Social responsibility. For this study, New Balance hired a local firm which New Balance new well, Boston College Center for Corporate Citizenship (Veleva, 2010). Before the Corporate Social Responsibility study, New Balance although “Doing the right thing” did not make their social responsibility efforts public. New Balance’s new goal of “Doing the right thing” was to use the Corporate Social Responsibility study by Boston College Center for Corporate Citizenship to improve on their social responsibility and to make their social responsibility public. Strengths and Weaknesses Strengths Overall Governance (Values, Mission, Principles and Policies) - Responsible to their employees - Management is responsive and takes employees seriously - Employees have a sense of personal accomplishment - Employees have pride in whit the company is doing - Senior Management have a strong support for C... ... middle of paper ... ...nsibility. Overall, after New Balance focuses their Corporate Social Responsibility to the above key areas, New Balance will emerge as a Global leader in the Corporate Social Responsibility construct. As a global leader in Corporate Social Responsibility, New Balance will be able to maintain the fine balance of Corporate Social Responsibility and profit. Works Cited CSR Handbook for Small and Medium Enterprises . (n.d.). Retrieved January 24, 2014, from Caux Round Table: http://www.cauxroundtable.org/index.cfm?&menuid=104&parentid=16 Hohnen, P. (2007). Corporate Social Responsibility An Implementation Guide for Business. Winnipeg: International Institute for Sustainable Development. Retrieved January 22, 2014, from http://www.iisd.org/pdf/2007/csr_guide.pdf Veleva, V. (2010). New Balance: Developing an Intergrated CSR Stratergy. London: Ivey Managment Services.
Lantos, GP, 2001, ‘The boundaries of strategic corporate social responsibility’, The Journal of Consumer Marketing, vol. 18, no. 7, pp. 595-639.
21). Corporate social responsibility (CSR) directly corresponds to one’s organizational culture and the voluntary implementation of these beliefs, expectations and values. It goes hand in hand with their organizational reputability, especially if society benefits from them operating in an economic, social and environmentally sustainable manner (Global Affairs Canada, 2016). Two companies that demonstrate this initiative mindset are Tentree and Nike, yet they execute in completely different manners. On the organizational spectrum Tentree falls under the Social Venture category, meaning they are for-profit but also on focus on issues regarding social equity and environmental sustainability. Their social responsibility initiative is to plant ten trees for every item purchased by individuals on their website, or from retail vendors (Tentree, n.d., para. 1). Nike is categorized under being a Social Purpose Business because it achieves its desired social impact as well as continuous profit (Jones, George, & Haddad, 2016, p. 4). Nike’s social responsibility initiative is to transform production development and manufacturing to overall minimize the company 's environmental footprint (Nike,
Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a...
Corporate Social Responsibility (CSR) is about how companies manage their business processes to produce a positive impact on society. Companies introduce new products in markets, usually after testing concludes that the product is safe for use or consumption. It is nearly impossible for a company to truly know all of the potential risks a brand new product may have, even after thorough testing. However, once a company receives reports that its product may be causing harm to consumers, it is their responsibility to conduct more research and tests to rule-out any possible truth in the reports. This is what a socially responsible company would do, one who is preoccupied not only with their bottom-line, but one that is also worried about its customers.
An important factor for the successful development of a CSR framework at the corporate level is to ensure that the framework can be easily merged with the daily routines of the store. In the Siemens case that was studied in class, putting the company back in order had to start from the corporate level and with the individual in charge of corporation – the CEO. Therefore, in order to implement CSR at the store, the initiative has to come from the corporate level, however the store here in Nanaimo can assume a key role by developing and testing new CSR practices.
The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
In reviewing the case of New Balance Athletic Shoe, Inc. it is clear that there are a few major problems that the company is facing. First of all, New Balance falls behind its other major competitors, Nike, Adidas and Reebok, in the area of marketing. Unlike its competitors, New Balance does not undertake celebrity endorsements. This puts them at a disadvantage when it comes to brand building. This also causes the company to lose out somewhat on gaining awareness on a global scale as it lacks endorsements in major sporting events. Most global brand names generate strong brand recognition through celebrity endorsements in sporting events that would give them the needed momentum to carry their brand name further into the global market.
Foremost, CSR ensures that Nike retains its customer from the society. For instance, the positive reputation if this company for being socially responsible attracts more customers. Subsequently, the Company is committed to the community as well as the environment in which it operates thus attracting more customers to its products and services (Blowfield, & Frynas, 2005). Secondly, CSR plays an essential role in employee recruitment of Nike. The company has the highest number of the younger work force, since they have realized the company’s commitment to the environment as well as benefits of this company to the community. A positive image is another key role that the CSR plays on in the Nike Company. The positive image of Nike helps this company to attract more shareholders around the
The arguments for and against corporate social responsibility have captured two points of view. Those who believe that organizations should not be concerned about social responsibility base many of their arguments on the costs involved and whether organizations should shoulder those costs on behalf of society. And those who are in favor feel that organizations benefit from society and, therefore, have an obligation to improve it. Although there is no universal agreement, surveys and other reports express that many organizations are, becoming increasingly active in addressing social
In the article, The Truth About CSR by Kasturi Rangan, Lisa Chase, and Sohel Karim, the importance that coherence plays in corporate social responsibility (CSR), is emphasized. Throughout the article, corporate social responsibility application, within corporations, is broken down into three theaters. According to the article, many corporations do not focus on their CSR programs, and usually see these CSR actions as a secondary responsibility following the responsibility they hold towards their shareholders. It is argued in the article that in CSR is a key and essential block for corporate success, focusing on CSR coherence throughout all three theaters will bring positive results along the way, possibly making the corporation
...oncerns to the forefront of businesses. In this paper I have suggested that business can improve both socially and economically by incorporating and integrating a CSR program, guided by God’s love, into their strategic planning. Strategic planning of CSR creates a mutual beneficial relationship between a community and a business organization. The community wins by having a business that is sensitive to their needs and responsive to their concerns, and the business wins by developing competitive advantage in the market that leads to long-term profitability. A business needs to incorporate God’s love when developing CSR policies in order to maintain the trust and the integrity of the relationship with the community. With solid strategic planning coupled with CSR, businesses can set the direction that provides the greatest benefit to themselves and communities.
In choosing a company to analyze, I wanted a company that has impacted my life in some form, and whose mission and vision statement I truly believe in. That is why I chose New Balance Athletic Sportswear & Fitness Apparel. I will analyze the company using SWOT analysis, and explain and break down their vision statement, but I will first explain the company’s mission statement and how well it connects to the material discussed in lecture. Mission Statement New Balance did not have a clearly stated mission statement on their website, but they did have the following statement: “Our products are the perfect blend of function and fashion, giving you the performance technology you need and the style you want. Our associates around the world bring these goals to life with their high-level skills and creativity.
While the concept of an individual having responsibility is commonly recognized, modern views have lead to the emerging issue of corporate responsibility. Business Directory.com defines corporate social responsibility as, “A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources.” But such a concept has been much disputed since at least the 1970’s.
However, there can be more definitions about what Corporate Social Responsibility can be. For example, Corporate Social Responsibility can be the commitment which is continuing for a business to behave ethically and bring to economy the development to improve the workforces’ of the whole society and local community and their families’ quality of life. Corporate Social Responsibility is also known as the obligation of a company to serve the society’s interest and of course its own. With the help of the Corporate and Social Responsibility, social and environmental concerns companies can integrate into their business and stakeholders operations.