Marketing plays an important role for corporates. Successful marketing activities and strategies ensure customers are aware of products and services while make profits for the companies that offer those products and services. There are two key elements for a successful marketing activity: branding products and services for customers and making profits from the products and services. The current business world is facing fast changing business environment, rapid growth of technology, constantly shifting market shares and huge impact from globalization. The marketing activities will be strongly depended on understanding of marketing demands and new concepts from customers, products and services innovation and technology development, marketing strategy, and strategic business models or marketing models. For firms to be sustainable, successful and competitive, their business strategies have to respond to the changing of world. In mid-20th century, the concept of Corporate Social Responsibility (CSR) was introduced into corporate’s business activities. In recent years, CSR became an important factor for corporate’s sustainable business practice, growth and competitiveness. The nature of CSR is an obligation to maximize its positive impact and minimize its negative impact on society. Carroll (1991) listed the pyramid of CSR, which includes four levels. The four levels ranked from bottom to top are economic, legal, ethical and philanthropic. Economic means “Be profitable” and is the foundation upon which all others rest. Legal means “Obey the law” and requires corporates to play by the rules of the business activities and society. Ethical means the business activities conducted by corporates have to be right, just and fai... ... middle of paper ... ...into current business model. This research paper is focusing on three topics: the what, why and how for merging CSR into marketing. Through this new concept of combining CSR and marketing, companies could successful increase their market values, branding their products and rise above their competitors. Works Cited Berner, R. (2005). Smarter Corporate Giving. Business Week, (November 28), 68-76. Carroll, A. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), 39-48. Luo, X. & Bhattacharya, C. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(1), 1-18. Maignan, I. & Ferrell, O. (2004). Corporate Social Responsibility and Marketing: An Integrative Framework. Journal of the Academy of Marketing Science, 32(1), 3-19.
Lantos, GP, 2001, ‘The boundaries of strategic corporate social responsibility’, The Journal of Consumer Marketing, vol. 18, no. 7, pp. 595-639.
In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance” (Johnson, Schools and Whittington, N.D cited in March, 2012). Stakeholders can be defined as “those individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends” (Johnson, Schools and Whittington, N.D cited in March, 2012). There are many purposes for this essay, the first purpose is to descried the key principles of corporate social responsibility and explain their importance for stakeholders. Secondly, is to show how far this company follows those principles in order to be accountable to at least three of its stakeholders. In this essay, three stakeholders, environment, customers and employees will be evaluated respectively and the key principles of the stakeholders will be examined.
Turker, D. (2009). Measuring corporate social responsibility: a scale development study. Journal of Business Ethics 85, 411-427.
Gupta, K 2010, Innovative marketing strategy balancing commercial goal and corporate social responsibility. Mumbai [India: Himalaya Pub. House.
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.
Many of us tend to believe that the main purpose of any business is to generate as much profit as possible. To operate on the market and be competitive, companies should make money in order to cover its fixed and variable costs. However, it is wrong to assume that profits should be the ultimate goal for the businesses. Recently, many corporations decided to transform their ways of doing business from a capitalistic approach towards more conscious and society-oriented way. Corporate Social Responsibility (CSR) - the term that is used to explain the mechanism that helps companies control its compliance with law, ethics and certain norms.
Philip Kotler and Nancy Lee (2005) Corporate Social Responsibility - Doing the Most Good for Your Company and Your Cause. New Jersey: John Wiley and Sons, Inc.
Corporate Social Responsibility is a nature of a business to behave well and produce a general positive impact on society. This term was first generated in 1953 by H.R.Bowenes while widely considered as an important subject for business especially large firms who perceive CSR report equally as financial report, both of which are the topics the stakeholders or owners are interested in. In reality, Firms are not forced to behave as the public want to be because the CSR is quite ambiguity that we don’t know what the firms are responsible for and how far should this responsibility be. Firms before doing CSR may take a lot of considerations as this would be a cost to business if something went wrong or could be a benefit to profit when something is actually done and customers are aware of it. Thus, a theory introduced called the Triple Bottom Line by John Elkington gives an idea about balancing doing CSR and achieving market profit.
Initial, companies dedicated to CSR plans and strategies should generate initiatives that are reliable with their own company identities and that are perceived as unselfish programmes that augment corporate trustworthiness. Both coherence and motivational attributions are the main forerunners of helpful perceptions with customers and of intensification the customer---company nexus.
Corporate Social Responsibility (CSR) is a very familiar term in today’s world. Most of the successful companies try to be ethical and socially responsible toward their stakeholders. Because becoming ethical and socially responsible gains a lot in terms of profit or capturing more market share (Aras and Crowther,2009). This socially responsible approach is paved by the CSR activities of the companies which has a great contribution to their corporate strategy of winning the customers’ mind. In this assignment, the pros and corn of CSR activities of a particular organization a...
...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.
Corporate Social Responsibility 1 "Corporate Social Responsibility (CSR) analyses economic, legal, moral, social, and physical aspect of environment – Barnard (1938)" (Crowter & Aras, 2008). Introduction According to (Crowter & Aras, 2008), Corporate Social responsibility is a concept, which has become dominant in business reporting. Every corporation has a policy concerning CSR and produces a report annually detailing its activity. In addition, of course each of us claims to be able to recognize corporate activity that is socially responsible and the activity that is not socially responsible. In a broad sense, CSR is the relationship between global corporations,
In the current time of growth and progression, individuals should know that how a business not only flourish but sustain itself. Making profit is one of the main targets of every corporates but it must not be the only one. When an individual builds a company in order to do business, they should be well aware of their contribution towards the society as well as their business and employees in it. It is total strategy of all. We should be able to realize every increment contributes of it. One of the major factors that affect a business is how well it participates in Corporate Social Responsibility. According to (Werther & Chandler, 2006) corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefits the society. In authenticity, there is a whole lot to argue about it. There are no major guidelines that decides either a business is participating in Corporate Social Responsibility; what might be considered a Business practicing CSR to some, can still not be accepted for it by others. CSR may be restrained a term which his highly flexible. This paper will discuss about Corporate Social Responsibility and its
The modernized business entities strive to meet the higher standards of the ethical, legal, environmental, public and commercial fields. Therefore, the maintenance of the corporate social responsibility has become one of the most significant considerations for the global businesses (Filatotchev & Nakajima, 2014). The continuous and frequent changes in the legal, technological, economic, social, and political structure have been signifying the considerable challenges for the global organizations. As per the triple bottom line mode, it is notified that CSR of a company depends on three major responsibilities, such as, environmental, social, and economic factors. These organizations are embedded in and they interact with the different environmental situation (Schmeltz, 2014). These environments are specifically concentrating on the business ethics by maintaining the appropriate interactions and
A company has an economic obligation. It must earn a favorable return for its stockholders in the restrictions of the law. But, corporate social responsibility means that organizations have also ethical and societal responsibilities that go past their economic responsibilities. CSR needs organizations to develop their documentations of their responsibilities to include other stakeholders such as workers, customers, suppliers, local societies, state governments, international organizations, etc. Ethics could be seen as a fundamental component of individual and group activities at the heart of organizations’ errands.