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Its environment has parties like competitors and customers, both internal and external; suppliers and government authorities that must be analyzed and addressed appropriately. Laying down the best strategy will involve assessing the needs of the market and the firm’s capabilities, formulating its mission and vision and communicating the goals and objectives set down to the employees. Once all this is done, managers have to assess the tasks to be done and allocate resources in a manner that will avoid wastage. The aim of strategic management is to enable a business to take advantage of opportunities and to act quickly in response to challenges in its environment. This in turn helps to meet the needs of the market effectively.
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Then an outline of the role management plays in the incorporation of socially responsible attributes to a corporation will be expressed, evidence to suggest that ?if this means that there a social contract that requires business to honour a moral bare minimum, then a business manager is duty-bound to obey it? (Bowie 1991: 56-66). This essay shall also investigate some of the classical theories of CSR and its contribution to profit maximisation. Finally, some specific arguments that state that the introduction of social responsibility is not a good idea and how it has failed to create the ?good society? (Friedman 1970: 122-126) will be discussed.
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