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the nature of csr in a business
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“An Empirical Study of Indian Consumer’s Perception of Corporate Social Responsibility (CSR)” Introduction In the area of consumer perception and response towards corporate social responsibility (CSR) increasingly received attention from the managers and researchers. Most of the research was conducted in context of developed countries that means research on consumer perception towards CSR in developing countries like India needs to be developed. This research will examine consumer perception of CSR in India. This research will be produced mixed results suggesting that CSR is still the concept waiting to be applied in India. Indian Consumers are often unaware and unsupportive towards CSR. This is an opposite finding of consumer perception in the developed countries where most of the consumers are willing to support CSR launched by corporations. This research will also address the issue when consumers have to buy similar products with the same price and quality, CSR could be the determining factor. Review of Literature Research on corporate social responsibility (CSR) is started in 1930s. Berle and Means (1948); Carroll (1991) advocated to incorporate voting rights for greater accountability and transparency for all shareholders. Nowadays, CSR receives attention from researchers and managers in the area of consumer perception and the response of CSR Smith (2003); Bhattacharya and Sen (2004); Beckmann (2007). Beckmann (2007) mentioned in his research on consumer perception and response towards CSR and suggested that there is a positive relationships between a company’s CSR activity and consumers’ reactions to that company and its product. Most of this research was conducted in developed countries e.g. Brown and Dacin (1997); Creyer ... ... middle of paper ... ...earch in the area of consumer perception and the response of CSR. Most of the research have been conducted in context of developed countries hence research on consumer perception towards CSR in developing countries like India needs to be developed. The scope of the research is to study the macro and micro level of CSR and distinct forms of CSR in India. At macro-level, I will look at what really formed for willingness or unwillingness to support CSR in India and at micro-level, I will look at how consumers of different income levels perceive companies CSR efforts. The research findings are applicable to a large extent for managerial decisions. There is a huge research scope available in this area as only a limited research has been done in this field. This research work and future researches in this field would be helpful for managers, students and academicians.
Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. (Louche, n.d.). A normal company’s main purpose is to produce profit and some companies want to benefit themselves before benefiting the people buying that company’s product, relating that to CSR they will get a higher reputation and that causes a higher sales which means bigger profit. CSR is the responsibilities that businesses should apply in order to make that business better towards the people and towards the eco-system. A part of CSR involves following the code of ethics which are rules that will guide a business to respect and the right behavior in order
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.
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.
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.
To understand to broad aspect of CSR, it must be considered for a complex perspective. Therefore Mureşan et al. (2010) states that CSR is the expectation related to the company leading to ecological, economical, legal, ethical and philanthropical responsibility and argues that many people do
Making business decisions involves choosing between alternative courses of action. Many factors affect business decisions, yet analysis typically focuses on finding the alternative that offers the highest return on investment or the greatest reduction in costs. Some decisions are based on little more than an intuitive understanding of the situation because available information is too limited to allow a more systematic analysis. In other cases, intangible factors such as convenience, prestige, and environmental considerations are more important than strictly quantitative factors. In all situations, managers can reach a sounder decision if they identify the consequences of alternative choices in financial terms. This unit
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...
A corporations CSR should be shaped in order to fit the goals of the corporation, although every corporation’s CSR should differ, since most have different goals and different communities behind them. The CSR should be molded into fitting the corporation’s goals in order to make it easier on the corporation in giving back to the community while achieving its goals. For example, a corporation located in a desert wishes to be more efficient, by reducing water usage it is not only creating lower costs, which result in higher revenue, but also helps the community by not taking up so much water. Taking this into consideration, it is critical that the corporation goals and values are established and clear throughout the corporation, they should be developed by the board or directors and CEO, and the highest managerial level should stress their importance to the rest of the corporation. By making the goals and values at the top branch of the corporate hierarchy, it will be simpler for the corporates community to develop in order to nurture those goals and values. Therefore, a corporation can reach the “shared-value,” a value for both its shareholders and community in a simpler manner that can result benefiting the corporation in the end as well. Throughout the article many examples are given of actual corporations that have benefited and changed their CSR in order to fit their goals, therefore, providing solid proof that these methods work. Nevertheless, as acknowledged by the author’s themselves, most of the corporations taken into consideration where one’s that Harvard CSR students were employed
Business organizations regularly run into demands from various stakeholders groups when conducting day-to-day business. These demands are generated from employees, customers, suppliers, community groups, governments, and shareholders. Thus, according to Goodpaster, any person or group of people that can shape or can be shaped by attainment of the objectives by an organization is considered a stakeholder. Most business organizations recognize and understand their responsibilities to these groups and endeavor to honor and fulfill them. These responsibilities are often communicated to the public by a statement of principles or beliefs. For many business organizations, corporate social responsibility (CSR) has become an essential and integral part of their business. Thus, this paper discusses the two CSR views: the classical view and the stakeholder view. Furthermore, I believe that the stakeholder view has brought ethical concerns to the forefront of businesses, and an argument shall be made that businesses would improve both socially and economically if CSR, guided by God’s love, was integrated into their strategic planning.
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.
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
both customers and consumers feel good buying from corporations helping the community and trying to preserve earth’s resources. Meaning that consumers prefer companies or corporations involved in CSR than others who are not .
According to this notion, corporate social responsibility leads to a better firm financial performance. While this direct relationship between corporate social responsibility and the firm financial performance has been examined repeatedly with results pointing to a positive relationship, this direct test is vague and invalid (Saeidi et al., 2015, p. 341). According to a study by Saeidi et al. (2015), competitive advantage, corporate reputation and customer satisfaction are the three mediators in the relationship between CSR and firm performance. Customer satisfaction leads to customer loyalty, causing customers to buy the products offered by the firm more frequently and consistently high customer satisfaction over a long period of time strengthens the corporate reputation and leads to higher sales growth and higher returns on assets, working wonders for the financial status of the firm (Saeidi et al.,
Corporate Social Responsibility is an organisation’s obligation to serve the company’s own interest and the one’s of the society. Moreover, Corporate Social Responsibility has a definition of a concept where the companies integrate social and the environmental concerns into their own business operation and also on a basis of voluntary with their interactions they have with the stakeholders. Corporate Social Resp...