• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Social Responsibility: Good for Business

Extracts from this document...

Introduction

Social Responsibility: Good for Business Corporate Social Responsibility (CSR) is very important to the success of business ventures. Although, CSR is not required when conducting business, it is much more beneficial to adopt values and morals than to abandon ethical responsibilities. The concept of social responsibility does not just include following government laws and regulations or charitable contributions. It includes going above and beyond the bare minimum that the government requires. Businesses should actively participate in the social affairs where the needs of the stakeholders should be considered. These needs could range from economic concerns to societal and environmental issues. CSR has the ability to strengthen a company by building a loyal consumer following. It can mean the difference between long-term success and failure. A slight miscalculation of key social and economical issues could result in ruined reputations, damaged financial integrity and injured relationships with customers and stockholders. (www.glocom.org) For example, a business may not want to spend money on environmental conservation issues (recycling, using non-aerosol cans) due to high costs. ...read more.

Middle

First of all, a firm that is socially responsible builds trust with its employees and stakeholders. Many widely respected magazines and publications, such as Fortune, conduct surveys that evaluate the reputations of companies based on various facets such as social responsibility. Other publications list companies that are great to work for and businesses that really help out in the community. Studies have shown that there is a connection between a firm's reputation and its share price. The second reason to be socially responsible is because firms do not want to attract bad publicity or to appear irresponsible. Oil companies, for example, fear oil spills not just because they are losing money, but also because it damages their reputation which results in more loss of money. The third reason an entity might be socially responsible is due to upper management or influential figures within the company. For instance, Ben Cohen and Jerry Greenfield created Ben and Jerry's Ice Cream. Ben and Jerry's Ice Cream has adopted social responsibility as an integral part of the organization's values. ...read more.

Conclusion

Many firms only begin using CSR practices after negative press surfaces. Coca-Cola in India created a CSR advisory board after negative press over fatal gas leaks and contaminated water. In other words, some companies only use CSR as a publicity tool to cover up problems that were apparent within an organization. In the same way that Coca-Cola used CSR to strengthen risk management, fast food restaurants are now offering "carb-conscious" alternatives to their otherwise unhealthy products. This gives the consumer the feeling that a fast food company does not only have unhealthy food items, but also offers a variety of tasty salads and health foods. Regardless of the motivation being for genuine concern or self-interests, the result is the same. There is going to be a more balanced partnership between the internal and external environment of the corporation. I believe that as the business world progresses, companies will be held to higher standards and the companies that rise to meet or exceed societal expectations will be the ones to have long lasting success. In addition, the concept of corporate social responsibility will be integrated into more visions and mission statements of the businesses that understand how important the community really is. (Moazzem) Ethan Opelt 10.21.04 Strategic Marketing Professor Lambert ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level ICT in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level ICT in Business essays

  1. For my business report I am investigating the Co-op erative society supermarket.

    Each employee has his/her user area in which updates and messages form their managers. This is very useful to Co-op internal communications as it a method of keeping in-touch with the business employees and the management don't feel isolated. It can also be used for in house training.

  2. Report on ethical practices of TATA Group (India)

    The Tata Group was awarded for the GBC award for the best initiative in AIDS awareness Tata Tea Limited is the largest integrated tea company in the world with significant presence in over 35 countries. Tata Tea has decided to implement an HIV/AIDS program.

  1. The Balanced Scorecard

    Measures introduced were cross-sell ratio (lag indicators) which measured selling effectiveness and hours spent with customers (lead indicators) to send signal to salespersons of the new culture required by the strategy * In order to improve employee effectiveness in implementing the revenue growth strategy, the learning and growth component of the scorecard identified the need for 1)

  2. E-commerce in Business Companies of Bangladesh.

    Bangladesh has now joined other textile exporting countries in its ability to communicate seamlessly with US Customs, radically improved business opportunities for exporters and reduced paperwork and workload for the VISA processing authorities. b. Results at a glance:� * VISA processing cycle time cut by 20 percent � Consignment clearance

  1. In this coursework I need to produce a detailed business report on one medium-sized ...

    Unlike credit cards, the customer pays at the time of the sale. The facility to give customers up to �50 in cash also comes from being able to check the customer's bank or credit card account, and has proved a popular innovation with customers, who are saved the necessity of a trip to a bank or cashpoint.

  2. Implementation of ATMS at SBI. Banks in India are looking at deploying biometric ATMs ...

    ATM Prices are fixed centrally by Corporate Centre and financial sanction for the purchase is obtained from the Executive Committee of Central Board in case of SBI. For Associate Banks, the financial sanctions are obtained from their respective Boards. * Site Selection Site selection is primarily the responsibility of Circles.

  1. Critical Success of PVR cinemas in India

    They now have an unmatched 68 screens across the country. They just love to entertain. Singular Belief: MOVIES FIRST - It's a mantra every single one of our 1,000 employees swears by. - It's a motto that helps us deliver the finest cinema experience, year after year.

  2. Developing an informed understanding of issues surrounding the concept of corporate responsibility.

    Whilst traditions of corporate philanthropy date back to Victorian times, companies are now more than ever beginning to engage actively with community organisations and build meaningful relationships to meet both community needs and business objectives, and to address key social concerns.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work