• 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

    salespersons to acquire a broader set of skills (to become a financial counselor with broad knowledge of the product line), 2) improved access to information (integrated customer file), and 3) realignment of the incentive systems to encourage the new behavior.

  2. E-commerce in Business Companies of Bangladesh.

    With the addition of MQ connectivity into its EDI services, GXS opens the door for exporting countries to take advantage of a real-time transaction capability with US Customs. Thus the exporting countries are now able to use existing connection capabilities to EDI*EXPRESS and benefit from a pro-active delivery and receipt

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

    This has resulted in new developments in payment. The simplest of these is that cheque details can be printed out by the till, based on the information used to produce the receipt. Credit card vouchers can be printed similarly, and credit card details read electronically from the card.

  2. Critical Success of PVR cinemas in India

    * First to introduce "Heritage Cinemas" in India * First to form a "Foreign Joint Venture" with Village Road show, Australia * First to receive "Institutional Funding" in the cinema industry - from ICICI * First to offer "Computerized & Online Ticketing" * First to introduce "Real Time Ticketing" on

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

    as drawing up technical specifications, tendering, short-listing of vendors, negotiation of prices and payments are carried out centrally through the ASC. * Maintenance of ATMs: Rates for annual maintenance of ATMs are fixed centrally by Corporate Centre and advised to Circles.

  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