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Does Being Socially Responsible Impact Corporate Sales Revenue? - Research Paper Example
In traditional environment of business the aim is to earn higher profits but still corporate social responsibility is being introduced in the business strategy which aims to reduce the profit ratio of the stakeholders and focuses mainly on the sustainability of the society and the environment…
As it has been said that the business has to return something back to the society where it is operating and it is the responsibility of the corporations operating in the society to return back and this has been termed as ‘Corporate Social Responsibility’. The fundamental goal of the business is to provide the shareholders with profits as Milton Friedman wrote in his article “the only social responsibility of the business is to increase the business profits of the shareholders”, yet CSR has played an important role in influencing the customer to purchase the company’s product (Beurden, and Gossling, 407-408)
In recent decades the concept of corporate social responsibility has gained a lot of support from businesses as well as the society as this strategy provides the company to survive and differentiate itself in the market environment. This strategy is aimed to provide the customers with the products according to their need by assuring the eco-friendly environment and the advancement of the society. ...