Today, most of the marketing tricks adopted by all leading companies aim at luring the gullible consumer towards their newly launched product at any cost. Most of the times, the marketing techniques are so strong that one starts to feel incomplete without that product at home or in their pockets…
So, when the product falls short of the specifications or expectations, they approach a forum called Consumer Court to resolve their grievances, both genuine and perceived. When the consumer approaches a redressing agency, all the efforts expended by the product manufacturer towards marketing have either failed or fallen well short of specifications or expectations, making the investment in marketing segment less effective, or at least not as profitable as expected. Most good companies would avoid such a situation and try to provide a product as per the specifications. Thus it would be wise to study both sides of the aspect and neutrally evaluate the outcome in best interests of society and individuals as well as reasonably for companies providing a service or a product, albeit with a rider that profitability than service is their prime concern.
The history of consumer protection is not as old as that of the consumers. In 1962, President John F Kennedy introduced 'The Consumer Bill of Rights.' However, before 1965, there was no effective legal protection available for consumers across the world. The idea was first conceived by Garland Dempsey. In December 1965, probably the first refund of $ 787 was provided by a finance company to Mr. and Mrs. Henry Outlaw, the lucky neighbors of Garland Dempsey in North Philadelphia. Mr. Dempsey filed the complaint on their behalf in regard to a swindle of refinance of a loan. Another such case, the Gallman case got nationwide approval and led to passage of Consumer Credit Protection Act of 1968 by the Congress. This act was later aptly called "The Truth in Lending Act", the first in the series of consumer protection legislation. (Retrieved from: consumercrediteducation@ worldnet.att.net )
Today, across the world, consumer protection laws have evolved protecting consumers from all kinds of manufacturing and retailing defects, protection from fraudulent advertisements, invasion of privacy, deceptive marketing techniques and many such issues. Sections of population defend both sides of the arguments which lead to millions of litigations across the world with sometimes heavy penalties for defaulting companies in the event of intentional deception or even unintentional action leading to loss or damage to a consumer in financial/personal manner.
The Corporate Responsibility
With passage of time, certain conventions have emerged for the corporate sector to strictly adhere to, failing which they can be held guilty of consumer rights violation. The corporate responsibility towards individual consumers as well as society as a whole has been redefined, and consumer protection laws have assumed gigantic proportions across the world covering the entire spectrum from an individual to the society as a whole. Since the penalties in the event of conviction are prohibitive, not many market conscious companies today are willing to trade their reputations at any costs, and ...
Cite this document
(“Corporate Responsibility Essay Example | Topics and Well Written Essays - 3750 words”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/298294-corporate-responsibility-essay
(Corporate Responsibility Essay Example | Topics and Well Written Essays - 3750 Words)
“Corporate Responsibility Essay Example | Topics and Well Written Essays - 3750 Words”, n.d. https://studentshare.net/miscellaneous/298294-corporate-responsibility-essay.
Corporate social responsibility (CSR) is an essential facet of the business world in the last eighty years. As early, as the 1930’s idea of the social responsibility of organisations has already been alluded and discussed by some practitioners (Hemingway, 2002).
The Body Shop is one of the leading UK based cosmetics manufacturers and distributers headquartered in Littlehampton. The organization has almost 2400 outlets in 61 countries. The organization was established in the year 1976.
Leading global organizations around the globe are trying to implement several unique business strategies in their business operation in order to secure their market share. The organizations are implementing several aggressive strategies in this competitive global business market to maintain their financial stability (Brejning, 2013, p.76).
One of the ways in which they have tried to do this is through promotion of Corporate Social Responsibility. Milton Freidman stated that the "Business of business is business", and this view seems incompatible with a socially aware intent. In looking at the opposing views of the market in society, questions still remain: is CSR compatible with the demands of shareholders Is CSR a genuine movement, or a company PR exercise Can a company be profitable while also being socially aware
Socially responsible actions indicate a firm's commitment to its society and community which results in increased consumer confidence and thus better performance. Donaldson and Werhane (1983) noted that "almost everybody believes that corporations should be concerned about something more than making money, that they have responsibilities not only to stockholders but to their employees, to their customers, to the communities in which they work and to society at large."
Corporate social responsibility came up as the process whereby corporate, firms, business or even the government come up with policies which are beneficial to the stakeholders regardless to the activity of the organization in question.
It came out very clearly that any organization has several stakeholders, which include customers in that the customers buy goods and services from the firm.
As you know very well, we have been continuously neglecting the society in general and our role in the corporate social responsibility (CSR) is conspicuously absent for many years in the past. We were so busy in planning to meet our production targets,
There is no doubt that the management has been systematically implementing several steps for the welfare of the employees who are part and parcel of the society.
As in many new developments, major concepts of sustainability have no single definition. Neither the exact meaning of the term corporate social responsibility (CSR) nor the related terms e.g. corporate responsibility (CR) or corporate sustainability (CS) has still been agreed upon.
ronment, the end users, the communities within which they operate and from which the labor force is drawn, stakeholders of the company as well as the general public. The managers usually focus on the improvement of public amenities to enhance development and also to help
Nonetheless, these controls may add the scope for abuse and managerial discretion. This paper is an integrative essay that looks at corporate governance from the perspective of two separate articles.
2 Pages(500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Corporate Responsibility Essay for FREE!