This research will begin with the statement that corporate social responsibility is centered on the idea of creating a shared value. Organizations and business have to consider their contribution to the society. In the modern society, companies, businesses, and organizations are aiming at creating a value to both external and internal stakeholders so as to create value in the society. Most of the companies are not aiming at just making profits, but also maintaining the loyalty of their customers. Companies are aiming at impacting the community positively. The availability of many companies providing similar services and goods allows the customers to make decisions based on several factors such as the image of the company outside of the workplace. Recently, the business world is characterized by stiff competition. Hence, for companies to win new customers or retain the existing customers, they have to distinguish themselves from other companies which are providing similar goods or services. The companies have also to create and retain a positive image to uphold their reputation. In the recent past, the public relations specialists carried out a key role in communicating on behalf of the company to the external and internal stakeholders and the media. Creating a positive image of the company creates a strong relationship between the company and the stakeholders. Thus, corporate social responsibility is a tool that public relations specialist needs in order to maintain the reputation of the company.
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The essay critically discusses the extent to which corporate social responsibility has evolved beyond public relations into a strategic tool. Thus, making companies gain competitive advantage, strengthening company’s brand, and enhancing company’s reputation…
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).
This is to meet the requirements of the present generation as well as ensuring that there is compromising with regards to the abilities of the generations to come. Organisations have been increasingly called upon for taking up additional responsibilities for the way their operations are having an impact on the society and its natural environment (D’Amato, Henderson & Florence, 2009, p.1).
According to the report in order to justify with the requirements of this paper, first, a corporation, Wal-Mart, and its CSR role has been included in this paper. The contribution of CSR towards corporate strategy is highlighted. Subsequent to that, the importance of CSR is discussed; and a critical evaluation of CSR comes before the part of conclusion.
30 References 31 Part A Research and Findings Research Questions 1. What is the role of corporate social responsibility in reducing the level of business risks of a company? 2. How does the level of corporate responsibility policies of J Sainsbury Plc help in mitigating the level of business risks of the company?
The greatest concern for most businesses now is to achieve as much competitive advantage as possible to distinguish themselves from the rest, not only for profit motivations in the present, but also for longer life in the future. In that case, business strategies employed by business corporations target to achieve two most important goals, to see that the businesses remain profitable and to ensure they remain relevant in the future, by producing quality services that meet customer standards.
Later the Committee for Economic Development (CED) used a ‘three concentric circles’ approach to explain the significance CSR can uphold in a MNC. Out of three circles, the inner circle is dedicated for economic functions, the intermediate circle
ngly called upon for taking up additional responsibilities for the way their operations are having an impact on the society and its natural environment (D’Amato, Henderson & Florence, 2009, p.1). Most of the large enterprises today are seen to attribute the virtues of the