In: Economics
Do you think that business has a responsibility to contribute positively to society whenever it can, or do you think that business should simply focus on operating as profitably as it can? Explain your answer, referring to concepts
Corporate Social Responsibility is all about offsetting its environmental and community impact. And there can be a number of initiatives — from rising the carbon footprint of the organization with renewable energy approaches to being progressive on labor legislation and benefits, or contributing to local or global charities. Uses of all types , sizes and locations follow strategies which are socially responsible, and with good reason. The customer today is socially conscious, and that knowledge directly affects their buying decision. And if you do nothing to achieve responsible business practices, then your customers will not buy from you.
One of the reasons businesses increase profits when incorporating CSR into their business model is because customers pay attention to how businesses react to social and political issues, and often boycott negative value companies. Companies using CSR promote values which ultimately increase customer traffic, thereby increasing the profit of the company.
Companies understand the public's importance , especially targeted audiences, and have a positive view of them and their social obligation towards the public. Delivering high-quality, value-added products and services, excellent customer service, after-sales support, and engaging in civic causes all demonstrate how the company cares about its customers and the environment. Organizations with strong CSR strategies continue to get more and more media attention, which is promoting the company and enhancing the reputation of the business.