Question

Offer an evidence-based justification for a corporate political strategy that is beneficial to society.

Answer 1

In modern days business and institutional environments are non-volatile, mainly due to government functions. While some firms adapt to these environments, others consistently engage in corporate political strategies to stay in the competition. With these strategies, corporates can influence government policies primarily in strong institutional contexts. For example, in earlier times the relations between corporate and politicians show the most common form of business-government relations in emerging countries, leading to poor corporate governance, corruption, bribery, crony capitalism, etc. But nowadays both are working for corporate profits as well as for social benefits.

• Corporate political actions, such as lobbying or campaign funding, can have a greater impact on environmental protection, and can certainly express the greatest impression that can save or harm a company. Most of the projects all over the world are cooperated by corporates and governmental agencies for society.
• Building trust in relationships between companies and stakeholders for the benefit of society is a very important factor for achieving their goals. People only trusted the political views of the company only when they believed that they were doing it for their benefit. For instance, some organizations worked together with government parties in CSR activities. Organizations got the fund for the development of society from the government in the form of subsidies and for that they need to work on some political strategies together.
• The main objective of organizations and NGOs is to provide better services to the society and to overcome their problems. It is found that confrontations are often retaliatory and that government lobbying is overcome and ineffective, non-governmental organizations often collaborate with businesses and some political people to resolve issues.
• Some combination of communication and proactive approach with the government and other interest groups is the best approach for most businesses for social benefits. The media is deeply involved in giving visibility to issues by corporate politics strategies and setting policy agendas. Businessmen see the media as an important influential agent influencing their operating environment and to be effective in their relationships with political parties.

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