1. Explain the importance of Corporate Social Responsibility (CSR). 2. What is a values statement and...

1. Explain the importance of Corporate Social Responsibility (CSR). 2. What is a values statement and how important do you think this may be to the strategic process?

Expert Solution

1.

Corporate social responsibility is nothing but the step taken by the organization which is beneficial for the society. Organizations is an instrument of domination and act as a single dominant system for the society whose presence or absence affects the society as a whole. So, socially responsible management refers to the management practices to run a business giving more importance to the society and how the business can be beneficial for the society.

In order for a company to implement corporate social responsibilities, strategic management plays important role to make sure that the organization is acting in accordance with the ethical standards. When the company focused more on social responsibility, customer positive perception about the company increase and result in increased number of customer base. Thus, society expectation affects the organization to implement different strategies in its functions to focus more on sustainability and corporate social responsibility.

Example - Coca-Cola's Green Changes can be referred as the change that has been done for the packaging of Coca-Cola in order to maintain sustainability. They introduced the concept of Green Coke in the global market in 2013.

The reasons CSR is important for businesses are: -

It makes the business sustainable and more environment friendly by making safe products and minimizing social and economic impact.
It creates positive impression in customer's mind.
It helps in improving the staff productivity by involving them in decision making process to make the business green. Green firm offers healthier and safer work environment and also attract best employees.
Ethical culture also attracts investors which increase the company's share price.
It improves the reputation of the organization.
It plays important role in guiding the organization to meet the goal effectively.

keosha answered 1 year ago

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