Question

Discuss the various attitudes and perspectives on social responsibility:

a) How could a strategist’s attitude toward social responsibility affect a firm’s strategy? What is your attitude towards social responsibility? Justify your rationale.

b) How about benefits vs harms in complying with corporate social responsibility from the perspective of the internal stakeholders of that company?

Answer 1

a) How could a strategist’s attitude toward social responsibility affect a firm’s strategy? What is your attitude towards social responsibility? Justify your rationale.

Most businesses participate in corporate social responsibility ( CSR) practices or actions. These activities are actions that align corporate values and behaviors with expectations and needs of all of a company's stakeholders. Such efforts are meant to help not only consumers and creditors, but also workers, societies and the whole of society. Sustainability, corporate governance and integrity are the key reasons for businesses to assume such roles. There are several examples of which CSR has influenced the approach of a company. Auto-industry, for example, is strongly blamed for their exposure to greenhouse gas emissions. Yet car makers like Toyota and Honda have built strategic advantages by designing and offering hybrid and electric drive solutions to the consumer. Their creative culture was influenced by their industry's social constraints, and shifted their emphasis to make economic goods successful in fulfilling societal interests.

I think corporate social responsibility is good for companies, because it is good for society. Corporations are more geared towards efficiency, as it helps reduce inefficient activities and procedures that cost money to customers and affect society adversely. Social responsibility as a marketing practice will fuel growth by modifying the way a organization has been doing it for decades and thus contributing to new consumer opportunities.

b) How about benefits vs harms in complying with corporate social responsibility from the perspective of the internal stakeholders of that company?

An enterprise's internal creditors are usually involved in the firm's long-term success and productivity. By adhering to corporate social responsibility practices internal customers will hope to see a wide variety of rewards if such actions are performed properly and if they are not, they may incur loss. Internal shareholders are at risk if the executives do not properly apply or understand CSR. Companies promoting superficial CSR campaigns to demonstrate their good deeds run the risk of alienating the public and damaging their profitability. A complex case against CSR that an internal stakeholder may have is that extra social responsibility costs would push small businesses out of business and companies implementing CSR lose emphasis on key economic functions. Properly applied CSR does, however, have the potential to improve business sector competitiveness and productivity. In that way, an internal stakeholder would be developing ways to use CSR successfully to support the company, rather than thinking about whether it might hurt it.

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