Corporate social responsibility (CSR)
What is the Corporate social responsibility (CSR)?
There used to be a time when product mattered the most than the materials or ingredients used in them. People were not aware of the side effects or some unwanted ingredients used in the products. As technology and social media have advanced rapidly, people are becoming more clever in making the right choices.
People are no longer afraid to speak up for their rights. Those businesses that do not provide safe and healthy products have been forced to shut down. This is why the practice of corporate social responsibility has become very common in the most profound industries of today.
Corporate social responsibility is the concern of a business towards the society. They portray to the people that they do not only try to obtain financial gains, but they also try to provide benefits to the society as a whole. Some multinational firms may use corporate social responsibility (CSR) as a marketing tactic, to attract customers towards their product. Some firms try to help the society by employing poverty deprived, or physically special individuals. Whilst some use recycled materials to show their concern towards the environment, example McDonald and Dunkin Donuts use recycle paper bags or tissues. Coca-Cola uses advertisements to show the importance of the countries where their franchises have been opened around the world. Such as Coca-Cola invented a phone booth in India that uses Coke bottle caps as tokens to connect with the laborers to their relatives.
Furthermore, even though businesses practices corporate social responsibility, they keep the economic objectives as their ultimate goal. Corporate social responsibility helps to keep the peer groups away from the firm. The reason for this is that in their eyes the business is doing more for the society and environment, rather than destroying the natural environment.
Many people term CSR as just a window dressing while some believe that companies who pursue corporate social responsibility gain a positive image. Somerville found that companies who perform CSR have more loyal customers, who are willing to spend more on the firm’s product since the business is supporting charity. However, environmental efforts are seen as a negative aspect, because it is believed that it would decrease the quality of customer service.
CSR consists of the triple bottom line which includes profit, planet, and people. This, in short, explains the aim that is kept in the mind of every business while implementing this method.