“Corporate social responsibility is both a process and an outcome. It is based on the ethical, moral, rational, and economic arguments for corporate social responsibility. Assess the relevance of all the four crucial components of CSR in relation to the following drivers of CSR such as affluence, sustainability, globalization, communication, and brands.”
By the given statement, it can be stated that corporate social responsibility is one of the important aspects that should be considered so that growth can be attained. Corporate social responsibility is considered as the responsibility of the company towards welfare and also the interest of the society. It takes place at the time of maintaining the healthy bottom line of the overall profits. It is also one of the self-regulating business models that assist the company to be socially accountable for the stakeholders and also for the public. This factor impacts the various aspects of the society like economic, social and also environmental. It can be stated that CSR is the method which emphasizes to embrace the overall responsibility of the overall actions of the company and it also boost the positive impact with its activities (McWilliams, 2015).
The motive of CSR means that companies should have moral, ethical and philanthropic responsibilities so that it can be simple to earn fair return for investors. CSR can also be stated as the ethical role of the company in the society. The main motive is to enhance the long-term profits and also the trust of the shareholder by maintaining positive relations. The focus is given on the ethical standards to minimize the business and legal risk by considering the overall responsibility of the acts done by the company.
CSR can be considered as a process and also it is the outcome. CSR is the process as it helps the company to focus on managing the overall activities. Through proper process, it can be seen that company can take into consideration proper flow of the activities. It can be seen that the companies have to adopt the process related with CSR so that it can be easy to achieve growth in the competitive market. Corporate social responsibility is the process of the corporate self-regulation which is integrated into the business model (Pérez, 2015). The CSR activities boost the company to make the positive impact on the environment and also on the stakeholders. In the process, the company has to focus on the stakeholders. The stakeholders of the company are employees, unions, investors, customers, communities, local and national governments and also the suppliers. In the overall process of CSR, it can be stated that business and their workers, managers have to face the problems when they go out from their working lives. It can be seen that the ethical problems or the issues can be related to conflict of interest, bribes, conflicts of loyalty and also the issue related to integrity and the overall honestly. It can be analyzed that if these types of ethical issues take place then the overall outcome can be negative on the overall activities of the business and it can be difficult to achieve success in the competitive market. T can be stated that the basic aspect is related with Carroll’s pyramid which is economic (Wagner and Disparte, 2016).
The companies are considered as the economic entities and they are present to generate the economic good. When they focus on these factors, they comply with the overall legal need that forms the second level of the Carroll’s pyramid. The ethical level also showcases the need of the society which is the expectation from the society. On the initial level, the legal and economic sanctions cannot be present so this is the responsibility which can be stated as “do not harm”. Also, there are discretionary problems which can evolve into the ethical framework and also with the legal one with the overall implication of the company in the competitive market (Carroll, 2015).
Also, the moral argument in relation to the CSR focuses on the connection between the organization and the principles expected by the society within which the overall manages its operations. It also focuses on the business in which it can be stated that the company assumes the “For profit” Entities and there is no need of vacuum. The company attain success just due to the overall activities which are congruent in relation with the societal norms and also with the aspects related to the overall activities of the company. It can be stated that CSR is the moral argument which highlight the moral reasoning and also focuses on the relationship between the company and the society. It can be considered that companies recognize that for profit entities there is no need of vacuum as their overall ability to achieve success comes from the societal resources related to infrastructure and also rule of law (Schwartz, 2017).
The CSR emerges from the overall interaction and interdependence between the profits and the society. It is also shaped by the people and societal standards of morality, ethics and values which can also related with the overall views of the human rights and social justice. But it can also be argued that company’s success is related with the society which offers the infrastructure, employees, customers and also other factors related to success. It can be stated that if the companies reflect on the societal costs it is not be possible to give competition to the other companies which exist in the society and also it can be able to externalize the overall cost like dumping the unfiltered pollution into the local waterbodies (Steenkamp, 2017).
In context to the rational argument it can be stated that for the companies who are emphasizing on enhancing the performance should focus on reducing the restrictions on the activities. In the present scenario, in which the people and activist companies feel empowered to enact the change and also the CSR showcase the overall means of anticipation which reflects on the social concerns. This can also lead to the overall reduce in the operational and financial limitation of the company. CSR can be stated as the rational argument as it emphasizes on the advantages to the performance and it also avoid the external constraints. Adopting the path related with the least resistance states that the problems of the concerns also require common and business sense. In the present globalized scenario, it can be stated that the people and companies are empowered to enact the overall changes. The concept of CSR also relates with the anticipating and highlighting with the societal values so that it can be easy to reduce the operational and also financial sanctions (Ni and Van Wart, 2015).
The loss related with the moral legitimacy can also be the outcome of the countervailing power related with the social activism and also with the restrictive legislation. If violation of the ethical standards take place then they emphasize on the rational argument in context to CSR. The societal sanction like laws, fines and also social activism can affect the overall strategic goal of the company and also with the efforts which comply with the societal level of expectation which is rational in regardless to the overall moral arguments. Also, its compliance with the expectations which are moral and is based on the subjective values. It can be stated that rational argument rests to the overall sanction avoidance. So, at last it can be stated by the Iron law of social responsibility that in the free society there is society discretionary which can lead to the societal duties. So, in the society which is democratic, it is important to consider power so that abuse can be reduced in a proper manner (Weber and Wasieleski, 2018).
The economic argument for the CSR is concerned with the self-interest of the companies. CSR focuses on adding the value as it helps the companies to reflect on the requirement and concerns of many stakeholder groups. If this is done by the companies, then it can be simple for them to retain its overall societal legitimacy. It can also help in maintaining the overall financial viability for the long period of time. CSR also emphasizes on matching the overall corporate activities with the value of the society and this is done when the overall parameters keeps on changing. It can also be stated moral and rational arguments in relation to the CSR can lead to the overall economic argument (Christiansen, 2017). To consider the CSR into the activities which offers a potential point of differentiation and also the competitive advantage as it can help in achieving the large market share and also it also focuses on attaining success. So, the social contribution can be considered as one of the profitable and it can also enhance the overall competitive advantage. The economic argument also considers all the factors which can elaborate the CSR importance in the present business environment (Tai and Chuang, 2014).
CSR is considered as one of the important factors which can be considered to focus on the overall efforts of the company and it also improve the activities in relation to the society. If the companies take into consideration the CSR then it can be simple to maintain the better brand recognition and also it focuses on creating positive business reputation. It is important for the company to take into consideration proper CSR activities as it can help in enhancing the sales and customer loyalty and also it will emphasize on maintaining the overall financial performance. Organizational growth is also one of the factors which is considered if proper concept of CSR is taken into consideration. It can be stated that when the companies emphasize on the CSR activities then it can be easy to access the capital and also it helps in attracting the talent and retain the staff in the workplace. It is one of the factors that can help in maintaining the overall operational costs and also it will enhance the image of the company in the competitive market (Tingchi Liu et al., 2014). If there is no proper CSR concept taken into consideration by the company then it can be difficult to achieve growth in the market and it can also be one of the drawbacks in relation to the competitive advantage. The overall brand reputation of the company can be developed if proper emphasis is given on the corporate social responsibility. Without corporate social responsibility, it can be seen that company can face the issues and it can negatively impact the overall operation of the company in the competitive market.
In relation to the four components related with ethical, moral, rational and economic it can be stated that it is linked with the drivers related to affluence, sustainability, globalization, communication and brands. It has a proper link with these drivers as these are the drivers which are important to be considered by the company. These drivers can help in attaining growth in the competitive market.
In relation to the moral component of CSR, it can be stated that it is link with the driver related to globalization. It is important for the company to focus on considering the values and norms to enhance the market share in the competitive market. In the present scenario, customers are demanding more from the companies. So, it is necessary to maintain overall process as it can help in accomplishing the desired goals. The company should not ignore its values as it can negatively impact the overall process of the company (Cramer, 2017). For example: it can be seen that the customers who are in North America can give vote with their wallets against the organizations whose performance in relation to social and environment is not good. It can be seen that forty two percent of the north American customers focuses on giving punishment to the socially irresponsible companies who are not focusing on considering the values (Fatma, Rahman and Khan, 2015).
For example: Starbucks has faced the animosity of anti-globalization rioters. It can be stated that they accused of mistreating with the staff and also avoided the corporate tax. So, this act can be considered as immoral in relation to the overall corporate social responsibility. It can also be stated that globalization is related with the connection of the people and business on the global platform and it can also lead to the global cultural, political and economic integration. It is one of the capabilities to move and communicate in an easy manner with the customers on the global platform. But to connect on the global platform it is necessary to focus on the moral framework and also one the values as it can help in accomplishing the overall goals and objectives. For example: the founder of Ben & Jerry, Ben Cohen and Jerry Greenfield, have focused on maintaining the value of connecting with the employees. To attain the CSR goals, Ben and Jerry established the “Ben and Jerry foundation”. It can be seen that the bars of the company are set high by offering 7.5% of its overall profits to the charitable companies on the global platform. Ben and jerry also emphasized on giving respect to the human beings. They give respect to everyone whether they are the employees or not (Shim, Chung and Kim, 2017). They have also emphasized on donating over two million dollars to the companies as through this it can be easy to have positive impact on the society. So, this can be the best example in relation to the component related to moral and also with the globalization drivers. In this it can be stated that they focused on giving value and also maintained their morale which helped them to enhance their market share on the global platform (Hur, Kim and Woo, 2014).
The next is related with the economic component in relation to the sustainability. It is important for the companies to emphasize on maintaining the overall economic ratio. Sustainability is also the important concept that can be interchanged with the concept of CSR. Sustainability is considered as one of the concepts which is taken from environmentalism and it originally related with the overall ability of the society which can continue to manage without compromising the overall environmental condition in the future. Also, the sustainable organization can be the one which can manage the activities without adding to the issues of the environment. So, it can be stated that sustainability is one of the challenging goals which is important to be considered. Also, it can impact the overall economy if proper CSR activities are not taken into consideration (Kujala and Korhonen, 2017).
So, it is necessary for the companies to emphasize on maintaining the sustainability in relation to the overall economic conditions. For example: it can be seen that Levi is one of the companies that emphasize on the overall efforts on CSR. The Levi approach is to minimize the overall footprint of the environment by acting the human rights and also on the environmental framework. If focus is given on the BMW program, it can be seen that Levi’s has also a ‘worker well-being initiative” that focuses on improving the overall life of the workers. The company also trademarked their water less campaigns by considering the use of less water at the time of manufacturing the products. They have also solved approximately one billion liters of water and have the hope to bring improvisation in the overall manufacturing process by 2020.
The next is related with the ethical component in relation with communication. It is necessary for the company to focus on maintaining the communication process with the people by having proper ethical framework. Without proper framework it is not possible for the company to achieve success in the competitive market. It is necessary to have proper ethics and the message which is transferred to the customers should be accurate as it can impact the overall satisfaction level of the customers. At the time of communicating with the customers it is necessary to focus on ethics so that it can be easy to attract the customers towards the overall activities of the company. It will also help to boost the overall productivity level of the company if there is proper communication with the employees. Ethics should be considered as it can help in achieving the set goals and targets of the company (Kim and Ferguson, 2018).
For example : Survey Monkey is one of the best example in relation to the survey creation software. It can be seen that it is created to maintain the overall social responsibilities. The company also focused on engaging into the innovative way and the best approach which is considered is that they give 50 percent of every survey to the people. The company has also donated more than one million dollars to the companies like Boys and Girls club of America and also to the Humane society. This is also related with the driver related to brands. Through this it can be easy for the company to maintain its overall brand image in the competitive market.
Rational can also be the component in relation to the driver of Affluence. It can be seen that will help to maintain the overall stability and security in relation to the work. The affluence can be enhanced if proper relevancy is taken into consideration in relation to the stability (Karaosmanoglu, Altinigne and Isiksal, 2016).
So, by the overall analysis it can be stated that CSR is one of the important factors that can help the company to accomplish its goals and objectives in the competitive market. This factor is important to be considered by the company as it can help in maintaining the overall brand image in the competitive market. It is the best way that can be considered by the companies as it will help in attaining the positive outcome through this company can communication and expand its market share on the global platform.
References
Carroll, A.B., 2015. Corporate social responsibility. Organizational dynamics, 44(2), pp.87-96.
Christiansen, C.O., 2017. The Economic Rationality of “Doing Good to Do Well” and Three Critiques, 1990 to the Present. In History of Economic Rationalities (pp. 133-140). Springer, Cham.
Cramer, J., 2017. Corporate Social Responsibility and Globalisation: an action plan for business. Routledge.
Fatma, M., Rahman, Z. and Khan, I., 2015. Building company reputation and brand equity through CSR: the mediating role of trust. International Journal of Bank Marketing, 33(6), pp.840-856.
Hur, W.M., Kim, H. and Woo, J., 2014. How CSR leads to corporate brand equity: Mediating mechanisms of corporate brand credibility and reputation. Journal of Business Ethics, 125(1), pp.75-86.
Karaosmanoglu, E., Altinigne, N. and Isiksal, D.G., 2016. CSR motivation and customer extra-role behavior: Moderation of ethical corporate identity. Journal of Business Research, 69(10), pp.4161-4167.
Kim, S. and Ferguson, M.A.T., 2018. Dimensions of effective CSR communication based on public expectations. Journal of Marketing Communications, 24(6), pp.549-567.
Kujala, J. and Korhonen, A., 2017. Value-Creating Stakeholder Relationships in the Context of CSR. In Stakeholder Engagement: Clinical Research Cases (pp. 63-85). Springer, Cham.
McWilliams, A., 2015. Corporate social responsibility. Wiley encyclopedia of management, pp.1-4.
Ni, A. and Van Wart, M., 2015. Corporate Social Responsibility: Doing Well and Doing Good. In Building Business-Government Relations (pp. 175-196). Routledge.
Pérez, A., 2015. Corporate reputation and CSR reporting to stakeholders: Gaps in the literature and future lines of research. Corporate Communications: An International Journal, 20(1), pp.11-29.
Schwartz, M.S., 2017. Corporate social responsibility. Routledge.
Shim, K., Chung, M. and Kim, Y., 2017. Does ethical orientation matter? Determinants of public reaction to CSR communication. Public Relations Review, 43(4), pp.817-828.
Steenkamp, J.B., 2017. Corporate Social Responsibility. In Global Brand Strategy (pp. 209-238). Palgrave Macmillan, London.
Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility. Ibusiness, 6(03), p.117.
Tingchi Liu, M., Anthony Wong, I., Shi, G., Chu, R. and L. Brock, J., 2014. The impact of corporate social responsibility (CSR) performance and perceived brand quality on customer-based brand preference. Journal of Services Marketing, 28(3), pp.181-194.
Wagner, D. and Disparte, D., 2016. Corporate social responsibility. In Global Risk Agility and Decision Making (pp. 221-243). Palgrave Macmillan, London.
Weber, J. and Wasieleski, D.M. eds., 2018. Corporate social responsibility. Emerald Group Publishing.
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