Corporate Social Responsibility Essay

1186 words - 5 pages

Corporate social responsibility (CSR) has be become increasing relevant to businesses within the 21st century. In the 1820s in the industrial revolution efficiency was key, creating the most amount of resources in the cheapest and quickest way possible. However, since the coining of social responsibility in the 1950's there as been an increased emphasis on philanthropy . Now businesses have to show more effort to improve society or in reality, tell us that they are trying to make things better. In this essay I will be discussing whether the inclusion of CSR to businesses is a opportunity or a constraint on marketers.
Shell Global are a self proclaimed “safe, efficient, responsible and ...view middle of the document...

CSR is a clear benefit for marketers when used correctly as it can help build reputations which can then on influence customers perceptions and therefore willingness to do business with that company. In Daniel C.Estys book Green to Gold he explains how building corporate reputation and trusted brands is one of the ways smart companies can profit from sustainability, “The better a company does at protecting its reputation and building (Daniel C.Esty 2006) brand trust, the more successful it will be at gaining and maintaining competitive differentiation” . Marketers therefore can use CSR to build its reputation and create a brand image, especially when in situations of crisis such as corporate government scandals. For example Wall Street, when the stock option backdating scandal happened a couple of years a go showed that “firms with enhanced overall reputations for CSR are partially buffered from scandal revelations.” (Raz Godelnik 2013). Therefore, CSR can be used as ammunition for marketers to save itself from a deep hole as it shows a company can have ethical morales rather than solely profitable intentions.
A recent study by CSR Reptrak reveals how much CSR affects consumer behaviour - “100 study results show that 73% of the 55,000 consumers surveyed are willing to recommend companies perceived to be delivering on Corporate Social Responsibility. The high level of support is contrasted sharply by companies on the other end of the spectrum. Only 17% of consumers are willing to recommend a company perceived as poorly delivering on its CSR. (Reputation Institution, 2013). CSR therefore can be used as a tool by marketers to create a unique selling point for there product. Companies such as BMW, The Walt Disney Company and Google, all brands that own a large global market share in there respective competitive market have risen above there competitors due to there marketers allowing their target market to see what the companies are doing for society and their own workforce. Furthermore, the Reputation institutes study was conducted over Europe, Asia Pacific, North America and Latin America which presents the mass global scale where CSR has value, in which marketers can take advantage of.
Milton Friedman claims “social responsibility of business is to increase its profits.” However Unilever, an Anglo-Dutch consumer-goods giant has not looked at this statement so narrowly. Unilever is a prime example of a company that is using an old fashioned approach of sustainability. William Lever, founder of Unilever has outdone Cadbury of Birmingham and the Rowntrees of York. The products his company produce “were marketed...

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