The Business Case for Social Responsibility Regardless of broader benefits, there is a strong business case for social responsibility. Public companies’ stock prices benefit from strong social responsibility initiatives. In 2013, more than $6.57 trillion were invested based on socially responsible investment strategies. For marketers, the desire for socially responsible products and companies is driven by consumers. Nearly 30 percent of consumers plan to increase the amount of goods and/or Read More
Corporate Social Responsibility
So far we have focused on ethical dilemmas in terms of risk. If a company acts unethically, it risks damaging its reputation and its customers’ trust—worse, it can face lawsuits and criminal prosecution. In this section we’ll discuss one of the ways in which companies attempt to get out in front of such risks by taking a proactive stance on ethics, instead. As you saw with Tesla, companies that place “doing the right thing” at the center of their Read More
Corporate Social Responsibility
In addition to profitability, consumers now expect companies to be socially responsible. The main categories of corporate social responsibility include environmental efforts, philanthropy, ethical labor practices, and volunteerism. Managers who wish to create shared value for stakeholders, and thus make their companies thrive, are socially responsible. To please consumers, many companies now practice corporate social responsibility. Corporate social responsibility (CSR), also known as Read More