Skip to main content

Corporate Social Responsibility

Hello readers, today I will be writing about the corporate social responsibility (CSR).  Corporate social responsibilty is the continuous action of a business to participate in the sustainable development of a society by providing benefits to all stakeholders of a business. The CSR pyramid will be used to describe the CSR further. The CSR covers four responsibilities which are the economic responsibility, legal responsibility, ethical responsibility and the philanthropic responsibility. 

Economic responsibility
Businesses were created with the aim of providing goods and services to meet a need in the society so as to be able make profit. It is the responsibility of managers to provide investors with good dividends as well as an increase the share price of their stocks. Employees also want a good salary and customers want goods and services at fair prices. Thus, it is the responsibility of the business to meet this economic needs.

Legal responsibility
A business must obey all the rules and regulations that governs the industry it operates in. This include the laws provided by the country the business operates in, the regulations of the body that governs the industry the business operates in and others

Ethical responsibility
A business must carry out the right activities whether or not the law has anything to do with it, that is what this responsibility is all about. Thus, even if there is no law preventing an action and the business deems it fit to be wrong then the business should not carry out such activity.

Philanthropic responsibility
It denotes that the business should be a good corporate citizen, encouraging businesses to contribute to the development of a society. They could donate money, build roads or schools (it is must be within the capability of the business), just something that will benefit the society at large without expecting anything in return.

That is all for today, thank you for reading this article. Keep checking out my blog regularly. Cheers!


Post a Comment

Popular posts from this blog

Eid Mubarak

Happy Eid ul Fitri

Understanding the buyers behaviour

Hello readers, today I will be writing about buyers behaviour when it comes to purchasing products (goods and services). I hope your week has been good. A buyer is an individual that makes a purchase. That purchase can be influenced by his/her emotions or his/her rational mind.

For your marketing strategy to be successful you have to truly understand the buying behaviour of your customers. Some customers buy goods based on trust and loyalty which falls into the emotional reasons. Thus, you have to build trust between your customers and yourself so they can return back to you. Trust is built when you offer good quality for reasonable prices.

Some products are bought regularly while some products are purchased seasonally. If your products fall into the seasonal category, you should only purchase them to be resold during that season. At times buyers purchase products on behalf of another individual. In that situation, you have to capture the mind of both the buyer and the actual person tha…