Kotler and Levy, in their book, Corporate Social Responsibility define corporate social responsibility as "a commitment to improve community well-being through discretionary business practices and contributions of corporate resources". Some of the benefits of being socially responsible include (a) enhanced company and brand image (b) easier to attract and retain employees (c) increased market share (d) lower operating costs and (e) easier to attract investors. A socially – responsible firm will care about customers, employees, suppliers, the local community, society, and the environment. CSR can be described as an approach by which a company (a) recognizes that its activities have a wide impact on the society and that development in society in turn supports the company to pursue its business successfully and (b) actively manages the economic, social, environmental and human rights. This approach is derived from the principles of sustainable development and good corporate governance. Marketing managers within different firms will see some social issues as more relevant than others. The relevance of a given social issue is determined by the company's products, promotional efforts, and pricing and distribution policies but also by its philosophy of social responsibility.
Focus entirely in profits (and profitable firms typically serve society well)
Explicitly incorporate social responsibility into its day-today marketing decisions to minimize negative effects on society and enhance positive effects
Go even further and engage in social projects that are unrelated to the corporate mission and even detrimental to profits ( which could net out to be socially undesirable)
The Success strategies of a Business formed out of abundance and grounded in ethics and cooperation are powerful and long-lasting and they help you feel good about yourself even while bringing in profits ( Shel Horowitz)
Management must decide which of these three levels of social... [continues]
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