Corporate Social Responsibility

Topics: Corporate social responsibility, Strategic management, Game theory Pages: 2 (433 words) Published: June 17, 2013
At the most basic, CSR covers monitoring and auditing business to show it complies with relevant local laws and regulations. This may involve philanthropic activities. In recent years, the concept of CSR has evolved to consider ethical and environmental concerns when making business decisions. And this has makes CSR integral to the way of the business related to the world and potential of being success. As there is no universal standard for CSR, CSR can be defined by actions such as integrating social, environmental and economic terms into business value and actions. One of the examples would be treating the employees from foreign countries fairly as the local employee. Many businesses believe that by implementing CSR activities they will be able win new business, increase customer retention, differentiate themselves from the competitors and generate positive publicity and media opportunities due to media interest in ethical business activities. In this article, Michael Porter and Mark Kramer propose a fundamentally new way to look at the relationship between business and society that does not treat corporate growth and social welfare as a zero-sum game. They introduce a framework allows business to identify the social consequences by their actions; to discover opportunities to benefit society as well as themselves by strengthening the competitive context in which they operate; to determine which CSR initiatives they should address; and to find the most effective ways of doing so. Perceiving social responsibility as an opportunity rather than as damage control or a PR campaign requires dramatically different thinking--a mind-set, the authors warn, that will become increasingly important to competitive success. Many topics that Porter and Kramer have discussed in the article were accepted and being implemented by the business especially those global organizations. One of the topics that had touched on in the article is sharing of value chain activities among...
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