Corporate Social Responsibility
Corporate Social Responsibility (CSR) is a method in which organisations “give back” to society. This can be done through various means such as charity donations, sponsorships, becoming partners with schools etc. CSR is something that not only benefits the organisation but also benefits the public. An example of this is Mcdonalds Restaurants putting bins on areas surrounding their restaurants. Due to people buying food from their Drive-Through service, costumers will often throw litter out of car windows and leave rubbish on the ground. Corporate Social Responsibility was evident when Mcdonalds made the decision to not only have bins in their restaurants/on their sites but also to provide bins around the area surrounding their restaurants in an attempt to reduce the amount of litter in the area.
A business benefits from CSR due to the fact that Social Responsibility is a factor that many consumers look for in a business. It is a growing factor which can have a major impact on sales. If a business is socially responsible, there is a higher chance of consumers buying a good/service from the organisation. This could be due to the fact that they believe in a cause that the business donates to or because they believe that the business is doing something good for society.
Studies have shown that 88% of consumers are more likely to buy a product from a business if the business “supports and engages in activities to improve society”. Not only does CSR improve consumer relations, but it also improves employee relations also. CSR can aid in creating an improved business atmosphere which will possibly make the business an “employer of choice”. CSR can also aid in creating positive publicity in the media – another factor which will improve the reputation of the business in the public eye. Although increasing profits is always going to be a main objective for a business, CSR is a growing objective due to the fact that a business can use...
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