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Corporate Social Responsibility
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Corporate Social Responsibility is one of the most important components that help in business sustainability. When a business engages in CSR activities, the evaluation of the various impacts on the environment and society can be observed (Sharma, 2019). Business is among the largest contributor to the economy as well as the environment, which also aid in building a positive and healthy brand image.
Corporate Social Responsibility
The business operations are responsible for influencing the behaviour of the customer's external environment as well. Corporate Social Responsibility is on the rise, and it is being used as a strategic approach by various business organizations around the world. In these modern times, it can be observed that CSR has gained popularity among the various important stakeholders, including employees, people, etc., and it is also contributing to shaping the world of corporations (Alvarado-Herrera et al., 2017). In addition to that, CSR is very crucial and important for creating effective business strategies for conducting business operations effectively and efficiently while also generating profitability and productivity, and these are both critical and vital for providing the ultimate customer experience and satisfaction, which is directly linked with building customer loyalty. A business that is dealing with the activities of Corporate social responsibility in a healthy manner is going to have an effective and quality brand image.
In the innovative industry, the activities of corporate social responsibility can be recognized as being used effectively and helping the companies to boost customer engagement while also increasing the market share (Nyadzayo & Khajehzadeh, 2016). There are different perspectives of corporate social responsibility and each business having a different perspective on CSR is very valuable since the business organization can gain a customer base with their version of CSR activities. In simple words, the business that is defining the corporate social responsibility in their own way and creating an innovative approach to address the problem.
Business Ethics and Sustainability
Business Ethics and Sustainability can be recognised in every major business organization conducting business around the world. These are very closely linked with each other, and they are also among the important components of the CSR because Corporate Social Responsibility can aid in accomplishing the different goals and objectives of the business organization for attaining business sustainability as well as creating effective and meaningful business ethics in the process (Lashley, 2016). With the fast expansion and progression, the consumers understand environmental sustainability better, and many individuals are also becoming more concerned about environmental safety. The customers prefer to use commodities which is eco-friendly and help contribute to the goal of accomplishing environmental sustainability.
Hence, the customers are expecting more businesses to take care of corporate social responsibility and conduct business operations with considering the health of the environment. There is no limit to the consequences if the business organization conduct business operation and engages in business activities that affect the health of the environment and create difficulties in achieving the business sustainability. Business ethics and business sustainability are very important and critical for the growth and expansion of the business in the long run as well as in the short term (Hoffman, 2018). The transparency is the key for the business organization to connect with the customers or consumers, and the transparency is more effective when the impact of the environment and society shared with the customers or consumers
Consumers are among the important and critical influencers for developing and empowering sustainability through supporting as well as executing various practices for the business operations which are more sustainable in nature. There are various business organizations that are part of the “Global Fortune 500 companies” that are engaging in carrying the business operation with taking care of the health of the environment and contributing to accomplishing the goals and objectives for attaining business sustainability (Zamil and Hassan, 2019). In addition to that, the consumers' expectations are actively changing, and the people are leaning more towards conserving the environment and shopping consciously to preserve the environment.
This presentation has come to an end. It has attempted to discuss the importance of business ethics, sustainability, and corporate social responsibility. It can be concluded that Corporate Social Responsibility (CSR) is among the important factor for reaching business sustainability, and there is a strong requirement for making business strategies with respect to environmental sustainability.
Alvarado-Herrera, A., Bigne, E., Aldas-Manzano, J. and Curras-Perez, R., 2017. A scale for measuring consumer perceptions of corporate social responsibility following the sustainable development paradigm. Journal of Business Ethics, 140(2), pp.243-262.
Hoffman, A.J., 2018. The next phase of business sustainability. Stanford Social Innovation Review, 16(2), pp.34-39.
Lashley, C., 2016. Business ethics and sustainability. Research in Hospitality Management, 6(1), pp.1-7.
Nyadzayo, M.W. and Khajehzadeh, S., 2016. The antecedents of customer loyalty: A moderated mediation model of customer relationship management quality and brand image. Journal of retailing and consumer services, 30, pp.262-270.
Sharma, E., 2019. A review of corporate social responsibility in developed and developing nations. Corporate Social Responsibility and Environmental Management, 26(4), pp.712-720.
Zamil, G.S. and Hassan, Z., 2019. Impact of environmental reporting on financial performance: Study of global Fortune 500 companies. Indonesian Journal of Sustainability Accounting and Management, 3(2), pp.109-118.