Corporate Social Responsibility
Corporate social responsibility is a business method that aids to contribute to sustainable development through the means of delivering economic, social and environmental benefits for all stakeholders in the business. CSR is an evolving concept, which does not have a universally accepted definition.
CSR has become a more practiced method in businesses, which is due to the recognition received. It was established as a concept in the 1930's, and evolved into what was more commonly known as social responsibility in 1953.
By who did these concepts come from in 1930th and 1950th
Explain how Businesses express of use CSR
Good 2 advantages however both needs more why... impact and require example.
Contemporary CSR was guided into businesses to give the corporation a caring and ethical image, which creates a more valuable brand image. To begin with, the advantages of CSR are, that having a socially responsible business makes the brand more marketable and attractive to customers and shareholders.
It creates a positive image for the business. Additionally, the products are seen to be of higher quality, thus, allowing the business to use pricing strategies that will benefit them such as price skimming. Lastly, retention of present employees is more likely if the company treats them well.
Disadvantages, include how there is a larger expenditure in the manufacture of products,if in any case the products need to be replaced. Leading to an increase in cost and decrease in overall contribution from the products being sold by the business.
Lastly, it can be said that companies that use CSR are more likely to benefit from it, however, it does include high outflow costs for the business.