Here we discuss the influencing legal factors that affect an organization in three different geographical locations: This creates inconvenience to the customers, and they lose trust in the manufacturer.
Appraisals, financial assistance in times of need, and attention given to personal achievements and special days like birthdays make employees want to remain with the company. However, they do share one common ground on the basis of which CSR can be described as a voluntary activity that a corporation does for its employees and society as a whole as well as the environment around it for its operations and functions.
This increased expenditure is reflected in the increased prices of the product for which, ultimately, the customers have to pay.
Secondly, other enterprises will want to do business and be associated with the corporation. In crowded marketplaces companies strive for a unique selling proposition which can separate them from the competition in the minds of consumers.
It also sets the company apart from its competitors. But CSR opens up a whole new horizon for safer and better opportunities for both the employer and employee. It may also forego cumbersome paperwork that is required to set up projects if it thinks that this project is going to help the community to improve.
Generation of Clean and Renewable Energy from Environmental CSR If the company has invested in an environmental CSR program, it will make sure that its operations do not harm the environment in any way.
This serves a dual purpose — Firstly, people will want to buy the product that the corporation is selling because of its good and clean image.
If the company is engaged in CSR programs, its image gets a massive boost, and so, people invest in its operations heavily. Positive Publicity A popular business principle is that any publicity is good publicity.
The corporation innovates in its manufacturing stage to reduce the production of environment harming by-products. It will also attract investment from other firms and industries, and it will become a name that can be trusted easily.
It has come up with guidelines for multinational companies on ethical and responsible business operation.
This will reduce the cost of acquiring fossil fuels and can reduce the cost of production by a one-time investment in renewable energy production. This obligation is seen to extend beyond the statutory obligation to comply with legislation and sees organizations voluntarily taking further steps to improve the quality of life for employees and their families as well as for the local community and society at large.
It is now for more organizations to realize the importance of CSR, and take the right step towards success. To maintain the general policies, the organizations should — Play its part to contribute to environment, social and economic progress intending to achieving sustainable development Respect human rights and national human rights affected by different countries Encourage local growth by maintaining a close relation with the local communities including business interest.
Customer Conviction Initially, customers like to see the companies that they trust are engaged in social welfare programs. It is what the corporation gives back to the community after using its resources to make profits. The organization should expand organizational activities in the domestic and foreign market to attain more exposure Support good corporate governance policies; develop, apply and practice good governance principles.
Unfortunately many consequential events are a reason why CSR policies become evident.View Essay - Essay Questions=Ch 1 Strategic Management. from HR at Strategic Academic Solutions. Ch 1 Strategic Management: Creating Competitive Advantages Study online at quizlet. Corporate social responsibility (CSR) refers to strategies corporations or firms • S cial nv es tmp x • Firm’s view on natural resources and its dynamic capabilities for formulating strategies in the dynamic usage of natural resources of the corporation for competitive advantages.
The strategies also include altruistic activities. Full-Text Paper (PDF): Moral Degradation, Business Ethics, and Corporate Social Responsibility in a Transitional Economy.
Gold standard for rating CSR activities by corporates. NxtGen. ET Family Business Awards. Definition of '5 Forces Analysis Of The Environment' Definition: The five forces model of analysis was developed by Michael Porter to analyze the competitive environment in which a product or company works.
Nucor at a Crossroads MGMT XXXX-XXX Nucor’s Historic Performance, Competitive Advantage, and Five Forces Analysis With roots dating back to in the automobile manufacturing industry, Nucor’s business strategy has morphed many times over the course of the past century in response to struggling sales and unrealized business strategies.
The report is on Corporate Responsibility practice currently in Maruti Suzuki India Limited, review of their performance and recommending a strategy which delivers positive value with a sustainable competitive advantage.Download