1.0 Introduction
The aim of this report is to apply the theoretical and practical ideas of corporate reputation and corporate social responsibility presented in this course to the organizations in the same industry.
Global business today not only survives on corporate reputation but as well as social responsibility. Reputation is quite important for the smooth operation of the business especially in today’s internet age where information travels in a few seconds and impact is very fast. Consumers in the present day are more concerned with whether companies are good citizens to the community and for one to do business today it is required for companies to be good global citizens concerned with social responsibility besides profits. As companies
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Companies have to distinguish themselves in different ways if they are to have a good reputation and this can be done through their communication strategies. In a time of crisis the company’s reputation is threatened and the communication strategies used will save or hurt the firm’s reputation. Before creating communication strategies, companies ought to identify their stakeholders. Appendix 3 illustrates the different stakeholders of a company.
Based on the literature review, reputation is a significant driver in creation of value or the obliteration of it. A number of the consumers consider reputation of a company as their most substantial purchasing criteria. Reputation provides a unique competitive advantage which enables companies to overtake the market. A decrease in reputation is linked with average market loss. Due to globalization, financial and economic unrest, growing business complexity, the news cycle rapidity and the evolution of social media companies are more vulnerable than ever. Today it’s hard to predict crisis which can be harmful to the most carefully build reputation. For example Volkswagen’s reputation has continued to be damaged by the revelation that it cheated emission tests. The company has a had a strong reputation for value but that reputation is now tainted. With different stakeholders all brands need to take care of their solid
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CSR can relate to social, environment and profit goals. CSR enhances awareness of human, environmental and social issues and places pressure on organizations to adopt procedures and policies that are good for stakeholders wellbeing. Scholars have different definitions for CSR as seen below:
Carroll (1979) states, “business encompasses the economic, legal, ethical and discretionary expectations that society has of organization at a given point in time”.
Covey & Brown (2001) “the role of business in society has progressed over the years, from being primarily concerned with profit for sharehold¬ers to a stakeholder and community approach with a focus on corporate social responsibility”
Dahl(1972: 18) “every large corporation should be thought of as a social enterprise: that is an entity whose existence and decisions can be justified insofar as they serve public or social
To supply the wants and needs of a consumer, society entrusts wealth-producing resources to the business enterprise.” (Santayana, George. Is The Tyranny Of Shareholder Value Finally Ending? So before we go into greater detail on the different perspectives related to social responsibility, one might question the meaning of social responsibility. It is generally agreed that social responsibility is defined as the business obligation to make decisions that benefit society.... ...
Businesses have a social responsibility to their consumers and communities. Poor social responsibility can affect a company’s profitability and impact customer loyalty. In the 1990’s, Nike faced allegations of being the villains of child labor laws and running sweat shops. In 2008 JPMorgan’s involvement (or lack of) in Madoff’s Ponzi scheme and 2015, Volkswagen’s emissions scandal are all examples of failed social responsibility. Corporate social responsibility (CSR) is more than donating to charities; it’s about doing the right thing and being active members of the community.
Forman, J., & Argenti, P. A. (2005). How Corporate Communication Influences Strategy Implementation, Reputation and the Corporate Brand: An Exploratory Qualitative Study. Corporate Reputation Review, 8(3), 245-264.
“There is only one and only one social responsibility of business- to use its resources and engage in activities designated to increase its profits so long as it decides to stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”
The research suggests that reputation comes from relationships and trust. Fombrun (1996) stated that to have a positive reputation managers must invest in building and maintaining good relationships. Building relationships with the company’s publics can result in a higher opinion of their reputation. These relationships also builds trust in the company. “Trust, like reputation, can take years and resources to build up, and while it may be difficult to break, it, again, like reputation, can take considerable time and even more resources to restore” (Bronn, 2010, pg. 310). With both relationships and trust, a company must be communicating with its publics. Van Riel and Fombrun (2007) developed six key communications principles that yield a high reputation: visibility, distinctiveness, authenticity, transparency, consistency and responsiveness (pg. 313). Applying these six principles to the Carnival case, we can determine if Carnival used them in managing their reputation.
Corporate Social Responsibility (CSR) is the set of regulations that an organization makes to protect and increase the society in which it functions. There are three areas of social responsiblity: Organizational stakeholders, the natural environment and general social welfare.
Lawrence, A. T. & Weber, J. (2011). Business and society: Stakeholders, ethics, public policy (13th ed.). New York: McGraw-Hill/Irwin
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
Milton Friedman presents a compelling argument in “The Social Responsibility of Business is to Increase Profits” by arguing that businesses need to focus only on increasing their profits and integrating social responsibility will only hurt them as a company. Since “only people can have responsibilities” (Friedman 52), Friedman argues that businesses as a whole do not have any type of real responsibilities because there is not a singular person for these responsibilities to fall on. Corporate executives are people as well and may feel they have social responsibilities to society but these “are the social responsibilities of individuals, not of business” (51). In terms of corporations, the businessmen are the ones that hold the responsibility of the company. Friedman argues that the only responsibility these managers hold is to those who own the corporation, the shareholders. If the individuals themselves want to contribute to social responsibility they must do it with their own money in their personal lives, but they should not use social responsibility in
I begin this essay by defining CSR, there are many definitions for this term by various different theorists, and EU says that CSR is "A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis." On the other hand, Sloman et al. define it as "The concept in which a firm takes into account is the interests and concerns of a community rather than just its shareholder". Davis and Blomstrom (1966), say it "Refers to a person’s obligation to consider the effects of his decisions and actions on the whole social system". These definitions differ from one another in many ways but they agree that CSR involves taking the environment into account and therefore, one must look take social responsibility.
The article “The Social Responsibility of Business is to Increase its Profits” is written by a famous economist Milton Friedman. Friedman in this article implies that shareholders are the main drivers of the corporations and he believes that it is to them corporations must be socially responsible to. The goal of any corporation is to maximize profits and return the portion of these profits to shareholders for investing in the corporation. The shareholders can themselves decide which social causes to take part in rather than assigning a corporate executive to decide on their behalf. Friedman argues that a corporation must have no social responsibility to society because its only concern is the increase profits for itself and its shareholders.
CSR is a concept where company involves in social and environmental in their business operations. This is done to achieve a balance of economic, environmental and social obligations.in simple terms giving a hand for those who are not capable of achieving with their objectives and attending to them so that they could make those objectives a reality. This could improve organizations cooperate image which would also leads to attain a high market share.
Friedman, M., (2007). The Social Responsibility of Business Is to Increase Its Profits. In W.
There are now several concepts of CSR and its definition, along with the meaning across corporations. In my opinion, and according with our textbook in page 11. CSR is about a particular set of business and strategies that deal with social issues. In addition, we can clearly perceive that CSRs application along corporations has increase in the past decade due to the several local, and international regulations in order to enforce business to act responsible.
University Reputation: a spread of opinion regarding an entity or as an interaction between stakeholders in which the university has no direct impact. A perception of quality associated with the name, in the university environment perceived brands can be used by as a quality indicator, may be determinant in the future willingness to repurchase or recommended the services offered by the university to others. A good reputation can be passed from one department to a new department or from one branch to another (Shyle, 2015). While university reputation has traditionally been the main indicator for the uniqueness of a higher education institution, with the emergence of branding, the adoption of concepts such as brand identity, meaning, image, and reputation are becoming increasingly important (Hemsley-Brown et al.,