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Why corporate social responsibility is important
Nature and concept of corporate social responsibility
Nature of corporate social responsibility
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T.J. Maxx Corporate Social Responsibility The company I chose to explore is TJ Maxx. I choose TJ Maxx because they are one of my favorite stores where I can find brand name products at an affordable price. The TJX Companies, Inc. have been in the business industry for 36 years. TJ Maxx started in 1919 when Brothers Max and Morris Feldberg founded New England Trading Company in Boston, Massachusetts and opened the first retail store in 1929, dedicated to selling women hosiery. Two decades later, that one store grown into a whole chain of women's apparel stores that overextended from New England to Washington D.C. In the mid 70’s T.J. Maxx was born and grew into what is known today as the TJX Companies, Inc., which is the leading off-price retailer of apparel and home fashions in the United States and worldwide. Corporate Social Responsibility (CSR) is the way a corporation achieves a balance between its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. In general, when firms hold this wider encouraging role on the public by being engaged with stakeholders, a variety of profit can be produced for both company and the stakeholders. A key inclination is the combination of Corporate Social Responsibility (CSR) into the organization strategy, culture, mission and communications. By incorporating corporate citizenship into the company it is no longer an additional “nice thing to do” or something made to obey laws or regulations. Instead, corporate responsibility has become something business leaders and workforce want to engage in, frequently because executives who believe in the long-term see business profit. The four types of social responsibilities a... ... middle of paper ... ...te Citizenship. (2011). Csri report 2011. Retrieved from http://www.bcccc.net/pdf/CSRIReport2011.pdf Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. The Academy of Management Review, 4(4), 497-505. Retrieved from http://www.jstor.org/stable/257850 Ellis, Jessica, and Bronwyn Harris. "What Are the Advantages of Corporate Social Responsibility?" WiseGeek. Conjecture, 19 Dec. 2013. Web. 02 Jan. 2014. Thorne, Heidi. "Corporate Social Responsibility Advantages." Corporate Social Responsibility Advantages. HubPages, 09 Sept. 2013. Web. 02 Jan. 2014. TJX Companies. "Always About TJX V.A.L.U.E." Always About TJX V.A.L.U.E. TJX Companies, 2013. Web. 02 Jan. 2014. "The Importance of Cause Related MarketingA Cadbury Schweppes Case Study." What Is Cause Related Marketing. The Times 100 Business Case Studies, 2013. Web. 02 Jan. 2014.
7. Elgie, Stewart, and Jennifer Wesanko. "SP Updates." Sustainable Prosperity. 24 July 2013. Sustainable Prosperity. 11 Mar. 2014 .
Social Responsibility Definition. (2014). Definition of ‘social responsibility’. Retrieved on April 11, 2014 from http://www.investopedia.com/terms/s/socialresponsibility.asp
Tapinos, E., Dyson, R.G. & Meadows, M. (2005). The impact of performance measurement in strategic planning. International Journal of Productivity and Performance Management, 54(5/6), 370-384.
Corporate Social Responsibility (CSR) is a concept whereby organizations consider the wellbeing of the public by taking responsibility for the effect of their actions on all stakeholders; customers, employees, shareholders, communities and the environment in every aspect of their operations. This responsibility is seen to extend beyond the statutory obligation to comply with legislation and sees organizations willingly undertaking additional steps to improve the quality of life for employees and their families as well as for the local community and society at large.
Fortune Magazine. (n.d.). FORTUNE Most 'Accountable' Companies. Retrieved November 27, 2007, from Fortune Magazine Web Site: http://money.cnn.com/magazines/fortune/global500/2006/full_list/
In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance” (Johnson, Schools and Whittington, N.D cited in March, 2012). Stakeholders can be defined as “those individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends” (Johnson, Schools and Whittington, N.D cited in March, 2012). There are many purposes for this essay, the first purpose is to descried the key principles of corporate social responsibility and explain their importance for stakeholders. Secondly, is to show how far this company follows those principles in order to be accountable to at least three of its stakeholders. In this essay, three stakeholders, environment, customers and employees will be evaluated respectively and the key principles of the stakeholders will be examined.
My reason for choosing Cadbury is that it provides me with ample scope to look at the various aspects of Branding such as a vast brand portfolio, innovative advert campaigns, and brand repositioning and good brand equity.
Hilfiger took his first step into the fashion world in 1969. Driving his 1959 Volkswagen, he traveled to New York City with his $150 life savings and bought as many of the trendy "bell- bottom" jeans as he could. He then returned to his small town of Elmira, New York and sold them at a huge profit since the jeans were unavailable there and the demand was high. These profits led to the opening of his first store called "People's Place," with 9 more stores soon to follow. (History Of TH) In 1985, Tommy Hilfiger established himself in department stores across the U.S. At first sales were modest, it was a new brand to most, no one else was wearing it, why should people buy it? Making himself easily accessible to consumers and frequently visiting stores and talking with shoppers, he implemented peoples suggestions into his clothing line. Slowly, his line started to become more popular. Teenagers became his driving force at first, but as his company grew, he started to widen his consumer group.
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.
Corporate social responsibility also brings effective competitive advantage as well as being dutiful to society.
In mid-20th century, the concept of Corporate Social Responsibility (CSR) was introduced into corporate’s business activities. In recent years, CSR became an important factor for corporate’s sustainable business practice, growth and competitiveness. The nature of CSR is an obligation to maximize its positive impact and minimize its negative impact on society. Carroll (1991) listed the pyramid of CSR, which includes four levels. The four levels ranked from bottom to top are economic, legal, ethical and philanthropic. Economic means “Be profitable” and is the foundation upon which all others rest. Legal means “Obey the law” and requires corporates to play by the rules of the business activities and society. Ethical means the business activities conducted by corporates have to be right, just and fai...
Corporate social responsibility is the commitment by business to behave ethically and contribute to economic development while improving the quality of life of workforce and their family as well as the local community. It helps in forming the positive image of the company. Corporate social responsibility considers the impact of the company’s action on society. Many critics of CSR are of viewpoint that it dilutes the primary aim of business and restricts the free market goal of profit maximization. Limits the ability to compete in a global marketplace. Though critics may be right in their place but CSR gives company a chance to address social issues caused by business and allow business to be the part of the solution.
Wells, Ken, Mark Chediak, and Ehren Goossens. "Solar Vs. Solar." Bloomberg Businessweek 4355 (2013): 52-54. Business Source Complete. Web. 21 Mar. 2014 .
Answer Corporation (2014) What is International Business [online] available from < http://wiki.answers.com/Q/What_is_international_business#slide=6> [03 April 2014]
The Coca-Cola Company (Coca-Cola or ‘the company’) is a manufacturer, distributor and marketer of non-alcoholic beverage concentrates, syrups and finished sparkling and still beverages. (Marketline, 2012) Since 1886, the brand Coca-Cola has expanded step by step, and is ranged as the first among beverages companies in the world. Since Coca-Cola has become one of the world’s most recognizable brands, to analyse the strategic approach to brand association, it is necessary to understand the strategic approach of Coca-Cola in the contemporary commercial world. Therefore, in this essay, Coca-Cola Company will be used as a case study to analyse its strategic brand association, especially in terms of sport sponsorship and corporate social responsibility (CSR) programs.