Corporate Social Responsibility for Profit Article

Corporate Social Responsibility for Profit - Article Example â€Å"The Havas Media Lab underscores this transformation with a list based on a survey of 50,000 consumers worldwide who identified the companies they feel have the most ‘meaningful’ CSR† (Levick, 2012). Corporate Social Responsibility is being used as a strategic approach by many Fortune 500 companies. Corporate social responsibility connects to the well being of the customers. Some companies such as Nike are taking a straight on approach to CRS. The firm instead of using celebrities to send a message about the quality of the shoe, they design the shoes in a manner that using their running shoes will actually improve the running experience for their customers. Integrating quality into the products is an effective way to satisfy the needs of the customers. In the past many companies thought the CRS was a program that should be considered an expense. This view has changed a lot in the 21st century as companies are realizing that there is a lot of value associated with the implementation of corporate social responsibility programs. There are companies that have adapted their philanthropic efforts to extend it beyond donating money and merchandise. Many companies today, including Leroy Merlin, are volunteering the time of their employees to help out in social causes. Protecting the environment is a way to show corporate social responsibility. The use of recycling programs and energy savings initiatives is a great way to show a company cares about the well-being of our planet. An industry that has is outperforming others in terms of corporate social responsibility is the electronics industry. Three companies that top the chart in terms of its corporate responsibility programs are IBM, Hewlett Packard, and Texas Instrument. â€Å"These sector-leading companies have pushed hard to highlight their greater focus on enhanced sustainable design, manufacturing, distribution, use, and end-of-use management† (Levick, 2012). The utilization of CRS programs can help improve different aspects of a firm’s operations. The use of CRS programs can also help enhance a company’s customer retention rate. Application of CRS topic for class Corporate social responsibility is a topic that is very important to learn about due to the fact that CRS can be used as a focus strategy for marketers of corporations. Customers worldwide have become more aware than ever about the actions of companies in regards to social and environmental issues. Back in the late 1990’s Nike showed a complete disregard for human suffering when they got involved in a sweetshop scandal. That scandal cost the company over half its sales in 1998. The reason that people pay close attention to the actions of corporations is because the corporate world holds more wealth than the combined wealth of all the world’s countries. Whenever a company is involved in a good deed associated with corporate social responsibility it is the duty of the marke ting department to create awareness in the media about the efforts of the company. Green initiatives are a great way to win the hearts and support of the customers. There are tax incentives that can be used to lower the tax burden of the company. These tax shelters are available to companies that donate money or resources to good causes. In the United States customer expectation is higher than in other emerging economies. U.S. customers are more wiling