This focus has seen both advantages and disadvantages to the business. However, to what extent has the use of the greater focus of a business social responsibility affected its competitive advantage in its marketplace. A corporation does do business within a vacuum; rather exist as part of larger collective framework of society, stakeholders and a global business community. Companies start to turn in profits that shattered all charts and stock markets. Beginning in s to s, Capitalism had won the cold war with its arch rival the Soviet Union had withered away into the oblivion and the companies. Friedman declares what a business is responsible for and the guidelines they must follow.
Individual and Corporate Social Responsibility
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This page of the essay has words. Download the full version above. Businesses do not exist in isolation of their immediate community and beyond, they create products and services to serve their needs for the purpose of profit making. However, as they carry out their industrial and commercial activities for profit making the need to inculcate a sound Corporate Social Responsibility CSR in their core business strategy has become critical to their long term sustainability and commercial success. This has become even more imperative with the growing sophistication and demands of consumers in Western countries like the United Kingdom UK for brands that are socially and environmentally responsible for without which their continued patronage may be stalled. The COP21 Global Environmental summit held in Paris in November , which brought together politicians, scientists, investors, numerous non-governmental organizations and many others, clearly indicate the urgency in reversing the long years of environmental despoliation that the global environment has been subjected to with much of it caused by industrial pollutions of business entities. This growing awareness has made companies increasingly value the need for an effective CSR strategy which would have a long term effects on their corporate performances Baron, ; Gill,
Business and Social Responsibility Essay
Ethics and social responsibility play an important role in business management. Organizations, both public and private, feel the need to incorporate corporate responsibility in their organizational culture. Ethics deals with knowing what is wrong and what is right. Business ethics encompasses analyzing ethical decisions, beliefs, and actions inline with business activities. Organizations are expected to show ethical values and operate socially responsible.
One of my key areas of interest has always been how we as individuals and groups can improve the world. To me it is all about addressing how we live our lives and the impact we have on everything and everyone around us, both locally and globally. The point is that everything we do matters — and makes either a positive or a negative impact on everything around us.