Question

6. Discuss corporate social responsibility along with sustainability and triple bottom line approach

Answer 1

6.

Corporate social responsibility refers to the step that the organization take which is beneficial for the society. Organizations is an instrument of domination and act as a single dominant system for the society whose presence or absence affects the society as a whole.

Business sustainability is very important in controlling the problems of consumerism and also it helps the organization to meet customers' needs. Sustainable business focus towards creating economic value, healthy ecosystems and strong communities. This type of business focus on meeting the triple bottom-line.

Example - Green marketing - 3M has set goals to drive sustainability and to protect the customers and society. Pollution prevention pays program has been implemented to improve the manufacturing process, distribution process, promotion process, etc. in order to deliver sustainable products to the customers and society

Marketers should be concerned about CSR and sustainability because: -

• The business sustainable and more environment friendly because it will make safe products and minimizing social and economic impact.
• It creates positive impression in customer's mind.
• Staff productivity can be improved by involving them in decision making process to make the business green. Green firm offers healthier and safer work environment and also attract best employees.
• It also attracts investors which increase the company's share price.
• It improves the reputation of the organization.
• It plays important role in guiding the organization to meet the goal effectively.
• Lots of saving and cost-cutting can be done in energy cost
• This type of change does not require lots of investment. In turn, it actually helps in saving money.
• Staff productivity can be improved by getting them involved in making the business and workplace greener. Green workplace will be healthier and safer for the employees’ health.
• Green firm attracts best employees.
• It gives legal and tax advantage by incorporating green technology in order to reduce emissions and wastes and complying with the state laws and regulations.
• It helps in improving the overall efficiency of the business by reducing waste production.