Corporate Social Responsivity (CSR) Management Essay

Corporate Social Responsibility
Name
Institutional Affiliation
 Corporate Social Responsibility
Introduction 
Corporate social responsibility (CSR) strategy has become an important business tool in the modern-day business arena. Various scholars have come up with different definitions of CSR, but the term basically means using the company’s resources for the well-being of the society (Wijerathna & Gajanayake, 2013). An organization can commit its profits to various initiatives that benefit both society and the business. The CSR concept has been around for the large part of human history. One of the oldest recorded accounts of the CSR concept is in the book of Genesis in the Bible, where God gave the man the responsibility to procreate and take care of the environment. Also, 4000 years ago, the CSR strategy was practiced in Islamic regions where governments charged wealth tax called Zakat (Wijerathna & Gajanayake, 2013). Also, Hinduism and Buddhism largely practiced the concept of CSR. The ancient texts found in the regions where these two religions were practiced suggest that ethical warnings on environment existed and the people who failed to abide by these admonitions were charged excessive interests. Although most of the businesses in recent times did not take the idea of CSR seriously, they have been left with no choice since most consumers have become more aware and educated on various global issues such as unethical labor practices and global warming. Consequently, they are demanding companies to implement policies that will benefit both the company and society as a whole (Wijerathna & Gajanayake, 2013). Besides, various research studies have proven that CSR technique is economically beneficial if applied effectively. This paper will evaluate the economic benefits that corporate social responsibility has on businesses. 
Customers and Recruitment
Customers constitute an important part of any business, and their perception towards a particular company may have an economic impact. (Tingchi et al., 2014). Consumers’ preference of brand is enhanced by their perceptions of CSR practices of a particular company (Bediako, 2017). A large portion of buyers is willing to pay more for products and services offered by the businesses that are environmentally and socially responsible and ignore those that do not support CSR despite offering their items at lower prices. In one of the studies, it was found that nearly 90% of consumers believe that firms should address environmental and social issues and about 84% indicated that they are ready to buy environmentally friendly products (Bolton& Mattila, 2015). According, to this research, customers are more likely to seek services from companies that implement sustainability strategies. Hence, companies that have well established social and environmental initiatives are bound to make huge profits compared to those that do not (Bediako, 2017). Also, consumers seek ways of engaging in CSR efforts of a company and about 76% of clients are willing to donate towards charity events supported by a firm they trust and 72% say they would volunteer and participate in such activities (Bolton& Mattila, 2015).StanBed Tours ky is an example of com...