Evaluate the Relative Importance of Corporate Social Responsibility Relative to Other Corporate Objective
Corporate social responsibility (CSR) is a firm’s decision to accept responsibility for its social, environmental and ethical actions. A firm’s decisions whether to adopt and rank importance to CSR should be due to a variety of reasons, like the financial stability of the company aswell as the culture of the organisation. But one definitive factor would be a firm’s corporate objectives, corporate objectives are a quantifiable statement of a business’s goals which should include measurable targets. Essay will look to examine the relative importance of CSR in relation to other corporate objectives.
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In addition, another key corporate objective is market growth, to gain market growth companies invest heavily in advertising costs amongst other promotional campaign, therefore leaving many organisation questioning whether CSR is another cost which is not sure to be beneficial to the business. However supermarket giant Tesco main corporate objective is market growth, but Tesco has recently reported that targets had been underperformed, therefore CSR could be important to this objective. During times of market growth CSR can act as a USP to differentiate the company from competition, which could be why marks & Spencer received higher profits this year after launching their bag for life campaign promising to cut down on plastic bag wastage. Due a recent