Contemporary issues in marketing MGT Essay Example | Topics and Well Written Essays - 1500 words

Contemporary issues in marketing MGT - Essay Example Over time the classical economic theory based business social responsibility evolved to see business social responsibility as more than just profit. Businesses worldwide have become more socially responsible, but they still are pursuing economic interests. Economic interests will always remain the number one priority for businesses all over the world. "Any mechanism for enforcing or urging social responsibility upon firms must of course reckon with a profit motive..." (Arrow, 2001: 304) Not all the businesses have socially responsible outlook. Some business owners still regard socially responsible business practices as a waste of money, the cost outweighing any benefits. The majority of business owners, however, regard the cost of socially responsible actions as necessary expense. They make such a commitment an essential part of their business operation. They take a great deal of pride in the reputation their business has established and wish to protect its good name. These businesses want to be seen as responsible corporate citizens, conscious of the high standards expected of them by their customers and society at large. The business world of today is much more complex compared to that of 60 years age, requiring a higher degree of corporate social responsibil... Corporate Social responsibility's (CSR's) time has come, and it is not just a management fad. The key benefits of CSR for companies are in employee retention and helping organizations through dialogue and engagement with their key stakeholders. This enables companies to win better alignment with their markets and customers in the long run, and help stem the growing tide of confrontation. Strategic Ethics And Social Responsibility Strategic ethics and social responsibility are two of the most important, yet perhaps most misunderstood concerns in the world of business today. By their very nature, these fields are controversial, and there is no universally accepted approach for solving their questions. On the other hand, government is encouraging organizational accountability for ethical conduct, and organisations are being asked to prevent and control misconduct by implementing ethics programs. By defining strategic ethics, we can link and compare it with the concept of social responsibility. In this way, we can examine applications in the business context, thus drawing conclusions about their roles in strategy. (Ferrell, 2000, 119-23) With the competing demands from different stakeholders, Corporate Social Responsibility is becoming more important in an organisation. Corporate enterprises are starting to recognize that they have a wider responsibility to the communities within which they operate. Research has shown that by implementing social responsibilities, a win-win situation can be achieved between the company and its stakeholders. Social responsibility is the obligation a business assumes toward society. Jennings (2003:6)