Managing Corporate Social responsibility and Sustainable development

Three journal entries are linked with corporate social responsibilities:

1.      Increase in the usage of social media.

2.      Launching of new product in the market.

3.      Adopting long term strategies.

1.      Increase in the usage of social media:

In the current era, it is the responsibility of corporate to promote their activities and share with the people through social media. Now people are very much interested with the news and updated belong to different corporate. People of different age level are use different resources like TV, face book, Instagram or different sites to get information about any entity. Even for study purpose, normally students visit internet to get more and more information related to any business. So, all business must share their data in general terms and their progress or performance with people through social media.

As annual reports must be issued at annual basis, the performance of organization on monthly, quarterly or annual basis are present at every place. For example, apple share their all data on their website including their financial statements, their price fluctuation, share price and its effect on market place. It shows how much they capture the market and also inform their all strategies that they use within the organization to provide better products and services to all their customers. Because when people see any legal information then they consider social media is the best source to provide all information in detail so the corporate social responsibility is to share all their information with general people on different social websites.

Organizations have to share their events also for the sake of fun and attract more people so it will increase the customers and more users going to shift to their products or services. Furthermore, when the any organization want to share its information, it is the responsibility of organization to fulfill all ethical requirements belong to the social links like must show their true picture in front of people that enhance their trust and make their reputation in positive manner. As we are talking about events, for example Coca cola organize coke feast event in last few weeks before, so coca cola company has to share this information with all general people through social media so that more and more people come and participate in their event which enhance their credibility and more customers are going to attract towards their product and improve the reputation of company.

We also can say that sharing information is very helpful tool to enhance the development of organization and maintain for long terms because if any organization are providing true picture of its performance then they has to fulfill their corporate social responsibility and sustainable development because in the current time period, only those organizations can sustain that move with the current requirement of users and provide all the details because now people want to know about each and every item belong to major organization, their profitability, their working criteria, their management policies, their link with employees and all the material that help in enhancing and maintaining their good reputation . One of the best sources of information is Google. organizations should put their all information on that place so everyone can easily access their data because the awareness is going to increase and people are now want to get each and every item belong to organizations and all the working criteria that help in increasing their knowledge and also help in study or business point of view . So, it’s the corporate social responsibility for the sustainable development to share their information with general public also (Zilles, 2018).

2.      Launching of new product in the market:

For any organization in launching their product this become more support by using different corporate social responsibilities strategies. Because these strategies make more innovative to the process of organization.  Any organization comes to make new product when they are in good condition as per their performance and also financial point of view.

The main product of every organization must take some time to maintain their place in the market and make their customers because when any new company come in the market with its product, then people have no idea about that product and company also. They were stick with their old products and didn’t want to left that old product. Now company has to promote their product with different tools and techniques and attract more and more customers in minimum time period. Through advertisement in the media resources, they provide their best attributes related to their product and offer customers to avail all new facilities related to our product to make their life easier. Furthermore, price factor is also very important that count the likeness of people in different income groups and purchasing power of customers. Organizations take many years to maintain their position with their first product in the market and among their competitors. And after maintain their position by providing best quality product they can capture a nice portion of market share.

But for the any second product, organization face to all these problems as compare to before is less. Because they already maintain their position in the market place and people are very much aware off with the good reputation and their product quality. So, for second product launching organizations has to face less problems as compare to before. But still they have to inform their customers related to all features of new product. Corporate social responsibility becomes more supportive component in the growth and competitiveness of organizations. With different variables like financial leverage, market stability or size corporate social responsibility also become very important factor in the launching of new products. The corporate social responsibility becomes very supportive to enhance the overall positive environment of the organization.

In current situation, corporate social responsibility becomes the major part of organizations and their business strategies. It includes economic, social, ethical and environmental elements which mean it cover all aspects of business. So, we can say that in promoting new products, the role of corporate social responsibility is very much important and they also support business for long term stability. Every business wants to improves its productivity and they working on such strategies and methodologies that support more than one production sector and it’s all management after detail study can work for more than one product due to its effective and efficient management system.

When the company is going to generate profit in proper ways and give more benefits to economy then it may also receive tax reduction and become legally valid to generate more and more revenue. Generally, CSR deal in three different dimensions the first one is handling with the external effects with the identifiable consequences of co responsibility. The second-dimension deal with the organizational support and donations that handle different activates in the same area of business. The third dimension is performance indicators and internal effects. so Corporate social responsibility is very important part in the different fields and promote the performance of production of all products to help business in generating revenue of the organizations (Du, 2012).

3.      Adopting long term strategies:

         CSR is very much supportive in every field of business. All the strategies must be preparing along with the corporate social responsibility. Many corporate social responsibilities strategies are help in making the business stronger and longer run because many pet projects are used to check the easy and quick way to deicide the implementation and effectiveness of the projects on the businesses. So all activities are related to enhancing the usage of CSR strategies and for that some rules are given like focus on the efforts of csr then observe in depth about all the benefits and their understanding belong to such strategies and at lat determine the accurate pattern to determine how these strategies are become more favorable for the business. Benefits of such strategies also measure with three directions; the first one is nature of the benefits, second is benefit split and the third one is time frame. The strategies are committed in the long term relationship so that their actual results can be easily measures and engage all the work force for achieving the required targets (Tracey Keys, 2009).

Now we are going to discuss some initiatives related with the sustainable development goals of organization: promote the all those activities that are used for society and local region, give focus on the financial education on ongoing basis, try to reduce the environment burden from our business, enhance the strategic human resources development and talent management, motivate the initiatives related to financial crime prevention and management of customer protection, motivate responsible financing and investment, on a group and global basis strengthen management foundation, and in the economy and society motivate the consideration structural change. Now the main issue is the implementation of CSR along with the business strategies and for this here are some tips that support this scenario: first of all arrange all the CSR with all level of business strategies, then get support from all level of management by sharing the basic idea with all of its employees, highlight all the opportunities that are used  in future, build a strong and sustainable relationship with automatic success and partnership, for innovation determine new drivers, design thinking approach and integrate it. In short, the entire compile mapping must be used and done with carefully that move the business strategies with the CSR and business can move in long terms.

In other words, every business needs proper startup and for that proper planning and strategy development must be required because no any business can run without planning. strategies are required at every step of business that properly guide the management of organizations that how to work and in what direction because in big businesses the goals are distributed among at its senior management so all the strategies are set according to the goal of business and they have to follow each and every step to achieve its required goal. So, CSR are very important for every business and specially for their strategies because CSR provide proper support and guideline related to business and its associated elements. Organizations has to face many sort of problems that held due to many different reasons but with proper planning and proper guidelines, every business can handle all the issues because it’s not a piece of cake to handle or run the business at high level with huge amount of finance and large number of management and employees and the most important is to maintain their customers in long terms.

When the focus is upon CSR, indeed, there are no easy or simple answers on what process to carry and the way to carry it out. The interactions of a company and interdependencies with the society are much more and difficult as well. However, it is not that difficult to realize that using CSR as a quick-fix exercise actually runs the threat or risk of missing potential and huge opportunities for both the society and business. Taking the approach which step-by-step and either using or following the principles which are outlined here offers a way to leaders to drive and determine the creation of mutual value. However, it will need a change in the mind-set that the view of smart partnering is that CSR is all about doing the business which is not only better but innovatively addressing important issues which are faced by society and business. Furthermore, smart partnering is not just a simple approach but requires long-term commitment, work, and focus than many pet projects of standard CSR, propaganda campaigns, and philanthropic activities. However, the rewards are considered potentially greater for not a single side but both.

References

Du, X. L. (2012, april). Good” Companies Launch More New Products. Retrieved from https://hbr.org/2012/04/good-companies-launch-more-new-products

Tracey Keys, T. W. (2009, decenber). Making the most of corporate social responsibility. Retrieved from https://www.mckinsey.com/featured-insights/leadership/making-the-most-of-corporate-social-responsibility

Zilles, C. (2018, june 22). Why Social Media Is Vital To Corporate Social Responsibility. Retrieved from https://socialmediaexplorer.com/social-media-marketing/why-social-media-is-vital-to-corporate-social-responsibility/