A Competitive Business Environment, Corporate Social...

In a competitive business environment, corporate social responsibility (CSR) is fundamental for an organization (Minor and Morgan, 2011). The coverage of CSR keeps on redefining, evolving and improving. Nowadays, World Business Council For Sustainable Development (N.A.) defines CSR as ‘the integration of business operation and values whereby the interests of the stakeholders, including customers, employees, investors, community, and environment are reflected in the company’s policies and actions’. According to Archie Carroll (1991,cited in D’Amato, Henderson and Florence, 2009), there are four different types of CSR: philanthropic, economic, legal and environment (Taylor, 1984). In the essay, it proves that CSR is not a practice that only†¦show more content†¦Minor and Morgan (2011) state that maintaining a good reputation is crucial for an international organization. It can help the organization to beat the rivals and gain market share. The reason behind it is well illustrated by Weaver et al. (1999,cited in Brule, 2008) and Griffin and Weber (2006, cited in Brule, 2008). They claim that CSR is a window dressing activity, which involves little in core decision-making. It concerns at later stages of the external communication process where reputation is best managed and created. There is no doubt that investing in CSR strategy to help the society and the environment can leave a good impression in the mind of the customer. And time passed, accumulative amount of customers can experience the enthusiastic of the business. As a result, a business can build a pleasant prestige among the society. Therefore, most of the business treats CSR strategy as a strategy to accomplish risks (Minor and Morgan, 2011). While the business has met a disastrous mistakes or problems, the reputation and operation of the business will be affected hugely. Nonetheless, investing in CSR strategies to build a good image among the society can help the com pany to narrow down the loss. The example of the BP Oil Company can clearly illustrate the effectiveness of CSR strategies against the happening of the accidents (Minor and Morgan, 2011). BP Oil Company had encountered a serious oil leakage accident in Mexico Bay, which damaged the reputation of it