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Corporate social responsibility

Corporate social responsibility CSR a corporate entity’s concern for social good can take many forms A corporation can engage in actions that better the environment by reducing carbon dioxide waste teach school children the benefits of a balanced and healthy diet or it can spearhead campaigns that raise awareness for Alzheimer’s research As consumers become increasingly concerned with a company’s impact on the greater community social responsibility must become a priority for many businesses Additionally millennial consumers are more likely to support corporations that advocate for social causes Peretz 1 Not only does CSR benefit society at large but it also has the potential to benefit the corporation engaged in the social actions by gaining more profit or a competitive advantage against competitors Castelo Branco Lima Rodrigues 111 This notion is called sustainability and it suggests that by considering the welfare of society in business decisions corporations can increase profits and create added value Lamb Hair McDaniel 41 In the words of Benjamin Franklin a company can Do well by doing good Garrett In examining the implications of engaging in a CSR strategy we must consider the pyramid of corporate social responsibility model

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