Introduction
Corporate social responsibility is defined as the continuing commitment by organisations to behave ethically and contribute to the economic development and improving lives of the local community and society at large. It is done by corporations to acknowledge and take responsibility of the impact of their business actions to societies. Corporate social responsibility should not be considered as the twentieth century phenomenon because it existed long back though it was just called the social responsibility. It basically depicts the relationship between corporations and the societies. If corporate social responsibility is implemented as a business strategy it can yield a number of favourable benefits. These include enhancing reputation, attraction of better employees, reduced turnover rate, attracts investors, improves relations with local authorities, reduces operating costs and improves efficiency.
Body (Analysis)
According to ( Bhattachary & Luo, 2006:01), corporate social responsibility can be seen as advertisement on a social dimension. Advertisement is a vital tool every organisation can use to market its goods or services. Advertising in this nature creates a positive image of the organisation. Positive image leads to great reputation which will attract business. Reputation is fundamental to organisations. Organisations seek to attract and satisfy its customers. From this assertion it is therefore of paramount importance to note that corporate social responsibility has a strategic importance in building a company’s reputation. It also leads to a win-win outcome. Societies gain through development done by corporations which improves their lives and the corporations also gain through advertising that attracts more customers and upholding the company’s reputation. Carroll (1999:03) further argues that great reputation of an organisation gives it a competitive advantage over its competitors as customers tend to trust well established and...