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It pays to be socially responsible. While being socially responsible does not guarantee financial success it does not necessarily hinder it either (Williams 84). Companies who are socially responsible are generally able to better their business (Epstein-Reeves). One way that social responsibility betters a business is by saving on costs such as packaging and energy. According to James Epstein-Reeves article “Six Reasons Companies Should Embrace CSR”, General Mills was able to save $600,000 after they installed energy monitoring meters on their equipment at their Covington, Georgia plant. Having a socially responsible mindset also pushes companies to innovate products to be more sustainable (Epstein-Reeves). Epstein-Reeves gives the example of Geoff McDonald who is Unilever’s Vice President, the company was able to invent a conditioner product that was able to use less water. Products that preserve the planets resources benefit the environment and its’ inhabitants, as there is a limited amount of resources.
Public perception is just as important to a company’s success as cost effectiveness and sustainability. Mark L. Fagan, author of the article “Corporate Responsibility: Good for Business, Good for the community”, explains that a study on “Corporate Expertise in Disasters” completed by the U.S. Chamber of Commerce shows that companies are actually creating business by aiding communities who are torn by disaster. Our class textbook gives the example of how PETA has influenced several retailers not to purchase Australian wool due to the practices its farmers uses on the animals, in turn the Australian sheep farmers have begun to research different methods to achieve the same results (Williams 81). The actions of PETA and reactions by the public curbed the Australian sheep farmers market and potential sales. There are more examples of how public perception influences the success of failure of a company’s products. Another example is of The Monsanto Company, which is a U.S. based multinational agricultural biotechnology corporation. The Monsanto Company created a potato that resisted the insect damage of the beetle in all of its’ life stages, as well as required significantly less insecticides. Although it was technologically a success, it did not survive the marketplace. Public pressure ensued, and food companies responding to consumer fear would not to be associated with Genetically Engineered foods, in turn this effected what seeds the farmers purchased (National Research Council 35).
Being socially responsible effects a company’s reputation, and in business, reputation is a significant factor of success. Being socially responsible also means taking into consideration the desires of a company’s stakeholders, whether primary or secondary, they can influence the direction a business takes. While being socially responsible doesn’t guarantee financial gain, it does propel companies forward into innovating new, sustainable products or methods, and as a result can save on expenses incurred.
Epstein-Reeves, James. “Six Reasons Companies Should Embrace CSR.” Forbes. Forbes, 21 Feb. 2013. Web. 8 April 2013.
Fagan, Mark L. “Corporate Social Responsibility: Good for Business, Good for the Community.” Hartford Business Journal. Hartford Business Journal, 3 Sep. 2012. Web. 8 April 2013.
National Research Council. The Impact of Genetically Engineered Crops on Farm Sustainability in the United States. Washington, DC: National Academies Press, 2010. Print.
Williams, Chuck. MGMT5. Mason: South-Western, 2012. Print.
Company social responsibility is one of the most debated topics around the world in recent years and many business leaders have expressed their support for it. Accepting the concept of company social responsibility and implementing measures to achieve it is a conscious decision taken by most businesses around the world. Businesses don’t do it because it makes them looks good, but because it is beneficial for their business
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I believe it is in the best interest of a company to be socially responsible. It is more appealing to the community when a store gives back, especially to a small town. Our local store has several functions in that respect of giving back to the community. Being a small store, they try to keep their prices competitive to the big stores but that does not always work, so they appeal to our small town with added bonuses. One of their events is to donate $1.00 for every $10,00 spent to the local food bank. On the 4th of July they contribute $1.00 for every $10.00 spent to the local Veterans group.
By giving back to the community they are showing their support and the customers tend to overlook some of the prices that may be higher than if they went to a larger city to buy their food. I am sure that this enticement doesn’t apply to all customers. A lot of families are always struggling to make ends meet and will shop where they can get the most for their money. By keeping the product and services within highest standards they are also being economically responsible. With sales increase the store has fewer turnovers with employees which allow them to help make the customers feel they are treated more personable.
By being socially responsible the store tries to keep the spending in the small town benefiting everyone. Ultimately, keeping your customers satisfied with product and service will be the difference between success and failure.