Developing Price Strategies and Programs
Marketing mix for companies comprises of 4 Ps Product, Price, Place and Promotion. Price is directly related to bottom-line of any business. Profitability of product is required for future operation of the company. Price strategy should communicate to the customer the value company is providing. There is in-numerable price related challenges in the market for […]
Modern Retail Store Design – A Perspective
When you think of any Retail Store, instantly you recall the layout and your experience connected with the store. We tend to build our likes and dislikes around the Store environment and ambience and our loyalty to any one store may be influenced by our perceptions of that particular store environment. Store Design and Layout […]
Role of Consumer Behaviour in Advertising
Marketers need to understand the buying behaviour of consumers while designing their advertisements for the desired impact. Advertisements play an essential role in creating an image of a product in the minds of consumers. Advertisements must be catchy and communicate relevant information to consumers. Understanding the needs of the consumer is really important when it […]
Customer Retention – A Strategic Process to Retain Existing Customers
It is difficult to exactly define customer retention as it is a variable process. A basic definition could be ‘customer retention is the process when customers continue to buy products and services within a determine time period’. However this definition is not applicable for most of the high end and low purchase frequency products as […]
Understanding Social Web from Marketing Viewpoint
If you sit back and look at the kind of traffic that is going through the Internet, you might be surprised. At any given point of time millions of people are exchanging messages, chatting and conversing with one another. We might very well assume that the percentage of people using the various social network channels […]
In case corporations need some convincing to be done to adopt CSR, the model proposed by Young and Tilley (2006) where they list six criteria for corporate sustainability that not only contributes to the social responsibilities of the business but also improves the business efficiency. The latter if presented in a convincing manner would appeal to businesses since increased efficiency leads to greater cost savings as well as improved profit margins.
The six criteria discussed by Young and Tilley are:
Taken together as a whole, these six criteria form an integrated model which corporations can follow for sustainable business practices and reap profits as well as be conscious in their business practices.
The point here is that the motto that CSR pays in real economic terms ought to be broadcast far and wide and only when corporations realize the economic benefits of conscious capitalism would they embrace the paradigm of CSR wholeheartedly (Young & Tilley, 206, 411).
Given Friedman’s injunction that the social responsibility of businesses is to make profits, if it can be shown that being socially responsible brings in profits, there can be no better business case for CSR.
This is realizable given the emerging research into CSR and business practices which throw up several connections between conscious capitalism and increased profits and the new “renaissance” in business thought and corporate behaviour ought to gladden the hearts of all CSR enthusiasts.
Before concluding the paper, it would be pertinent to note that Friedman’s article though cited widely might be a bit anachronistic for the imperatives of the 21st century and while the great professor was far sighted he could have not foreseen the complete breakdown of the neo classical model of economics that the Great Recession of 2008 has engendered.
Thus, while views such as that of Friedman’s can be a good starting point as to debate the relative merits and demerits of social responsibility versus profits, to base the whole idea of CSR on his ideas alone would be doing a disservice to the non-linear, complex and interconnected world in which we live in and which demands appropriate out of the box solutions.
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