I’m studying and need help with a Marketing question to help me learn.
Please go to LIRN, and find the article titled: “Corporate Social Responsibility: A Corporate Marketing Perspective” by Hildebrand, Diogo, et al.
Author: Hildebrand, Diogo
Source: European Journal of Marketing, 45(9/10)
After reading this article, please discuss (in at least 250 words) the relationship between corporate social responsibility (CSR) and corporate marketing? How can CSR promote alignment between multiple corporate identities (e.g. internal, external)? How can a company’s CSR actions affect its stakeholders?
Finally, based on what you know about Peter Drucker and Management as a Liberal Art (MLA), how does the article align with Drucker’s vision of MLA?
First of all, the relationship between corporate social responsibility (CSR) and corporate marketing is both positively improve the customers’ motivation to buy the company’s product and make the company has more competitiveness in all of their competitors.
According to a report by Nielsen that surveyed 30,000 consumers in 60 countries also found that “66% of consumers were willing to pay more for goods from brands that demonstrated social commitment.” (Nielsen, 2020, 08. P.8).
In addition, a study by public relations and marketing firm Cone Communications found that “87% of Americans will purchase a product because its company advocated for an issue they cared about.” (Cone Communications, 2020.)
When a company knows how to balance a society’s responsibilities and operations of an organization’s profits, which is income form their marketing and customers. The good image will induce them to attract more and more consumers who care the society and such people usually has a lot of purchasing power.
In addition, CSR promotes alignment between multiple corporate identities by making the company’s purchases have a positive impact. It is also a method to help the community by beneficial services they give to the society and products that make them different form the other companies.
Finally, a company’s CSR actions will affect its stakeholders because the profits will be affected by extra time and money spend on the donative character of the social service and responsibility. However, in a long term, the profit is still higher if the company builds a good reputation in society. And the shareholder will be benefited as well.
Nielsen. ”THE SUSTAINABILITY IMPERATIVE – NEW INSIGHTS ON CONSUMER EXPECTATIONS,” Page 8. Accessed August 20, 2020.
In today’s business climate, being a popular and long-lasting profitable company does not just mean you have to bring a good product to the market at a competitive price, it is also very important to build a socially responsible brand that stands out from a sea of competitors. For a company to be corporately and socially responsible, it normally shows that this company is ethical in its operation and it also benefits all stakeholders and shareholders that have anything to do with the company in many aspects. Many data have shown that customers are prone to purchase products or services from companies that are known to be ethical and socially responsible. ” 66% of consumers were willing to pay more for goods from brands that demonstrated social commitment” according to a Nielsen survey. Besides the financial gain from being socially responsible, it is also a good motivation for its employees. People love to work for a company that cares about social responsibilities and environmental problems.
One example I can think of, in recent years, many of the high-end fashion brands such as Hermes or Chanel have declared they will no longer produce products using rare animal skins/furs. This movement is in an effort of protecting rare animals and lessen animal cruelty in the fashion world. Obviously, this is a socially responsible move that earns a lot of applaud from regular consumers.
Investopedia. (2020, August 28). Why Socially Responsible Marketing Matters. https://www.investopedia.com/ask/answers/042215/why-social-responsibility-important-marketing.asp.