Saturday, February 29, 2020
EXAM PREPARATION Essay Example | Topics and Well Written Essays - 500 words
EXAM PREPARATION - Essay Example It is in this context that strategic CSR rewards in financial benefits for the company and in turn creates an additional benefit on the structural development of the society. Evidently enough, based on the effectiveness of CSR, it is also termed as Ã¢â¬Å"Spiritual CapitalismÃ¢â¬ (McElhaney, 2009). Correspondingly, it can be stated that strategic CSR is linked with the concept of societal marketing, which determines the requirements and interests of the targeted audiences as well as provides satisfaction by enhancing the well being of the society at large. Another important aspect of CSR, in alignment with societal marketing is that it supports the issues related to education and culture to safeguard the organization along with the society. For instance, IBM institute for Business Value conducts its CSR through the implementation of societal marketing by providing consumers assistance by elite services and aims to develop the society by providing proper product and basic education (McElhaney, 2009). These additional attributes will assist the company to meet the present customer needs. Moreover, through these continuous learning processes regarding the CSR will provide future benefits for the company and the society. It is evident from the instances of IBM and Wal-Mart that CSR activities are quite effective to yield the benefits of competitive differentiation and favorable positioning to find potential customers in the emerging market and assist in creating new future revenue streams thereon (McElhaney, 2009). Creating CSR strategies assists the companies in attaining their goals by ensuring correct measures in the right direction and time, which further benefits them in their long term sustainability. In this regard, to provide further satisfaction to the customers and ensure high performance organizations needs to implement sustainable marketing concepts.