THE STRATEGIES OF CORPORATE SOCIAL RESPONIBILITYDr Momčilo Poljić |
Number 9 |
ABSTRACT
Modern era puts an imperative to the company to match their own activities with other companies in the market. The wishes and needs of society and the importance of doing business in a socially acceptable way is very important to take into consideration when determining the business strategy. Companies must not only produce excellent products and services to meet the needs of consumers, but they must be aware of their relationship with the environment and the community. Corporate social responsibility consists of several important components. The company has an economic responsibility in the sense that it must maximize profits for shareholders. Also, the company has a legal responsibility to operate according to the rules and regulations prescribed by the community. Apart from the legal and economic obligation there is a social responsibility as well. Companies must fallow legal and moral principles. Corporate social responsibility requires a variety of social engagements such as donating money and assisting humanitarian aid organizations, community and environment.
Keywords: corporate social responsibility, corporate philanthropy, social activism, competitive advantage.