About Business Philosophy

To have a beneficial impact on a corporation

The present business procedures must be carefully planned out and put into action. The incorporation of socially responsible actions by the businesses is necessary for the competitive performance and success of the corporations. Competitiveness and success are produced by the strategic blending of techniques that are more interested in and concerned with the stakeholders. Moral replacements made possible by CSR initiatives could make up for irresponsible corporate practice. When examining the connection between competitive performance and corporate social responsibility initiatives in this scenario, the stakeholder perspective is crucial.

Firms encouraged to participate and integrate CSR practices

Firms are encouraged to participate and integrate the CSR practices in their firms which facilitate the quick growth and development. The stakeholders' theory is the underlying concept suggesting that the adoption of the CSR practices results in better performance in a given business (Green & John, 2015, pp 112). Effective management of the relationship with the stakeholders is identified to be an influencing factor to the success of a firm. According to the stakeholder's perspective, a close relationship with the internal and external stakeholders is essential as it helps the manager of the business corporation in expressing their values. Considering the benefits of the CSR practices, the firms are better positioned to adopt the program since it enhances maintenance of the flexible and close relationships among the stakeholders.

Incorporation of CSR practices into business plans

The corporation social responsibility practices should be incorporated into the business plans with the objective of developing strategies that would be approved by the stakeholders. The competitive success of the CSR practices would be measured using dimensions such as customer satisfaction, quality and innovation, market share, reputation and employee satisfaction. Effective communications with the stakeholders with the aim of ensuring behaviors that are socially responsible enhance the development of specific intangible assets in a given corporation. The proactive CSR activities are also associated with the knowledge and desire to achieve shared goals and vision and development of the proactive strategies in a firm (Carroll, 2015, pp 91). Positive enterprise perceptions are some of the benefits from the stakeholders which are only received through the implementation of the CSR efforts. In this case, the positive reciprocity between the stakeholders and the firm should be maintained as proposed by stakeholder's theoretical approach.

Real value generated by CSR practices

The real value generated by a given corporation by the CSR practices is through shared value among the members and the stakeholders. Such value in the firm emerges with the aim of innovating and redefining markets or products. Also, the value provided through the CSR activities results in value chain improvements whereas the generation of the value is made possible through the interaction between the stakeholders and the company. In this case, the development of the corporation social responsibility practices provides a platform for the socially responsible behaviors and making strategic decisions about a company which also address the issue of uncertainties and inefficiencies during the management process (Cheng et al., 2015, pp 19). According to the objectives attained, priority management of clients and workers has been identified to contribute to the achievement of the success greatly. Considering the stakeholders' perspective, CSR is often more managerial and practical in scope. However, while considering the interests of the stakeholders, it's related to the sustainability concept and the society-centered issues in a company which are critical success drivers. In a nutshell, the incorporation of the CSR practices enhances economic and sustainable competitiveness in a business corporation.

Works Cited

Carroll, Archie B. "Corporate social responsibility." Organizational Dynamics 44.2 (2015): 87-96.

Cheng, Beiting, Ioannis Ioannou, and George Serafeim. "Corporate social responsibility and access to finance." Strategic Management Journal 35.1 (2014): 1-23.

Green, Todd, and John Peloza. "How did the recession change the communication of corporate social responsibility activities?." Long Range Planning 48.2 (2015): 108-122.