(solved) Corporate Social Responsibility

Added on - 21 Feb 2021

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CONTEXT OF BUSINESS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY..................................................................................................................................3CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
INTRODUCTIONCorporate social responsibility is aa approach which helps the business in managingcontribution to sustainable development by focusing social, environmental and economicbenefits (Tai and Chuang, 2014). Managing organisational functions with regard to CSR aid thecompanies in effective application of business ethics. Business ethics denotes appropriateness ofbusiness practices with regard to social responsibility, corporate governance, diversity, etc. Theessay will outline micro and macro environmental factors impacting ethical business practices inglobal business environment.MAIN BODYChanging nature of business is the major concern of the era as the focus of millennials hasbeen shifted from profit making to managing ethically and socially responsible businesspractices. Innovation play a vital role in global business environment where modern organisationis focusing on managing diverse needs of customers. As the business environment is changingrapidly such as change in marketplace activity, change in products, advance technology andsocial revolutions and the business working style is also changing with the changing businessenvironment.The various micro environmental factor impacting business are competitors customerssuppliers, shareholders and employees.Thecompetitorsof the business can affect the businessstrategies of the organisation. As the technology is changing rapidly which is creating the hugeimpact on the business. In order to deal with technological changes, the business should keep aneye on the changing technology and should make strategies accordingly.The central part of any organisation or any business is theircustomer. They play the keyrole in the success of the organisation as the company to tend to gain large number of customerattraction in order to generate revenue.According toGrayson and Hodges, 2017,considerationcultural ideologies is the major concern of global environment of companies. In accordancewith this international firms are focused on innovating products and services on the basis ofmarket research. This helps the companies in meeting individual customer expectation andmanaging responsible practices.
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