Importance and Challenges of Corporate Social Responsibility

This presentation discusses the importance and challenges of corporate social responsibility (CSR). It highlights the benefits of practicing CSR, such as improving market image, brand awareness, customer engagement, and competitive advantage. It also addresses the challenges faced by companies, including higher costs and lack of awareness among employees.

Task 1
Corporate
Social
Responsibility

Table of content
 Introduction
 Corporate social responsibility
 Importance of practising corporate social responsibility
 Challenges while practising CSR
 Conclusion
 References

Introduction
Corporate social responsibility can be defined as
initiative of an organization to contribute in the
development of society. It is very important for all the
business entities to make sure that they are spending a
fixed percentage of their profits for welfare of society so
that a positive image in the market could be established.
This presentation is mainly based upon importance and
challenges of CSR which should be focused for an
enterprise.

Corporate social responsibility
Corporate social
responsibility can be defied
as the way in which business
entities manage all the
procedures of organization to
reach the goals such as
establishing positive market
image.

Importance of practising corporate
social responsibility
It is very important for all the companies to practice
corporate social responsibility as it is beneficial for the
operational activities. With the help of it all the companies
can reach to their long term business goals such as higher
profits and positive market image. Various reasons for
paying attention towards practices of CSR are as follows:
Help to improve market image: In order to improve the
market image it is very important for all the organizations to
make sure that they are taking part in different activities
related to corporate social responsibility.

Continued...
Higher brand awareness along with recognition:
Business entities should perform activities related to
corporate social responsibility because it helps to spread
awareness about brand and increase the recognition in the
industry.
Beneficial to attain competitive advantage: When an
organization is highly involved in CSR activities then it
will be beneficial to achieve competitive advantage in the
industry as it may result in good image in the market as
well as higher profits.

Continued...
Improved customer
engagement: Business entities
should practice corporate social
responsibility because it can
help to improve customer
engagement because initiatives
towards development of society
will facilitate to attract large
number of clients.

Challenges while practising CSR
Following challenges are faced by companies while
performing CSR related activities:
Higher cost: While performing activities related to CSR
business entities may have to face higher cost because steps
taken for societal development requires funding and it is not
possible for companies to perform them in few financial
resources.

Conclusion
This presentation concludes that corporate social
responsibility is very important for all the organizations
as it help to portray a positive image in the industry.
There are various reasons for which business entities
should take part in activities related to CSR. Some of
them are higher brand awareness along with recognition,
improved customer engagement, beneficial to attain
competitive advantage etc. The challenges which are
faced by companies while doing so are higher cost, lack
of awareness of CSR among employees etc.

References
Cheng, B., Ioannou, I. and Serafeim, G., 2014.
Corporate social responsibility and access to
finance. Strategic management journal. 35(1). pp.1-
23.
Crane, A., Matten, D. and Spence, L. eds., 2019.
Corporate social responsibility: Readings and cases
in a global context. Routledge.

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