Reflective Journal: CSR Analysis of Milton Friedman's Article

This reflective journal analyzes an article on Corporate Social Responsibility (CSR) by Milton Friedman. The journal discusses the benefits of CSR for businesses, such as enhanced brand reputation and customer loyalty, and highlights the importance of CSR in building a positive brand image and achieving a competitive advantage. The author reflects on the article's content, discussing how companies can leverage CSR to gain market advantages and build stronger relationships with customers. The journal also touches upon the role of CSR in attracting employees and contributing to societal development. The author expresses personal insights on the subject and how they would apply CSR principles in future business endeavors, while also acknowledging some limitations and areas for improvement in the original article's scope. The journal underscores the crucial role of CSR in the success of modern businesses, emphasizing the importance of returning resources to the world through responsible practices.

Reflect journal 1

TABLE OF CONTENTS
REFLECTION.................................................................................................................................3

REFLECTION
The title of article is The Social Responsibility of Business is to Increase its Profits
written by Milton Friedman. It was written in the year 1970 and the Friedman was a Nobel Prize
winner due to his enormous contribution that he made in economics. New York Times in which
this article was published is a world renowned newspaper. This article is to productive for
understanding major role of CSR (Corporate Social Responsibilities) within businesses. I
understood, how a company can achieve huge good in the market by fulfilling its social
responsibilities. According to this article, top-level management within each company enables to
take effective advantages from social responsibilities. Suppose a company want to establish its
manufacturing plant in any place, in which it needs to establish some free schools, hospitals,
colleges also in that place. This type of actions generally comes under corporate social
responsibilities. Many successful companies in the world currently investing large amount of
their revenue in social works. It is necessary for both society and companies. With the support of
this article, now I'm, able to share my effective point of view on CSR topic. Businesses currently
can build heart-to-heart relationship with their customers in market. On the other side, people
give high respect to those organizations which always fulfil their CSR on time. Organizations
now started their own foundations which completely work for fulfilling social responsibilities.
When I was reading this article, then I realized that some major points related to
corporate social responsibilities are still missing in this article. For example; its limitations,
scope, and implications, etc. so this article on still needs to be something improved. But, it is
enough to understand basics of corporate social responsibilities. The references of the article
were also extremely relevant and yet widely researched. According to article, business only fulfil
their social responsibilities for maintaining their great brand reputation in respective markets.
Means, this is an indirect way to businesses for promoting their brand. Organization's CSR
model is too favourable to people, because they always get benefited through this model.
Suppose a company has opened a park for children to play, in which people able to take their
children for park. I also decided, if I start any business in the future, then I'll fully take
advantages from corporate social responsibilities. I'll able to achieve effective workforce also
through this, because employees always gives extra input in those companies which believe in
fulling social responsibilities. The article, apart from the readers, was mainly targeted for the
economists and it was to increase the acknowledgement and contribution of CSR.

For me, CSR gives great contribution in all over growth of any company. Reason is,
companies able to build their positive image in the market through this. In this case, if a
company can built positive brand image, then its profit ratio will automatically increase. A
business can built large customer base by fulfilling social responsibilities, because people
emotionally engaging with social development. I understood that, people always like to buy
products and services from those companies which time to time fulfil their CSR. This is the best
way to company for gaining huge people attention towards brand. Now I realize, proper
management of corporate social responsibilities is too necessary within an organization, because
it is a big key to success. The best part of CSR is, it is too supportive to a business to achieve
huge competitive advantage in the market. A company uses various natural resources in their
daily operations, so social responsibilities is a way to the company for returning those resources
to world in different form.