Answered: Discuss the concept of corporate social…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

Discuss the concept of corporate social responsibility (CSR) and its importance in modern management practices.

Expert Solution

Step 1: CSR defined

Corporate Social Responsibility (CSR):

Corporate Social Responsibility (CSR) is a method through which a company is made responsibile to have a positive impact on society and the environment apart from its regular business operations and financial obligations and also directly and indirectly aids in improving the living conditions in the society in which the organization is operating. It's a commitment to ethical behavior, sustainability, and contributing to the well-being of communities and the planet through financial and non financial aids.