Corporate responsibility can be defined as the corporate initiative to assess and take responsibility for the companies effects and impact on the environment and social welfare. This term is generally pertains to a companies effort to go beyond what is required of regulators or environmental protection groups. This may not provide the company with instant financial gain or benefit, but helps promote a social and environmental change to society.
This is a tactic that many businesses use to “win over” or gain consumers today. Performing acts of kindness or participating or sponsoring events that benefit society, shows consumers that the company is concerned with more than just monetary gain. Although, many companies do this with that goal in mind, I feel that there are several owners and CEO’s who genuinely care about supporting initiatives that benefit society.
As consumers growth of knowledge on global social issues increases, the importance of companies support becomes increasingly important as well. Consumers feel good about giving back, and would like to feel like their dollars are doing good in this society.
For instance, for every pair of Toms that a consumer purchases, one pair is donated to a person in a 3rd world country in need. Some of these people have never owned or worn a pair of shoes, so consumers feel good about their purchase, because it is initially helping someone else.
As a consumer of many brands, I do like to see my money go to a good cause. I am an avid cosmetic shopper and one of my favorite brands is MAC Cosmetics. Just about every season, they release a Viva La Glam, lipstick and lip gloss, that is promoted by different celebrities. With every purchase from this line, all proceeds go to the MAC Aids Fund, where they use this money to help individuals suffering with HIV/AIDS. Sometimes, I’ll find myself purchasing lipsticks that I don’t necessarily like, but I do anyway because it supports a good cause.
I feel that these million and billion dollar corporations have a responsibility to do good in our society. They receive a lot of revenue throughout the year, it’s the least that they could do.
Stanzza Patterson 