Components Of Social Entrepreneurship

Abstract Cause – Related Marketing as part of corporate social responsibility, becomes an increasingly used by companies in the market. Some of the benefits of the cause related marketing campaigns is attracting new customers , increasing sales of products , or services creating positive brand image and raising funds for a social cause. And there are many companies followed this concept in there markets . The cause related marketing has an impact on consumers choices , so they prefer to by from them because they can meet there needs and help the community by paying the same price. What is Cause related marketing (CRM) ?

Business world on the other hand, should do their job by complying with the regulations and operating profitably at the same time. However in my opinion, I do think that companies have a responsibility to pursue social good. Business corporations are the one and only biggest organization and also the most powerful entity to be able to influence and offer social good towards the society. Paul Hawken in the article “The Ecology of Commerce” stated that “Business is to increase the well-being of humankind through service, creative invention, and ethical action.” Since business is created to satisfy the needs that the society requires, it is understandable for business to satisfy the sustainable wants by the people. This is also supported by John Mackey, founder and CEO of Whole Foods, stating that “In the customer-centered business, customer happiness is an end in itself, and will be pursued with greater interest, passion, and empathy than the profit-centered business is capable of (2005).” Businesses perspectives are also changing greatly, where Aneel Karnani describes “Large companies now routinely claim that they aren't in business just for the profits, that they're also intent on serving some larger social purpose

For multinationals, CSR plays the role of opening up new market opportunities where multinationals can aid poverty-stricken, less developed companies and open up new customer bases. Cutting edge CSR provides organizations to learn from projects they invest in and to improve their own core competencies. The healthy image of a company gained by practicing CSR also helps retain more and better quality workforce, as they feel more honoured working in a company with socially responsible. Furthermore, with much of the developing world moving towards growing economies, customers value quality, brand image and ethics more than prices. Even in terms of investing and financing, there is a growing trend of shareholders investing in socially responsible companies.