IMPORTANCE AND BENEFITS OF CORPORTAE SOCIAL RESPONSIBILITY: Some of the benefits are provided below: a) Risk management: Engagement in corporate social responsibility activities helps the companies manage emerging social risks which may emerge as an offshoot of their operational activities. As a result the companies get a social license to operate, which helps maintain a positive image in the market and winning the confidence of people. b) Strengthened Brand Positioning: Through corporate social responsibility, companies can positively influence the perception of the people. Thus strengthening the brand image in the eyes of the consumers, community, regulators, employees and the suppliers. c) Increased sales and Market share: Consumers like to be associated with a company, which is ethical and has a positive image.
In the recent business world, various strategies re being employed by companies with various aims including that of increasing its competitiveness, increasing the profits as well as increasing its working environment among others. Most companies have engaged in the employment of corporate social responsibility (CSR) as a strategy of increasing their benefits which in return are expected to give the company using it a competitive advantage. Corporate social responsibility is a business practice that comprises of initiatives aimed at benefiting the society and can include various tactics including those of implementing business operations that are greener as well as giving away a portion of the proceedings held by a company to charity. This social
Now we move on to explore the effect of participative management on job satisfaction. It is widely believed that participative management improves employees’ job satisfaction. Public companies have also turned to strategic planning to enhance government performance and accountability . A study was conducted to explore the relationship between participative management in the context of the strategic planning and job satisfaction whose key findings were : it demonstrated that a participative strategic planning process positively affects employee job satisfaction which results in reduced absenteeism and turnover, the study 's findings suggest that employee participation in strategic planning contributes to organizational effectiveness. It also indicated that individuals who participate in strategic decision-making processes are able to influence their work environments in the widest possible ways.
The effectiveness of marketing strategies is enhanced by brand equity assets. Brand equity depends upon the favorability of the attitudes which customers hold about a particular brand. Building positive brand equity would enable an organization to enjoy a competitive advantage. It is imperative for firms to create unique, strong and favorable associations for building strong brands. Understanding the various dimensions of brand equity would help the organizations to know the value provided by the brands to its consumers.
(MacDonald, 2016). The purpose of this report is to outline the reasons why it makes good business sense to recruit and develop employees from under-represented groups and introduce a diversity strategy into PerfumeCo. Benefits of Diversity: Evidence for performance-increasing effects of diversity are because it can improve creativity and innovation through the team members ' greater variety of perspectives. (Roberge & Van Dick, 2010). In a
In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
Therefore, having CRM in SMEs is to enhance a good customer services. CRM is a tool to implement a marketing strategy to focus on the customer. According to Parvatiyar and Sheth (2001), CRM defined as a strategy and process of acquiring and retaining customer which can create superior value for the company. By create a good customer service, customer relationship management play an important role to maintain the relationship with the customers. In term of CRM, not all customers are the same.
Customer orientation is not only focuses on customers’ needs, it includes other stakeholders’ expectation too. The relationship between customer orientation and customers’ loyalty is strong. In other words, customer orientation can improve the customers’ loyalty (Homburg, Müller, & Klarmann, 2011). The salespersons that are close with customers will drive customers to continuously buy products from the salesperson. This is called building “Guanxi” with customers to achieve company goals.
WHEN CORPORATE SOCIAL RESPONSIBILITY POSITIVELY OR NEGATIVELY INFLUENCE THE CONSUMER ATTITUDE AND BEHAVIOR Introduction The quick enhance of corporate social responsibility (CSR) practices in many firms, a problem about the way in employee attitudes and behaviors has become critical. Nowadays, corporations devote their resources to corporate social responsibility (CSR) presuming that “doing good always leads to doing better” (Sen & Bhattacharya, 2001). There is a growing belief that CSR is a source of competitive advantage for the firms (Hart, 1995; Shrivastava, 1995) because it enhances firms’ reputation which results in favorable behaviors of different stakeholder groups such as employees, community and particularly consumers (Brown &
Brand Loyalty: Brand loyalty is important to managers because it will improve their customer retention, which will in turns have a favourable impact on profitability. When a consumer is satisfied with a brand to the extent of making a repeated purchase he can be said to be loyal. Brand loyalty is a sign that the brand in question meets the needs of the consumer in the area of quality and other attributes. In taking a decision about a brand all the factors that affect brand loyalty like trust, customer satisfaction, brand involvement, product quality and company image must be taken into consideration. Brand loyalty can make the manufacturer of the brand to be complacent and take the consumers for granted.