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Question - What do you think about Corporate Social Responsibility and why? Research and cite sources that support your position.
Answer - Corporate Social Responsibility
Corporate Social Responsibility defines the role of businesses in being responsible towards people, society and the environment. The European Commission (Corporate Social responsibility (CSR), 2014) urges companies to take 'responsibility' for the impact they create on society and use CSR as a tool to retain employees, enhance consumer and brand loyalty with socially conscientious business decisions (Mohr, 2001). Ethical business therefore incorporates CSR as an important arm in the 21st century, superseding Friedman's concepts that free markets demonstrate welfare on their own without the need for companies to interfere (Drea, 2015). CSR has been found to be imperative in driving business sustainability with an extra edge that outperforms competitors even on closely substituted products, expansion of customer base with environment friendly products and generation of higher social capital (Cooke, 2010).
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