Strategies for Responsible Business Essay Example | Topics and Well Written Essays - 4000 words

Strategies for Responsible Business - Essay Example A number of strategic management theorists argue that, for an organization to be continuously successful the most important requirement for it is to develop an understanding of the strategic implications of CSR.  This report analyses this claim with the help of the principles of corporate social responsibility and strategic management. The phrase Corporate Social Responsibility or CSR was first used in the 1953 publication of Bowens Social Responsibility of Businessmen. In the 60’s and 70s, many scholars tried to provide a comprehensive definition of CSR. However, the term CSR has attained more popularity and acceptance in the corporate world only in 1984, when management consultant Peter Drucker stressed the importance of connecting social problems with economic opportunities. Since then, companies have started to accept CSR as a liability rather than a principle. The first company that actually publishes a social report was Ben and Jerrys in 1989, and the first major company was Shell in 1998 (Corporate watch, n. d.). Even though corporate social responsibility or CSR is accepted as one of the major topics in the corporate world, everywhere in the world, a standard definition or universal definition for this topic is still unavailable. In other words, CSR has been defined differently by different scholars and perceived differently in different countries or regions. According to Nexen (2009) Corporate Social Responsibility is â€Å"a commitment to behave ethically and contribute to economic development while improving the quality of life of our workforce and their families as well as the local community at large†. Ethics and morality are rapidly disappearing subjects from the corporate world at present. Even though organizations speak volumes about ethics and morality, they do less to adhere to the principles of ethics and morality. CSR reminds