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Abstract
Corporate
Social Responsibility (CSR) is a business-driven response, which covers social,
economical and environmental concerns. It is a continually evolving process adopted
in various markets.
Description
Corporate Social Responsibility (CSR) is a term that has acquired a prominent place in the corporate lexicon in the recent years. This term means different things to different people. To some it is a responsibility, to others it is a voluntary initiative and to yet others it is an opportunity. No matter what it is called and termed as, but the fundamentals remain the same i.e., they have to look beyond legal compliance in areas of environment, social and economy.
Different organizations have different definitions of CSR but there are many similarities among them. These definitions generally focus on how organizations should manage their core business along with concentrating on social, economical and environmental values and take due care of the interests of the stakeholders. The
World Business Council, for Sustainable Development of the companies, defines
CSR as "The continuing commitment by business to behave ethically and contribute
to economic development while improving the quality of life of the workforce and
their families as well as of the local community and society at large."
Keywords
MBA Review Magazine, Corporate Social Responsibility, Economic Development, European Commission, Customer Loyalty, Brand Awareness, Human Resource Management, Health Management, Multinational Companies, MNCs, CSR Strategy, Communication Strategies.