53348609-Case-study-on-Corporate-Social-Responsibility-of-MNC.docx - Case study on Corporate Social Responsibility of MNC\u2019s in India Dr G

53348609-Case-study-on-Corporate-Social-Responsibility-of-MNC.docx

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Case study on Corporate Social Responsibility of MNC’s in India Dr. G. Muruganantham Assistant Professor, Management Studies, National Institute of Technology, Tiruchirappalli, India. Abstract In this era of global competition, declining brand differentiation, and increasing media clutter, companies are going beyond the conventional marketing mix to increase the value of intangible assets. Over the years there is a shift from functionally centric brands to emotionally centric - brands to values - centric brands. Today, brands must be inspirational in a socially responsible way to all stakeholders. To achieve the same Corporate Social Responsibility (CSR) has become more common in business practices. CSR remains a very relevant strategic Marketing tool. Many companies use CSR as a way to increase their image, generate brand equity, and increase employee loyalty. The purpose of the paper is to understand the various CSR activities carried down by select MNC’s in India and how are they integrating Corporate Social Responsibility into their marketing strategy to build and sustain a competitive advantage. Keywords CSR; Marketing strategy; MNC’s in India; Brand Image; Competitive Advantage Introduction Corporate Social Responsibility (CSR) is defined as operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of business. In the last twenty years, there has been a sea change in the nature of the triangular relationship between companies, the state and the society (Edenkamp, 2002). CSR has become increasingly prominent in the Indian corporate scenario because organisations have realised that besides growing their businesses it is also vital to build trustworthy and sustainable relationships with the community at
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large. This is one of the key drivers of CSR programs (Ramya Sathish,). CSR is coming out of the purview of ‘doing social good’ and is fast becoming a ‘business necessity’. Corporate houses are realising that ‘what is good for workers - their community, health, and environment is also good for the business ( Indu Jain, 2010). Corporate social responsibility is a form of corporate self-regulation integrated into a business model. Essentially, CSR is the deliberate inclusion of public interest into corporate decision-making, and the honoring of a triple bottom line: people, planet, profit. A more common approach of CSR is philanthropy. International Trade & Academic Research Conference (ITARC) - London 2010 Another approach to CSR is to incorporate the CSR strategy directly into the business strategy of an organization. CSR may be based within the human resources, business development or public relations departments of an organization (Wood, 1991). Corporate Social Responsibility is what an organization does to influence the society positively in which it exists. The concept of CSR has been evolving for decades. CSR is a multidimensional concept. While some take CSR as an obligation, others consider it as a strategic tool. CSR focuses on the social, environmental and financial
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