What is social responsibility? Why is it important?
Social responsibility is defined as a company's obligation to increase its positive impact and decrease its negative impact on society.
Social responsibility emphasizes on the company's responsibility to look after the needs of the society. Social responsibility increases the presence of the company and it also increases the goodwill among present and future customers. It helps to monitor stakeholders expectations, needs and satisfy them.
For example, Company G launched a program for global migrants and refugees and requested the investors to donate. Donations collected helps the company to maintain significant goodwill among the stakeholders.
Social responsibility in marketing includes the managerial process of making sure that the company has positive impact on the society as a whole in its conduct of business
It is important for organizations because it enhances goodwill, attracts customers and employees. It also benefits the company in the long run. Socially responsible environment provides a positive image for the company and boosts the sales.