Eghosa Oyemwense
by Eghosa Oyemwense
Corporate social responsibility (CSR) refers to the ethical, sustainable, and equitable operation of a corporate entity. This is not limited to preventative practices but rather encompasses responsible remedial practices which acknowledge a company’s error and the resulting negative impact on society, and proffer actionable solutions for the future.
With the evolution from traditional to modern marketing, which emphasises sustainability, companies must now examine their company goal, innovation and value, the customer’s perspective, and societal impacts, in addition to cultivating an audience through both traditional methods and television, billboards, and modern media, social media, and other online platforms.
Companies can leverage heightened interest in CSR by integrating any of the United Nations Sustainable Development Goals (SDG) into their mission by crafting progressive policy documents, sustainable materials, active societal development, and ongoing philanthropic giving. This not only benefits stakeholders but also opens up real-world opportunities for ethical marketing. Businesses must be honest and upfront, avoid greenwashing, fulfil legal bases, and uphold moral commitments which they can promote through their websites, annual reports, social responsibility programmes, and other means.
When firms think about the long-term social consequences rather than the short-term gains, they build trust and customer confidence over time, which leads to loyalty, customer and staff retention, improved public relations, lower costs, and improved sales.
Genuine integration of CSR requires listening to and adapting to societal challenges, and as a result, CSR in marketing shows accountability and attentiveness. Companies need to become more conscious of their detrimental impact on society, and develop meaningful marketing strategies to effect good change.
Eghosa Oyemwense is a Business Development and Research Analyst. She obtained her Bachelors and Masters degrees Business and Management BSc (Hons) and Marketing and Entrepreneurship (MSc) from Aston University in Birmingham, in the UK. Eghosa is a human rights and branding enthusiast with noteworthy skills in research and marketing practises. Contact Eghosa.
Regent Assay is a leading mid-market corporate finance and consulting practice with a unique blend of strategic advice and transaction services. We work with owners and management teams who are looking to prepare for a full or partial exit, and accelerate their growth organically or by acquisition.
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Corporate Finance, M&A