Provide examples that serve to explain the differences among the following terms: (1) corporate responsibility; (2) corporate social initiatives; (3) corporate philanthropy
Corporate responsibility is the concern businesses have for the goodness of society. If they commit to the same causes as the consumers they can gain trust. This argues that businesses owe their existence to society and if the society is failing the business will too. Corporate social initiatives are the forms of the corporate philanthropy related to the company and it’s principles. Corporate philanthropy includes all the charitable actions a company does, like help fund cancer research, produce recyclable energy, etc.
Corporate responsibility, corporate social initiatives and then corporate philanthropy are those three terms that sort of go hand in hand with each other. A company is not only responsible to its shareholders but it also has some obligation to its consumers. the product has to be made with the highest level of ethical standards and the organization also has to commit to ensure that such corporate responsibility standards would be in place at all times. But corporate responsibility does not stop there. It is extended by looking at different corporate social initiatives that organizations also have to carry on. An organization can do that by giving good levels of charity for needed issues. Very good and highly ethical firms then also take this even further by also considering the corporate philanthropy and that again is by maybe volunteering in social causes that the firm finds very important and part of its duty to its consumer market.