Milton Friedman once famously said, “The business of...

Milton Friedman once famously said, â€Å"The business of Business is Business†. If the great man have to rethink his ideology in today’s context he might have to rephrase the above statement, and it is quite likely to be;â€Å"The business of business is not Just Business â€Å". In modern times Creating a great company and building a better world are not conflicting goals – they are both essential ingredients for long-term success of the organization in particular and society in general .Corporate Social Responsibility or CSR is no longer a luxury for the corporate world, it’s a necessity which they have to embrace for their own and society’s long term future The term â€Å"Corporate Social Responsibility† was coined in 1960’s and have since then†¦show more content†¦Similarly, for a society to thrive and grow, profitable and competitive businesses must be developed and supported to create income, wealth, tax revenues, and opportunities for philanthropy. CSV approach has received global attention in the Harvard Business Review article Strategy Society: The Link between Competitive Advantage and Corporate Social Responsibility by Michael E. Porter, a leading authority on competitive strategy .CSR traces its roots to an extent to social accounting , a concept where company communicates the effects of its economic actions on various interest groups with in society and to society at large , which in turn theoretically should make the company more accountable towards its actions . Gains from CSR would vary in nature and scale for organizations depending on the activities undertaken and the nature of their respective business and are difficult to quantify .Academicians have come up with various theories like ,Demings Fourteen Points, Schmidt, and Rynes Journal etc to measure CSR impact. However, ideally a businesses should not be looking at short-run financial gains when developing their CSR strategy, they should at least have a five years time frame while formulating their strategy .The decision of CSR within a company is likely to be based on one of the arguments mentioned ; Triple Bottom Line : like marketing four P’s , CSR has its own set of P’s comprising of People , Planet Profit . This theory states that people,Show MoreRelatedCorporate Social Responsibility in Nigerias Telecommunication Sector15201 Words   |  61 PagesDEPARTMENT OF BUSINESS ADMINSTRATION, CARITAS UNIVERSITY, AMORJI- NIKE, ENUGU, ENUGU STATE. IN PARTTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BACHELOR OF SCIENCE (B.Sc.) DEGREE IN BUSINESS ADMINISTRATION. AUGUST, 2010. CERTIFICATION This is to certify that this project written by Ezeigwe G. Chinyere With Reg/No.BA/2007/163, has been duly supervised, approved and found adequate in scope and content for the award of Bachelor of Science Degree in Business AdministrationRead MoreInside the Meltdown49737 Words   |  199 PagesCorp.], established 75 years ago in the Great Depression. ... How does it feel being head of FDIC during another grand crisis? It s a very important place to be right now. We re getting a lot of media attention, and I think that s positive because I think the FDIC is all about public confidence. That s how we maintain the stability with people having confidence in our brand and our insurance guarantee, and I think we ve done that fairly successfully. We have seen a lot of stability. People areRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesrequest to 201-236-3290. Many of the designations by manufacturers and sellers to distinguish their products are claimed as trademarks. Where those designations appear in this book, and the publisher was aware of a trademark claim, the designations have been printed in initial caps or all caps. Library of Congress Cataloging-in-Publication Data Robbins, Stephen P. Organizational behavior / Stephen P. Robbins, Timothy A. Judge. — 15th ed. p. cm. Includes indexes. ISBN-13: 978-0-13-283487-2 ISBN-10:Read MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesand industrial depression from the late 1860s to the 1890s, as well as the social tensions and political rivalries that generated and were in turn fed by imperialist expansionism, one cannot begin to comprehend the causes and consequences of the Great War that began in 1914. That conflict determined the contours of the twentieth century in myriad ways. On the one hand, the war set in motion transformative processes that were clearly major departures from those that defined the nineteenth-century