CORPORATE SOCIAL RESPONSIBILITY

Corporate Social Responsibility

Abstract

In this research we tried to explore the impact of implementing CSR (Corporate Social Responsibility) on CRM (Customer Relationship Management) and PRM (Partner Relationship Management). CSR has driven the paradigm of company to new direction for managing the relationship with customers. Customer relationships management intends to strengthen coordination between the company and its customers to improve relationships through the credence components of the customer relationship. In general, this concept is seen as important for the foundation of the image and reputation of the organization.

Table of Contents

Abstractii

Introduction4

Research Question6

Literature Review6

Corporate Social Responsibility6

Customer Relationship Management9

Types of CRM10

Conceptual Relationship between CSR and CRM10

Partner relationship management (PRM)13

Types of Partner Relationship Management14

Conceptual Relationship between CSR and PRM15

Research Design16

Discussion and Analysis17

Recommendation21

Conclusion22

References24

Introduction

Corporate social responsibility (CSR) constitutes an economic phenomenon of significant importance. Today, firms largely determine welfare through producing goods and services for consumers, interest for investors, income for employees, and social and environmental externalize or public goods affecting broader subsets of society. Stakeholders often take account of ethical, social, and environmental firm performance. On one hand, this changes the nature of strategic interaction between profit-maximizing firms, however, on the other hand it impact utility-maximizing individuals.

Over the last two decades, the concept of social corporate responsibility and customer relationship management has captured significant attention of public, corporate, and management leaders worldwide. Social corporate responsibility has reformed the approach of corporate organization towards addressing public needs, and building the brand equity for their products, services, or organization. The current focus on applying entrepreneurial thinking to achieve social transformation is relatively new. This is driven as a result of the shortcomings of governments, markets, and charitable organizations to come up with scalable, innovative, and sustainable solutions to increasingly complex societal challenges and impact of organizations action on its external environment.

Socially responsible investing (SRI) is an investment strategy that seeks to optimize environmental and/or social benefits as well as financial returns. In addition to financial indicators such as risk, returns, and asset allocation, socially responsible investors look at non financial factors—social impacts, environmental impacts, and issues of corporate governance—of investments that are often an extension of their own personal life views and values.

Recently, many investigations have been made to discover the impact of Corporate Social Responsibility (CSR) on Customer Relationship Management (CRM) and Partner Relationship Management (PRM). In globalized era of competition, field of relationship management is of high significance towards business stability. High level of competition in dynamic business environment has propelled the organizations to adopt different strategies for differentiating its products/services from its competitors. This is directly dependent on how well firms manage its relations with stakeholder and business partners. CSR enables differentiating the service based on the quality perceived by customers and the interaction that develops between them. This research aims at exploring the fundamental constituents of corporate social responsibility and how does it affect the customer relationship management and partner relationship management.

In recent years, there have been major changes in the competitive environment. This has created the need for a new marketing approach, ...