How can companies strive for successful relationships with c

How can companies strive for successful relationships with consumers, including meeting their economic, legal, ethical, and philanthropic expectations?

Solution

There are several possible ways in which a company can strive for a successful and long lasting relationship with its conumers and stakeholders. CSR or Corporate social esponsibily is one such thing. CSR is not something that is mandate by the law as necessary to conduct business but is effectively praticed by companies who take their business more responsibly and aim at contributing towards a better society. CSR strategies not only help companies in meeting their financial goals but they also help in meeting their economic, legal,ethical and philanthrophic expectations as well.

A 3 dimensional model created by carroll(1979) characterises CSR into 4 components namely - economic, legal, ethical and discretionary.

Most of the businesses place economic responsibility jointly of their high priorities as they\'re within the method of manufacturing product and services to fulfill the wants of society. By manufacturing and meeting the wants of society they\'ll even be ready to build a profit. Then there\'s the legal element during which firms area unit needed to conduct businesses that fits the law. so as to remain in business and to own a high performance firms area unit expected to abide to the laws and laws. the {moral} element – firms ought to conduct their business ethically and follow society’s moral rules. they\'ll transcend the minimum legal necessities and easily wish to conduct businesses ethically and virtuously. in conclusion firms ought to be benevolent and philanthropic in nature – doing smart causes, serving and serving to communities and also the society, etc. it\'s at their own discretion and fully voluntary for firms to contribute and have interaction in social activities.