Every company is trying to distinguish itself from the others. As a part to achieve a better share in their respective markets.
Branding is the entire process involved in creating a unique name and image for a product [goods or service] in the consumer’s mind through advertising campaigns with a consistent theme. The brand aims to establish a significant and differentiated presence in the market that attracts and retains customers.
A brand is emotional, has a personality, and captures the hearts and minds of its customers. CSR activities will create a difference. In today’s scenario, the marketer is trying to experiment with many new things for branding. Also, CSR becomes one of the important tools.
According to Scoott Bedbury author of the book ‘A New Brand world`,
‘Branding is about taking something common and improving upon it in ways that make it more valuable and meaningful`.
CSR – Creating Difference
The marketers always have to perform many activities to build their products as a brand over a period of time. A company is an entity that exists in and for society. The ultimate goal of any company is to earn a profit. Along with the profitability of spending a part of its profit for society. In other words, it is termed as corporate social responsibility. Corporate Social Responsibility.
CSR is a business’s efforts to achieve sustainable outcomes by committing to good business practices and standards. While the concept may be relatively new in the region, the actual practices and related policies are not new. The key role and responsibility are often discussed in the aspects of business, society, and the environment.
Most businesses compete either on price, level of quality, or service as their competitive advantage. Non-profit organizations often use efficiency, values of service, or societal benefit to generate their competitive advantage. For competitive purposes, community support, better brand identity, reduced waste disposal costs, or better employee working conditions can contribute.
Today consumers, investors, governments, and even employees have become more sophisticated and more aware of good corporate behavior.
In this new business environment, a company’s reputation has become one of its most valuable assets, and CSR has become one of the key components of corporate reputation.
Positive CSR experiences build confidence and goodwill with stakeholders. Many organizations have developed clear CSR efforts as strategic branding and management approach in achieving a win-win outcome.
CSR is increasingly being seen as an important and integral part of normal business operations. So how does responsible business help to enhance business operations, in achieving a sustainable outcome?
Advantages of CSR as a branding tool
Create Shareholder Value
Investors are becoming more concerned to invest in company’s that act with good corporate governance and social responsibility. Thus CSR plays a vital role in creating an image.
Increased Revenue Base
CSR can boost factors that drive revenue in important ways. CSR initiatives and cause-related marketing could build a reputation and goodwill among-(a)Suppliers
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