Part 7: Implementation, Strategy, and Stakeholder Duties
99 What are the “take home” messages from this Part?
This Part showed how the principles from Parts 1 through 6 can be implemented at the strategic level within organizations, including the practice of strategic corporate philanthropy and consumer social responsibility.
- Strategic practice of CSR / ESG issues goes beyond occasional charity work. It integrates these principles throughout the firm.
- One way to implement these principles is through use of a “CSR Filter” which mediates the firms mission and vision, through the lens of stakeholders, to the firms strategy and tactics.
- Many barriers exist towards fully resolving CSR concerns, such as information asymmetry, market power, consumer heuristics, and information salience.
- To help overcome these challenges, both companies and individuals need to focus on integrating ethical behaviors deep into their routines, from the top of the organization down.
- Corporate philanthropy can be a valuable tool to create both social and business value.
- Ultimately, consumers determine the kind of business environment they wish to have through their purchasing decisions. Consumer social responsibility must accompany corporate social responsibility.
Exercises
- If you worked for a company that does not follow the principles listed above, yet are not at the management level to make change, how might you as an employee incorporate the strategic principles from this Part?
