Corporate Social Responsibility Essay Example

  • Category:
    Marketing
  • Document type:
    Essay
  • Level:
    High School
  • Page:
    1
  • Words:
    297

Marketing

Part 1: Corporate Social Responsibility

Briefly, corporate social responsibility captures aspects of contributions towards building a sustainable development and society through generating long-term value for stakeholders. It therefore means practising Corporate Principles whilst considering social, economic, and environmental impact of decisions made. The choices made ought to maximize benefits and minimise costs for all the parties. According to Carroll (2003), Corporate Social Responsibility is the economic, legal, ethical, and unrestricted expectations that a specific society has of organizations. Traditionally, corporations have a sole duty to the owners. Conversely, CRS requires organizations to assume more responsibilities that not only include owners but also employees, suppliers, customers, society and other special interest groups.

Part 2: The NAB Group Corporate Social Responsibility

By utilizing support from various initiatives, the National Australia Bank Group focuses on sustainable business practices. According to NAB group, Corporate Responsibility entails conducting business in a transparent and ethical manner that yield returns to all stakeholders. There are three key objective driving CR strategies at NAB Group. They include making balanced decisions, building trust among stakeholders, and enhancing NAB reputations.

One of the critical areas that NAB demonstrates Corporate Social Responsibility is on their customers. The financial institution emphasizes on delivering quality merchandise to the customer. This tactic goes further to build a trusted relationship between the two parties. In order to understand customers’ needs, NAB monitors customer satisfaction and complaints. The goal of NAB business at this juncture is to make sure that product and service information is clear and easy to understand. Furthermore, NAB provides financial assistance to low and vulnerable income groups, persons with special needs and other disadvantaged sectors.

Reference

Carroll, A. B., & Buchholtz, A. K. (2003). Business and Society: Ethics and Stakeholder Management. 5th ed. Mason, OH: Thomson South-Western.