Strategic corporate social responsibility
This chapter explores the concept of strategic corporate social responsibility (CSR) and all its intricacies and implications for brand building. It also explores the core business versus broader goals perspective in light of a strategic CSR framework. The chapter discusses that how CSR and the market landscape have changed since the mid-1990s. It presents the four key components of strategic CSR. The four key components are: a clear motivation, an appropriate initiative, the right timing, and the right communication. Consumers clearly are concerned about corporate social responsibility and do expect companies to be involved in CSR programmes and initiatives. The chapter proposes a CSR model that is reminiscent of market evolution and traditional product life-cycle models predicting four phases: market crystallisation, market expansion, competitive turbulence and fragmentation, and absorption. It focuses on strategic CSR in order to maximise the potential gains to companies, clients and the larger community.