Sunday, February 10, 2013
After becoming familiar with CSR's components(philanthropic, ethical, legal, and economic), I firmly believe that it is a mixture of all four responsibilities that is right for society, considering it is a business's concern to maximize its positive impact and minimize its negative impact on society.
Ethical responsibilities are about doing what is ethical. In other words, corporations doing what is morally right and avoiding harm.
Legal responsibilities are about obeying the law. Corporations are legally obligated to do what is right and not wrong. If companies and corporations do not obey the law there can be serious legal consequences, and can therefore hurt the company.
Economic responsibilities are about being profitable. If a company is not profitable, they cannot succeed.
Philanthropic responsibilities are about being a good corporate citizen. Companies and corporations take on the philanthropic responsibility by giving resources back to the community and society. Large corporations have a significant amount of power in society that they should take on this responsibility.
With all of the responsibilities combined, I believe that a corporation or company can improve society as a whole and greatly succeed.
As a consumer, looking at a company as big as the Gap, I can safely say that a partnership with Product (RED) can significantly improve the company's image. The retail world has a significant amount of competition, and with Gap falling behind on the latest trends, teaming up with a foundation like Product (RED) can not only improve the trends and image of the Gap, but also updating their products to attract new clientele.
The partnership with Product (RED) is a commitment to corporate social responsibility. By agreeing to a partnership the Gap is doing good for not only the company but for others in need as well. I believe that this is good for any company in any form of business. The popular restaurant chain, Chili's Grill and Bar teamed up with St. Jude's Children's Hospital to help donate money during the month of September for childhood cancer victims. This just shows how any company, including the Gap can commit to CSR and still do good for the company and others in need.
If the Gap had never taken on a partnership with Product (RED), how do you think the company would be doing today?