Answer to Question #223728 in Management for LERATO

Question

Choose a particular corporation and describe the power it wields in different spheres. During your discussion, make sure that you indicate the level of power which matches a specific sphere and lastly, highlight if this business abuses its power?

Answer 1

Bottom line

None of the business leaders can deny that the ultimate goal of a company is to make money. While focusing on corporate responsibilities has a cost, it can also have a net positive effect on a company's bottom line.

Stronger client and community relations

Seeing one company do charitable work can inspire other organizations on a global and local scale to do the same. This allows for savvy corporations to collaborate with other businesses.

Talent attraction and employee retention

Consumers aren't the only ones drawn to an organization's commitment; more talented professionals look for companies that share their core values.

Consumer appeal

Consumers are becoming more interested in patronizing businesses that support causes they care about as corporate responsibility initiatives have become more common.

Positive press and reputation building

One of the most powerful effects of sustainable, responsible business is the ability of an organization to quickly generate positive publicity.