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Corporate Social Responsibility always adds value to the brand Essay Example

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Corporate Social Responsibility always adds value to the brand

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Organizations for giving such importance to corporate social responsibility is that failing to do so might tarnish global brand reputation and image of the company. The theories mentioned above suggest the fact that in order to manage the reputation and value of a brand, understanding the role of corporate social responsibility is of utmost importance. On a formal note, corporate social responsibility refers to an organization’s status and activities associated to the perceived stakeholder and societal obligations (Sen and Bhattacharya, 2001; Brown and Dacin, 1997). On the other hand, corporate social performance refers to the overall performance of a company in corporate social responsibility programs, which are related to companies occupying the topmost position in the same industry (Luo and Bhattacharya, 2009). While corporate social responsibility initiatives represent programs designed by a firm aimed towards investments in sustainability, corporate social performance reflects assessments made by shareholders regarding overall quality of the programs and investments (McWilliams and Siegel, 2000; Servaes and Tamayo, 2013).Even though the existing literatures reveal that CSR actions can help a company attain reputational advantages (Fombrun and Shanley, 1990; Orlitzky, Schmidt and Rynes, 2003), yet rigorous study has not been done regarding effects of CSR on brand value. Brand equity refers to the additional value that is accrued by a firm because of the presence of brand name. This value cannot be accrued by an unbranded company, which produces products that are similar to the branded company (Keller and Lehmann, 2006). In spite of the inter-relation that is drawn between brand reputation and value, both the concepts are not exactly synonymous. According to Ettenson and Knowles (2008), brand is more customer-oriented; whereas, reputation centres mainly on the company. Reputation may lay a solid foundation for product evaluation, but it is not a satisfactory condition that would lead to brand enhancement. Brady (2003) and Middlemiss (2003) state that there is a lack of empirical support for the proposition that corporate social responsibility improves brand equity.According to Wang (2010, p. 335), "Global brands are citizens of a global community, and their frame of reference transcends national boundaries." The image of a global brand depends on its evaluations that are based upon internationally accepted standards that

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preview essay on Corporate Social Responsibility always adds value to the brand
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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