CSR notes STCM 21100 01
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This 2 page Class Notes was uploaded by Alexis Liberatore on Thursday March 3, 2016. The Class Notes belongs to STCM 21100 01 at Ithaca College taught by Professor Sterbenk in Fall 2016. Since its upload, it has received 22 views. For similar materials see Corporate Communication: Strategy and Design in Strategic Communication at Ithaca College.
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Date Created: 03/03/16
Corporate Communication notes 3/2/16 CSR “The social responsibility of business is to increase its profits” –Milton Friedman, New York Times 9/13/1970 What is CSR? CSR means operating a business in a manner that accounts for the social and environmental impact created by the business o Environmental & sustainability issues o Community service (Local/Global) o Treatment of Employees o Donations o Ethical Sourcing of product Why? Good CSR is good business Longterm sustainability can = cost savings Shows company is interested in its customer as much as its interested in profits Trust building Employee attraction and retention Stronger Gov relations Brand Differentiation Global CSR Expectations Emerging markets are more likely to feel the impact of CSR efforts Citizens in emerging markets are more likely to seek out products and switch brands Consumers in emerging markets re more likely to follow through with purchase Millennials & CSR 82% of young Millennials consider a company’s CSR 2/3 of females have bought a product associated with a cause in the past 12 months 64% say they don’t pay attention until it goes wrong Affluent Millennials are the most likely to say they’d switch brands to one that supports a good cause (95%) CSR Reporting Tactics CSR reports (only 17% of Americans said that they read them) Consumers want to see data in the form of o Brief written summaries (43%) o Interactive websites (34%) o Videos (31%) o Infographics: (25%) They want it communicated through: o On the product or its package/label (19% ) o Media stories or interviews in newspapers (15%) o Advertising: print, broadcast, online(14%) o Social media (13%) o Mobile (5% vs. 3% in 2011) CSR Messaging Mckinsey Quarterly says: 1. Don’t hide market motives 2. Serve stakeholders true need 3. Test your progress CSR Authenticity Research, strategy, evaluation Make it part of your company’s Culture o Get employees aligned& accountable o Ensure you have allotted the right resources o Give it some time. Programs can take up to 3 years to gain traction o Find strong ambassadors in your org. Ensure that your senior executives are committed Alignment Leadership Sincerity Engagement