Marketing and Society’s Development: A Synthesis and Vision for the Future (Published)
This study is focused on marketing and society’s development: A synthesis and vision for the future. Marketing and society are closely intertwined, as marketing shapes consumer behaviors, influence cultural norms and impact economic and social well-being. This relationship is complex, with both positive and negative effects on society, depending on how marketing strategies are employed. A synthesis of marketing and society envisions a future where marketing practices align closely with societal goals, fostering sustainable growth, ethical standards and improved well-being. The focus is on creating a responsible marketing ecosystem that contributes positively to society. The main objective of this study is to synthesize insights on how marketing can become a positive tone for societal development, with recommendations for future practices that prioritize both business success and societal welfare. This study typically aims to critically and contextually analyze how marketing practices impact society’s economic, societal and environmental dimensions and ethical considerations; explore the responsibilities of marketing in addressing societal challenges, such as inequality, cultural diversity and ecological sustainability, and how these responsibilities can align with business goals; ascertain the evolving consumer behaviors influenced by social values, technology and globalization and how marketers can adapt to these changes while positively contributing to society; propose frameworks that guide future marketing strategies focused on long-term societal benefits and supporting sustainable development, and suggest collaborative efforts among businesses, governments, and non – profits to create marketing approaches that drive social and economical development inclusively. The study identifies and exploits marketing, and marketing evolution, sustainable marketing, ethical marketing, marketing criticisms, consumerism and corporate social responsibility; highlights sustainable business and ethical practices, contributions of marketing to the development of society and the key areas of the relationship between marketing and society. The study concluded that marketing impact on society is profound, with opportunities to shape a better future through responsible practices, inclusive representation and alignment with societal values. We, therefore, recommended that marketing practices that balance business success with social welfare are becoming increasingly important and the key strategies companies can adopt to achieve this balance are partnering with social causes (e.g. environmental protection, health initiatives) allows companies to align their brand with a cause that resonates with consumers, fostering loyalty and driving sales. This approach helps support meaningful social initiative while enhancing brand image, developing eco-friendly products, minimizing waste, and using sustainable materials benefit both the environment and appeal to socially conscious consumers. Practices like using recycled materials or creating products with longer lifecycle can differentiate brand and encourage repeat purchases, among others.
Keywords: Consumerism, Corporate Social Responsibility, Marketing, ethical marketing, localization and globalization, marketing criticisms, marketing vision and future., societal development, sustainable marketing
Corporate Social Responsibility and Performance of Listed Pharmaceutical Sector Firms in Nigeria (Published)
The purpose of this study was to examine the relationship between corporate social responsibility and performance of listed pharmaceutical companies in Nigeria. Using the ex-post facto research design, secondary data was collected from published annual reports of sampled five pharmaceutical companies listed on the Nigerian Exchange Group from 2015 to 2021. The ordinary least square regression technique was used in conjunction with E-views version 9 computer software to evaluate the collected data. Corporate social responsibility was found to have a positive and statistically significant relationship with profits for publicly listed pharmaceutical companies in Nigeria. Policies favoring an acceptable rise in corporate social responsibility were recommended as a goal for the management of pharmaceutical businesses.
Keywords: Corporate Social Responsibility, Performance, pharmaceutical sector
Corporate Social Responsibility in contemporary Ghana: A Literature Review (Published)
This paper critically reviews current conceptualisations of Corporate Social Responsibility (CSR) in Ghana to highlight trends and key developments in both research and practice. A systematic literature review (SLR) methodology was conducted to provide a synthesised analysis of sixty-one (61) academic papers published on CSR in Ghana from 2007 to 2020. The empirical-based review established that contemporary CSR in Ghana is framed within the context of development and reflects voluntary corporate self-regulation. Also, CSR has become increasingly integral to business due to corporate reforms, globalisation and greater awareness for sustainable business practices. The results further revealed that firm-related drivers serve as key determinants of responsibility practices. In addition, contributions to CSR in social spaces and academic scholarship have spearheaded the growth of CSR in Ghana. The growing interest in CSR as a management practice in Ghana requires a comprehensive literature study to highlight current status and future directions. This is the first study to systematically review CSR research in Ghana to provide an account of contemporary notions of the concept. The study adds value to the existing limited body of knowledge on literature reviews and also makes practical recommendations for the implementation of effective CSR programmes.
Citation: Mavis Amo-Mensah (2021) Corporate Social Responsibility in contemporary Ghana: A literature Review, International, Journal of Business and Management Review, Vol.9, No.5, pp.78-93
Keywords: Corporate Social Responsibility, Ghana, Literature Review, Research, Trends, practice
Muslim Society Perspective on Islamic Banking Corporate Social Responsibility in Indonesia (Based On Qur’an and Hadits Economic Themes) (Published)
This paper aims to shine a light on how Islamic banks implement their corporate social responsibility from the perspective of Islam. This study employed a qualitative case study qualitative. The data were gathered through direct observation and in-depth interviews with the bank staff and societies who received CSR initiatives. The data were analyzed based on the grounded theory approach involving three iterations; open, axial, and theoretical codings. Our study found that Islamic banks have implemented their CSR initiatives based on government regulation and Islamic law and teachings. CSR includes the realization of Islamic economy responsibility, the compliance of the banks to government regulation and Islamic law, and practicing Islamic philanthropy.
Keywords: Corporate Social Responsibility, Islamic Banks, Muslim, society perception
Components, theories and the business case for Corporate Social Responsibility (Published)
Though the relationship between business and society has been widely studied for decades, there are varying perspectives in the literature of a corporation’s responsibility to society, and many corporate managers have struggled with the issue of a corporation’s responsibility to a broader range of stakeholders beyond its shareholders. Contemporary advocates of corporate social responsibility (CSR) argue that business organizations have a responsibility not only to their respective shareholders but also to other stakeholders, such as, employees, customers’ suppliers, and the community in general, among others. However, a conservative view of corporate social responsibility (CSR) suggests that the only true purpose of a corporation is to generate maximum profits and promote the interests of its shareholders within the law by responding effectively to market demand through the production of goods or services. Though there is no singular universally accepted definition of CSR in the literature, in this descriptive and theoretical research paper, I synthesize the literature and identify many different forms of definitions of CSR from the point of view of various researchers. In this paper, I also attempt to further the theoretical debate about corporate social responsibility (CSR) by highlighting the main components and theories of CSR in the literature. Thereafter, I articulate the business case for CSR or the justification why business executives may be motivated to allocate resources to engage in CSR activities. I conclude this paper by outlining its contributions.
Keywords: Competitive Advantage, Corporate Social Responsibility, Stakeholder Theory, corporate citizenship, shareholder theory, social contract, synergistic value creation
Corporate Social Responsibility and Management: A Review of Concepts (Published)
This research aims, firstly, to initiate the reader by the concept of social responsibility of firms. Our paper provides some historical background and perspective. In addition, it provides a brief discussion of the evolving understandings of CSR and some of the long-established, traditional arguments that have been made both for and against the idea of business assuming any responsibility to society beyond profit-seeking and maximizing its own financial well-being. Finally, the goal is also to discuss the empirical aspect of CSR policies.
Keywords: Corporate Social Responsibility, Management, Review of Concepts
How do financial institutions in Pakistan operate on corporate social responsibility standards? (Published)
This article has been based on the analysis of CSR practices of financial institutions in Pakistan and their evaluation on the performance of organizations. The objectives of this article are: a) analyzing the literature regarding CSR practices in the financial industry, b) evaluating the CSR practices followed by organizations in financial industry in Pakistan, c) identifying the perceptions of customers and general public towards CSR practices of organizations in Pakistan and d) proposing suggestions to organizations in Pakistan for improving their CSR practices. For evaluating the objectives of study, primary data has been used in this study. For this purpose, the researcher targeted a sample of 170 employees of financial institutions from Rawalpindi. This sample was selected through random sampling technique. 152 appropriately filled questionnaires were obtained and it resulted in 89.41% response rate. Through statistical analysis of study, it was found that environmentally sustainable practices, philanthropic practices and stakeholder relations are positively related with the organizational performance. On the other hand, this study also concluded that legal compliance has not been related with the organizational performance. This article concluded that CSR practices do influence organizational performance in Pakistan’s financial industry. This study provided a foundation to future researchers to take a large sample of organizations and expand scope of the current study
Keywords: Corporate Social Responsibility, Pakistan operate, Standards, financial institutions