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How can businesses use CSR strategy frameworks to stand out from competitors?

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Corporate social responsibility (CSR) is more than just a buzzword. It is a way of doing business that reflects your values, engages your stakeholders, and contributes to social and environmental good. But how can you use CSR to stand out from your competitors and create a competitive advantage? In this article, we will explore some of the most popular and effective CSR strategy frameworks that can help you design and implement your CSR initiatives.

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Pallavi Mahajan

Oxford MBA | United Nations | Published Author | Chevening Scholar | Forté Fellow | TedX Speaker

1 The three domains of CSR

One of the most widely used CSR frameworks is the three domains of CSR, developed by Archie Carroll in 1991. This framework divides CSR into four categories: economic, legal, ethical, and philanthropic. According to Carroll, businesses have a responsibility to be profitable, obey the law, be ethical, and give back to society. However, these responsibilities are not equally important. The economic and legal responsibilities are the most basic and essential, while the ethical and philanthropic responsibilities are more discretionary and voluntary. By using this framework, you can assess your current performance in each domain and identify areas for improvement or differentiation.

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Pallavi Mahajan

Oxford MBA | United Nations | Published Author | Chevening Scholar | Forté Fellow | TedX Speaker
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-Incorporate a CSR framework to address the economic, social and cultural outcomes of the CSR - Design an effective marketing strategy with strategic allies to create traction and visibility around the CSR - Align CSR activity with SDG goals

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Jha Arunima Esq. (CIPP/E)

Specialized Counsel in TMT, IP Governance, Private Equity & M&A | Ex-BookMyShow | Expert in Commercial Law, LLM & MBA (Finance)
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Businesses can leverage CSR (Corporate Social Responsibility) strategy frameworks to differentiate themselves by demonstrating a genuine commitment to societal and environmental issues. This commitment can enhance brand reputation, foster customer loyalty, and attract talent who share similar values. By integrating CSR into core business strategies, companies can create unique value propositions that set them apart from competitors.

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2 The triple bottom line

Another popular CSR framework is the triple bottom line, coined by John Elkington in 1994. This framework suggests that businesses should measure their success not only by their financial results, but also by their social and environmental impacts. The triple bottom line consists of three dimensions: people, planet, and profit. By using this framework, you can evaluate how your business affects the well-being of your employees, customers, communities, and the natural environment, as well as your profitability and sustainability. You can also use this framework to communicate your CSR goals and achievements to your stakeholders and the public.

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3 The shared value

A more recent CSR framework is the shared value, proposed by Michael Porter and Mark Kramer in 2011. This framework argues that businesses can create competitive advantage by addressing social and environmental problems that are relevant to their core business. The shared value framework focuses on three strategies: creating products and services that meet social needs, enhancing the productivity and efficiency of the value chain, and building supportive and inclusive ecosystems. By using this framework, you can identify and leverage the opportunities to create value for both your business and society, and to differentiate yourself from your competitors.

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4 The SDGs

The last CSR framework we will discuss is the Sustainable Development Goals (SDGs), adopted by the United Nations in 2015. The SDGs are a set of 17 goals and 169 targets that aim to end poverty, protect the planet, and ensure peace and prosperity for all by 2030. The SDGs cover a wide range of issues, such as health, education, gender equality, climate change, and human rights. By using this framework, you can align your CSR efforts with the global agenda and demonstrate your commitment to the common good. You can also use this framework to collaborate with other stakeholders and to report on your progress and impact.

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CA Puneeta Puri

ESG | Sustainability | SRSB Board (ICAI) | Writer | Mindfulness Coach
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The SDG are comprehensive and provide a detailed outline of each goal and its key objectives which are aligned to Triple Bottom Line principle. Organizations can align their CSR strategy and projects to SDG goals and even build measurement criteria for each CSR goal contributing towards the SDG’s for a community, state or country.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Fiyinfoluwa Owoeye-wyse

Brand & Communications Strategy | Soft Skills Training | Interview Prep
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In an ideal world, CSR should go beyond profit, public perception and overall bottom-line concerns. Labuschange et al. described CSR as having two components. One focuses on philanthropy and community benefit programs, which he termed Social Initiatives, and the other, Operational Initiatives, which emphasise core business and operational practices. A commitment to the planet and people makes for good business. One of CSR’s core aims is to create programs around community development and impact, as well as consumer awareness and safety. The positive publicity from CSR activities, although a plus, should not be the focus of a long-term business dedicated to promoting sustainable business practices.

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How can businesses use CSR strategy frameworks to stand out from competitors?

1

2

3

4

5

1 The three domains of CSR

2 The triple bottom line

3 The shared value

4 The SDGs

5 Here’s what else to consider

Corporate Social Responsibility

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How can businesses use CSR strategy frameworks to stand out from competitors?

1

2

3

4

5

1 The three domains of CSR

2 The triple bottom line

3 The shared value

4 The SDGs

5 Here’s what else to consider

Corporate Social Responsibility

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感谢您的反馈

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