A study was undertaken to examine the role of the business performance and the sustenance of the companies in the current times. An index was developed based on the Global Reporting Initiative guidelines to analyze the impact of the companies based on the cultural and political systems existing in the nations. A sample of 1598 companies was used from 2004 to 2010 (Garcia-Sanchez, Cuadrado-Ballesteros, & Frias-Aceituno, 2016). It was determined that the perspective of the companies improved significantly in the areas of public opinion when the right methodological approach towards CSR were adopted by the companies. It was determined that the companies that were able to gain public trust and bring in more investors (Garcia-Sanchez, Cuadrado-Ballesteros, & Frias-Aceituno, 2016). All the related stakeholders were benefitted by the actions of the company.
In the case of scandals or crisis by a company, there is a considerable loss of reputation by the company. The companies in those cases need to address their reputation. The companies cannot go back to the older mode of operations (Turker, 2009). It becomes evident that the scandal is owing to the operational procedures of the company. They should earnestly try to have a CSR strategy that would enable them to gain the lost patronage and show the consumer or the relevant stakeholders that they are ready to make the imperative changes to meet the demands of the situation. This is not an easy task (Kuasirikun, 2009).
The companies had focused on four brand outlines to influence the consumer perception.
The companies had tried to forge strategic efforts to rebuild the lost trust and trust rebuilding efforts taken by the company.
The companies such as Nongfu Spring water changed negative publicity into a competitive advantage.
Corporate social responsibility was given a lot of importance to bring the change in the public persona about the product.
There was a lot of importance given by the companies towards undertaking the needs of the stakeholders and developing a notion based on the consumer perceptions.
The companies in the modern era should look into the subjective needs of the situation and develop a proposal that would be beneficial for all the stakeholders involved.
The company should look at the previous operational procedures and identify the areas of vulnerability. The action plan of the company should reflect an integrated feasible approach that would address the needs of all the stakeholders of the process. Once the plan has been implemented, there should be continual analysis of the performance of the company (Heinze, 2005). Consistent efforts should be done by the management to build the brand reputation. In this process the building of the positive reputation of the brand will not happen in a short duration. It will take the consumers a considerable amount of time to develop trust once again in the brand. During this time the company should manage to sustain among the intense scrutiny they are liable to face. There should be innovative efforts taken by the company to convince the stakeholders of their future success.
From the literature review, it is quite clear that the companies give importance to the CSR. However, not all the efforts of CSR are rewarded. Companies cannot adopt a blanked approach in showcasing the CSR efforts. They need to develop genuine efforts to increase stakeholder interactions. Many companies fail to sustain owing to this paradigm. There is a need for more analysis to understand the nuances of the operational processes of the companies.
There is a need for more research to understand the gaps in the implementation process and developing the vision of the company.
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