Big giant corporations are supposed to be more responsible to the community to whom they are serving. Corporate social responsibility (CSR) is coined for the same precise purpose which means corporations should understand their social responsibility in order to payback that community’s needy peoples to whom they are serving. Number of corporations in each society plays their active role for betterment of needy people through corporate social responsibility or corporate citizenship events (Investopedia, N.d).
This essay will examine aims and objectives of corporate social responsibility (CSR) events and determine how much it would be beneficial for community and corporation.
Selected Corporation and its intentions:
The corporation that is selected for examination of aims and objectives of corporate social responsibility (CSR) is Gulf Bank of Kuwait. The bank is going to arrange one week long CSR carnival for three years. The intentions behind this event are give support to the special need people. Moreover, the even will raise awareness about social responsibility in corporate entities and it will benefit the as well.
Major objectives of a CSR event are sharing hands with the community to rehabilitate the poor and needy people. In addition, one objective of this event is raising soft image of corporation such as Gulf Bank of Kuwait in the minds of people.
Corporate Social Responsibility has become a business activity which provides a chance to achieve business goals. So, this activity will increase consumer preference for Gulf Bank of Kuwait in next three years. Moreover, this activity will ultimately help bank to capture more market share in next three years (Hernandez and Matinek, 2009).
Smart objectives include operational, financial, marketing and corporate social responsibility (CSR). These smart objectives can be achieved successfully by following the right directions. The objectives their activities and successfulness is briefed below:
Corporate social responsibility carnival is the best platform to convince people that Gulf Bank of Kuwait is offering more services to its customers and that will be in their benefit. It would sufficiently increase bank’s clients, therefore, it directly benefit bank.
Through CSR carnival event the Gulf Bank of Kuwait will gain a sufficient amount of market share approximately 5%. The event will increase credibility and soft image of bank which ultimately urge participants open their account with the bank.
Marketing objectives can quite easily be achieved through corporate social responsibility (CSR) carnival. Nowadays, it is the best practice to promote a business raise its soft image in the people.
The event would eventually leave good impression on participants who would not only like to open their account with the bank but also refer it to their friends, family members and fellows. This can be called a nice way to promote your business like Gulf Bank of Kuwait is doing it through CSR event.
Corporate social responsibility (CSR) objectives:
The corporate social responsibility objectives are to increase the donation amount during and after three years for like Gulf Bank of Kuwait. This will provide more funds to the bank to support more needy people. The idea is now becoming a trend.
Legal and ethical consideration:
The corporate social responsibility (CSR) carnival arranged by Gulf Bank of Kuwait is completely legal and has enormous ethical consideration. There is no doubt that this pattern of carnivals is now a trend to promote business but at the same time these carnivals are quite helpful to help needy people. Therefore, these events are buzz call to all big giant corporations so that they would also understand their social responsibility and play their role in social contribution.
At the end of treatise it is better to restate the thesis which is big giant corporations are supposed to be more responsible to the community to whom they are serving. Corporate social responsibility (CSR) events such as arranged by Gulf Bank of Kuwait make corporations a responsible organ of society.