Corporate Social Responsibility is: the way that an industry integrates economic, social and environmental imperatives into their activities.

Why is it important for us, business students, to learn about how social and environmental factors tie into the business world? There are many points that a company needs to consider, and sustainability is one of the key factors. By learning about how social and environmental issues relate to a business, it gives students an idea of how to successfully manage a business that integrates these factors into the business while working towards an economic profit. Firstly, it gives a business a competitive advantage if they are the first ones to innovate a product or service that benefits the environment. Since more and more people are becoming more concerned about the environment, they are now more inclined to ask questions regarding a company/business and how their company benefits or is concerned about social and environmental factors. Of course, the better your company is to the environment, and the more initiatives you take in helping the environment on part of the company, makes for a better and stronger image of the company. Products and services that help sustain the environment are much more popular to the public than those which are detrimental to the environment. One factor that contributes to the success of a company, is their ability to plan ahead and for the future. This not only means adapting to customers’ needs and demands, but also the social and environmental issues down the road. Being socially responsible as a business will give you a competitive edge over other rival companies. On top of going above and beyond other businesses, it also helps the company develop and change in a more positive way.

SOURCES:
http://www.ic.gc.ca/eic/site/csr-rse.nsf/eng/home
http://www.research.utoronto.ca/behind_the_headlines/corporate-social-responsibility/