Spiritual Capitalism Issues - Essay Example

Moreover, proper strategic CSR helps in creating a strong business value along with positive social change, which enriches the daily operations of the business, further enhancing its cultural value. It is in this context that strategic CSR rewards in financial benefits for the company and in turn creates an additional benefit for the structural development of the society. Enough, based on the effectiveness of CSR, it is also termed “Spiritual Capitalism” (McElhaney, 2009).

Correspondingly, it can be stated that strategic CSR is linked with the concept of societal marketing, which determines the requirements and interests of the targeted audiences as well as provides satisfaction by enhancing the well-being of society at large. Another important aspect of CSR, in alignment with societal marketing, is that it supports the issues related to education and culture to safeguard the organization along with society. For instance, the IBM institute for Business Value conducts its CSR through the implementation of societal marketing by providing consumers assistance with elite services and aims to develop the society by providing proper products and basic education (McElhaney, 2009).

These additional attributes will assist the company to meet the present customer needs. Moreover, through these continuous learning processes regarding CSR will provide future benefits for the company and society. It is evident from the instances of IBM and Wal-Mart that CSR activities are quite effective to yield the benefits of competitive differentiation and favourable positioning to find potential customers in the emerging market and assist in creating new future revenue streams thereon (McElhaney, 2009).

Creating CSR strategies assists the companies in attaining their goals by ensuring correct measures in the right direction and time, which further benefits them in their long-term sustainability. In this regard, to provide further satisfaction to the customers and ensure high performance organizations needs to implement sustainable marketing concepts. Sustainable marketing concepts subsequently lead to the adaptation of best business practices to create a strong relationship with the customers and society at large. CSR, aligned with sustainable marketing, helps to create a better relationship with prospective customers and ensures strong financial stability for the business shortly. CSR and sustainable marketing concepts are also linked with protecting the environment by reducing the increasing carbon footprint. These actions adopted by modern organizations help in creating a positive image and reputation in the mind of the customers and provide them utmost satisfaction through proper advertisement and education. For instance, Molson Coors depicts its CSR through sustainable marketing by providing adequate knowledge to the customers regarding responsible drinking. This particular strategy of the company deciphers its social responsibility towards the betterment of the community at large (McElhaney, 2009). Accordingly, it can be stated that there is a wide range of options available to marketers when aiming at the adaptation of CSR strategies for their benefit and the overall benefit of society.