Paper Topic:
Principles of Business
Running head : CORPORATE SOCIAL RESPONSIBILITY AND VALUE SHOP Corporate Social Responsibility and Value-Shop Mike Freed University of Phoenix Corporate Social Responsibility and Value-Shop Corporate social responsibility (CSR , will create a competitive edge for Value-Shop in the market . It is a valuable tool in differentiating Value-Shop from other retailers and must be viewed as critical necessity to the proposed expansion business model and not as an altruistic feel good ' nicety . Many of our customers and vendors not only prefer to deal with corporately responsible companies , they insist on it Benefits
from corporately responsible behavior and reputation include but are not limited to : customer loyalty , financial performance , faster recovery from crisis , and positive reputation for our CEO . These points will be illustrated in the following summary asserting Value-Shops requirement for social responsibility in building a winning brand
Customer Loyalty
At the micro-economic level , consumers vote with their dollars . With no lever for asserting their personal value system on corporations , they will opt to do business with corporations who share their value system Loyalty is a valuable commodity to a business . Market research company TARP estimates that it is anywhere from two to 20 times as expensive to acquire a new customer as it is to maintain an existing customer (Goodman , 1999 . Loyalty derived from a reputation of social responsibility will translate into dollars in reducing our customer acquisition costs . Ultimately our commitment to CSR and the reputation we develop for this behavior will create a more loyal customer base that choose Value-Shop...
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