Profit making businesses have a set of aim and strategies which they always try to achieve, this is done through different tactics and implementing them in a way that seems ethical. Most of these aims would be to maximize profit, increase market share, expansion and growth and building customer base. However, the increase of competition in recent markets and the trend of globalization and free trade policies in most of the countries resulted in the introduction of the idea of corporate social responsibility. It then became one of the main aims for most well-known firms to incorporate social responsibility and ethics to its main operation, allowing firms to earn a better reputation and an improved customer base.
One of the top ranked companies known for social responsibility in the hospitality sector is Starbucks which had expanded oversees opening branches and gaining profits, at the same time it has a social responsibility mission in many areas. Benefiting the society and giving back to the community seems an essential part of its operation. Starbucks engages in several projects to improve the social well-being of the society the most recent being a support system for high school students and ensuring a high quality education. Other projects include donations to developing countries as well as supporting countries with shortage of water and providing donations to ensure their safety as well as offering community service to improve health and education. Following this conduct of ethical stand has brought more customers who became loyal to this brand and even though it is costly in the short term, it would bring a lot of profits in the long run term.
Another firm with a strong corporate social responsibility value is a business in the leisure part of hospitality. Walt Disney has been a leading firm for many years, and uses its profits to establish a better image for its stakeholders further increasing its market share in the market. One of its new innovations in this area is an amount of $2 million distributes and donations to several organizations to preserve the animal species and their habitats and also for the conservation of the wildlife. All of these ethical engagements result in better reputation and higher demand for this leisure industry and also higher profits as well as avoiding pressure group and bad media.
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