International Marketing Strategy Financial and Economic Goals

Question: Discuss about theInternational Marketing Strategyfor Financial and Economic Goals. Answer: Introduction Corporate social responsibility is concerned with embracing the social beneficial activities of the company apart from the financial and economic goals. The concept includes set of responsibilities towards the public, environment, communities, and shareholders. Industrialization has led to expansion of the business activities across the border (Hopkins, 2012). No, CSR should not be discarded to avoid the risk of getting involved in reputational failures. The major aim of an organization is to make financial profits. Most of the organizations are using CSR practices to avoid the regulations by the government authority. However there are mixed opinions regarding the CSR practice. It is an accepted fact that if one uses the resources from the surrounding it is his responsibility to pay back. It helps in mitigating the risk which is attached with the object (Jones, Bowd and Tench, 2009). Globalization has led to expansion of business opportunities across the border. Every country has its own legal regulations. CSR helps in eliminating the risk which is associated with the expansion. Propagation of trade practices across the border has increased the awareness. Recent high profile scams has created an urgency to involve corporate social responsibility while conducting international trade. It helps in creating awareness and mitigates the chances of failure. CSR helps in understanding the mindset of the people living in the other country and create accountability and transparency. It is highly accepted fact that in a modern industry that the only motive of the organization is not to make profit and focusing on shareholders profit was a traditional concept. Hence it is necessary that an organization should focus on long term goal instead of focusing on the wealth maximization while making cross-border relations (Kercher, 2006). References Hopkins, M. (2012). Corporate Social Responsibility and International Development: Is Business the Solution? Earthscan Jones, B., Bowd, R. and Tench, R. (2009).Corporate Irresponsibility and Corporate Social Responsibility: Competing Realities". Social Responsibility Journal 5.3 300-310. Kercher, K.(2006). Corporate Social Responsibility?Impact of globalization and international business. (Online).Available at: https://www.fourthsector.net/attachments/12/original/CSR_article.pdf?1229548604 (Accessed on: 19/10/2016)