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Our world today is continuously becoming a bigger problem. The practices the organizations follow must take into consideration the impact it will have on the world. Procedures need to be continually evaluated entirely and all aspects of decisions must be analysed. We never know what new problem or idea may arise and so we must always be prepared. How a firm performs, affects how they are reflected to society. If they want to receive positive opinions and gain positive results, then the organization must also perform positive CSR strategies on a continuum. CSR is perceived as a mechanism that can potentially create a more effective and efficient value within an organization. The strategies that take place and actions implemented have the power to either make or break a company and so the CSR practices needs to be carefully analysed and planned. This could also reduce the level of negative publicity the organization receives. Therefore, it is important to perform and consider CSR continuously rather than as a dichotomy.
Credit ratings are impacted by the social, environmental, and sustainable practices and risks an organization takes and how they manage these risks. Superior CSR management tends to lower these risks and probability of issues arising. A superior social and environmental reputation can also allow organizations to better target socially and/or environmentally oriented market segments, which could create additional value for the organization.
CSR practices produces a huge pressure on organizations as it affects how they are perceived within society. A challenge an organization may face is trying to tackle a CSR issue but still somehow making profit. Sometimes, being more sustainable can be costlier and so the organization must decide whether a decision has more positive than negatives before it is implemented. Most companies also want to be on the top of their market segments and having the best CSR practices can play an effect in helping them achieve this. However, it can be difficult for the organization to think of new and efficient CSR practices that would give them a competitive advantage.
A lot of time, money and effort is put in place to define and measure the best CSR practices. Firms can measure the value of defining and measuring CSR through setting goals, measuring progress, and communicating the progress to their stakeholders. The lifecycle pricing strategy captures the impacts produced by a production process throughout the various steps in the organization’s supply chain and then assign a quantitative value to each step. Lifecyle pricing attempts to remove the need for externality through incorporating all the costs within the product’s final price. The circular economy focuses on utilizing resources and reducing waste levels, but the lifecycle pricing strategy attempts to incorporate the combination of all the costs associated with the final product price.
The lifecycle pricing strategy is supportive towards the economic model development allowing for better sustainable practices, including each cost charged to the consumers. Therefore, according to the lifecycle pricing model, the product price should include the costs associated with getting rid of raw materials used, disposed of, or recycled, in addition to the production costs.
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