Explain the concept of CSR and how it can have positive long-term benefits for both a company and society

What will be an ideal response?

A policy of corporate social responsibility encourages corporate decision makers to take into account both the financial and social consequences of their business actions. Advocates of CSR maintain that companies can and should earn profits in an ethical manner that respects people, society, and the natural environment. By "doing the right thing" through a policy of CSR, a company will secure long-term profits. Customers will be more loyal to a company that adheres to ethical behavior and will be willing to pay a premium for products from firms that make efforts to improve society. Companies practicing CSR will also have the benefit of positive publicity.