The Business of Business Is Business Through Social Integration

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Author(s): Purna Prabhakar Nandamuri (IFHE University, India), Mukesh Kumar Mishra (IFHE University, India)and Vijayudu Gnanamkonda (IFHE University, India)
Copyright: 2019
Pages: 36
Source title: Corporate Social Responsibility and Strategic Market Positioning for Organizational Success
Source Author(s)/Editor(s): Carlton Brown (University of Plymouth, UK)and Uzoechi Nwagbara (Sunderland University, UK & Cardiff Metropolitan University, UK)
DOI: 10.4018/978-1-5225-5409-7.ch008

Keywords: Business & Management / Business Science Reference / Corporate Social Responsibility / Marketing

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Abstract

The business of business during the twentieth century was considered to be only earning and delivering profits to the shareholders. But, the twenty-first century challenges this approach and offers a different business environment characterized by fast digitization, faster disruptive innovations, and fastest shifting consumer expectations. The business community has to awake to the reality and find ways to create sustainability to their businesses by leveraging the networks, capital, people, and technology to create a win-win situation with the social environment. In this process, the scope of corporate social responsibility has become narrow and the trust on corporates in the society has been declining. Hence businesses need to go beyond by defining a social mission to integrate deeply with society and create trust. The economic view of the business is transforming into a wider social view, forcing businesses towards social integration to create shared value.

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