BUSINESS RESPONSIBILITIES FROM THE LENS OF A COMPANY: A GLOBAL PERSPECTIVE

Abstract

With the evolution of globalization in the market, the responsibility of businesses towards society has increased. This responsibility is termed as Corporate Social Responsibility in corporate terms. If companies want to survive in the market today, they have to be more socially responsible besides producing their products. This research paper will discuss the increasing responsibility of businesses with the increasing pace of globalization. Firstly, a brief introduction will be given about the concept of globalization and business responsibilities. Then, a case study of two companies, Coca-Cola and TOMS, will be done which will compare how these both companies dealt with globalization and managed their business and responsibilities towards society accordingly. While Coca-Cola was not paying much attention to its social responsibility, it faced a lot of criticism from all over the world leading to its banning at some places and also negative advertisements of the brand, Toms proved to be a socially responsible company with its One for One program giving its customers an impression that they are donating some part of their income to needy people while shopping from a for-profit company. The One for One program of TOMS proved to be a strong business model leading to increased recognition and also the profitability of the brand. Then, the paper will conclude with the interpretation of how businesses should deal with their social responsibilities along with globalization based on the case study done on the above-mentioned companies.