The Influence of Corporate Social Responsibility (CSR) and Social Media on the Strategy Formulation Process

Gordon Bowen,Sebastian Okafor,Dominic Appiah

doi:10.3390/su12156057

Gordon Bowen, Sebastian Okafor + Show 1 more

Open Access

https://doi.org/10.3390/su12156057

Copy DOI

Abstract

The current theory on strategy formulation is based significantly on environmental analysis and leveraging strategic capability. There is limited understanding of how corporate social responsibility (CSR) and social media strategies could develop the strategy formulation to improve strategic outcomes. The input into the strategic formulation process does not tend to take account of customers’ inclination for CSR practices and policies. This is particularly important for consumers who can spurn organisations that do not incorporate ethical practices in their core values. The paper aims to show that social media is an inclusive tool, because of the duplex communication techniques that enhance it, and CSR is complementary to building a robust strategic planning process. The methodology is a qualitative case study using a reflective perspective based on a complete participant role. The results demonstrate that there are challenges in operating a strategic planning process that is situated in an uncertain, volatile and dynamic business environment; it requires an integrated partnership between the inter-organisational actors and other stakeholders. Social media is the integrator of resources and CSR helps to build relationships, acting as a reinforcer of trust.

Highlights

Strategy formulation should be translated into strategy into action
The aim of this paper is to develop a new way of thinking about the strategic planning process in the new normal
The results are split into three categories: the strategic planning process, strengths of the strategic planning process and the limitations and criticisms of the process

Summary

Introduction

The process of strategic planning tends to focus on environmental analysis or competences analysis, or a combination of both [1,2]. How businesses do business must change, and this must start with how strategic decisions are formulated and how consensus is achieved by way of a dialogue with stakeholders to build an agreed inter-relationship [3,4]. One is not abandoning the “old normal” (i.e., the formulation of strategy based on environmental and competence analysis) but refining it so that stakeholders play a fundamental role in the development of the firm’s strategy. Dialogue will engage all the stakeholders; leading stakeholders will eventually have to “manage” the decision-making process to resolve the dilemmas and tensions, which will be achieved in the context of accountability, governance and transparency

Objectives

Methods

Results

Conclusion