Abstract
The article reviews the essence and the main principles of the strategic management, discusses the strengths and weaknesses that may be caused by the strategy of the organization. The content and the concept of the social responsibility of a business organization is dissertated mainly through the wide elaboration of the argument for and against business organizations to bear and implement the social responsibility. The links between the strategy and the social responsibility have been uncovered by merging the theories and various aspects of the strategic management and the social responsibility as well as the importance of the integration of the element of social responsibility into the strategy of the business organization is revealed. The most recent t models of the formation of organizational strategy, in which the element of the social responsibility as well as the ethic and moral principles may be detected, are presented. Eventually the measurement and assessment problems of the implementation of social responsibility within the framework of organizational strategy are thoroughly discussed.
Highlights
Various management questions are becoming more critical in the recent times, where economic crisis is robustly gaining momentum
Baron stresses that social responsibility and moral principles are evident in everyday activity of the organization when included into the business organization strategy
Social environment and its problems ought to be considered in the strategy formation process
Summary
Various management questions are becoming more critical in the recent times, where economic crisis is robustly gaining momentum. The aim of the article is to discuss the possibilities of integration of the social responsibility element into the strategy of business organization. The structure of the article: firstly, the concept of the strategic management and the features of the strategy are discussed and the main features of the social responsibility are described. In the course of the strategic management process, the strategy of the business organization is developed and implemented. This strategy is defined as the totality of decisions of the organization, describing essential future aims, actions and tools to attain them (Vasiliauskas 2002). The strategy of the organization is the totality of strategic decisions aimed towards the attainment of desirable results, while considering the parameters of external and internal environment of the organization. Strategic management is the most reliable means to adapt to the environment, irrespective of the stage of the economic cycle, since it facilitates the survival and the ability to enlarge the business and achieve positive results (Marčinskas, Smilga 1996)
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