Corporate Social Responsibility of the Dow Chemical Company Essay

Corporate Social Responsibility of the Dow Chemical Company - Essay Example This research will begin with the statement that the current times do not allow for companies to be in business just for the sake of making profits anymore. Many consumers rely on companies and firms for goods and services, but the level of competition allows the consumers to make their purchasing decisions based on several factors. One of the most surprising factors is how much positive goods a company is doing outside of the workplace setting. Many consumers are basing their company and corporate loyalties on how much a firm is positively impacting on their community. Therefore, CSR has become a growing concern for most, if not all firms and corporations because it provides a competitive edge to a company. Through CSR, companies are innovating new products and services to ensure sustainability. For instance, a firm might change the chemical composition of its products so as to make them safer for the end users. A firm can also devote their funds and much valued time to initiatives that are beneficial to the society, like cleanups. Corporate Social Responsibility entails the managing of the overall impacts of a company on a society. This consists of the direct impact of the operations and the wider impact of business all through the value chain from manufacturers to suppliers and finally to the consumers. Corporate Social Responsibility can also be defined as the ongoing commitment by a firm to contribute to economic development, at the same time improving the quality of life of its employees and their families as well as the society and community at large. CSR can also be referred to as â€Å"corporate citizenship†, involving the incurrence of costs that don’t provide a direct financial benefit to the company but promotes positive environmental and social change. The Dow Chemical Company is a globally acknowledged manufacturer and supplier of products used as raw materials in the manufacture of a myriad of other consumer products and services.