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- Examine the relationship between two of the topics covered in this unit and show why you think the relationship is important to business.
- The 21st Century has been called the 'Asian Century'. What business challenges does Australia face? Use two of the topics covered in the unit as the basis for your argument.
- What is the greatest challenge facing business in the 21st Century? Relate your argument to one or more of the topics covered in the unit.
The modern age of business industries is driven by the goal of businesses to expand on a global scale and have a loyal global customer base. Towards this goal, the emphasis of companies on cross-cultural communication has increased significantly. Businesses are implementing cross-cultural communication and etiquettes in order to become more familiar with other cultures and adapt accordingly. One business concept that has gained an incredible amount of attention in the recent few decades is corporate social responsibility (CSR). CSR is essentially a way of businesses self-regulating their operations as a way of signifying and fulfilling their responsibilities towards the community and society. With adequate marketing approaches, businesses have learned to make use of CSR activities to earn goodwill among customers and to increase the appeal of the business brand. As argued by Hartman and Rubin (2007, 374) 'The economic argument states that the incorporation of CSR can lead to differentiation and competitive market advantage for the business.'
For a business organisation that aims to expand its services in more countries out of its home market, CSR provides a good way to increase the attractiveness of the brand and develop a positive brand image for the company. Combined with marketing efforts in a new market, publicising CSR activities to the company develops an image of the business that suggests responsible behaviour, trustability, and high quality of services offered by the company. Though CSR operations are mostly universal, it can sometimes become difficult to carry the message and purpose of CSR activities in new foreign markets that are culturally different from the home market of a business (Becker-Olsen, et al. 2011). Expressing and publishing CSR activities in a culturally different market requires paying special emphasis on it, and this is the point where cross-cultural communication can help businesses with CSR.
Corporate attractiveness is a concept used for the purpose of defining and measuring positive responses towards the brand among people. This covers both employees who may potentially work for the company and consumers of services offered by the business organisation. Corporate attractiveness can help a business organisation in appealing to skilled employees and make them interested in working for the company. In the knowledge-dominated context of business strategies, corporate attractiveness is a major asset as it has the potential of helping the business get more talented and skilled employees, giving a competitive advantage in the industry. Studies have found a positive link between awareness of CSR activities of a business and it receiving higher rated job applicants (Pallant 2013).
Doane and Abasta-Vilaplana (2005, 23) make the argument that “CSR can be defined broadly as the efforts corporations make above and beyond regulation to balance the needs of stakeholders with the need to make a profit.' Such a positive link established the theory that a business organisation's attractiveness in the industry is influenced significantly by public perception of various CSR activities managed by the company. It is suggested by some studies that the good performance of a company in corporate social activities serves as an important factor for job seekers (Karaosman, et al. 2015). In this manner, CSR activities of a business organisation are very beneficial for an organisation as it eventually helps the company in enhancing the corporate attractiveness of the brand. Enhancement incorporate attractiveness assists the organisation in retaining existing skilled employees and also in attracting more skilled employees to the company. These benefits of CSR are in addition to the public goodwill benefit.
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