Question

What is the definition of corporate philanthropy, and discuss an instance of “corporate philanthropy”, which benefits stakeholders and stockholders?

And please do not copy and paste from the internet, you can paraphrase but not copy.

Thank you,

Answer 1

Corporate Philanthropy:

Corporate Philanthropy is the process by which a company or business house ensures employee motivation and there long and short term business goals. It is the best method to connect directly with society and get acceptance and goodwill for attaining business goals. Customers value the companies who have a good intention of giving back and help society in any way. Philanthropy also boost employees morale as they feel connected and secure in working with such a company who want to take care and want to contribute in society. Corporate Philanthropy is not only for charity but to achieve business goals too and for this a good strategy is made. Today we can see many companies contribute in social cause and try to give a positive message about their good will and social responsibilities.

Stakeholders are positively included in the process and their contribution as a volunteer or as an active participant is ensured. It gives motivation and sense of responsibility to them and they feel more connected worth the Company and give more serious efforts in the attainment of company financial and social goals .Stockholders also feel good and proud abut the company whose shares they hold and it keep then up in the market. Corporate Philanthropy is a process to make goodwill for the company and keep socially connected with the products.

Main benefit of Corporate Philanthropy is as following:

1. It increases company face value in the society and potential customers.

2. In increase stakeholders morale and they feel more connected with the company

3. It helps society in one way or other and peoples who are not connected with the company also get benefited through charity and giving.

4. It is a key component of any organizations social responsibility strategy and makes stakeholders aware about their social responsibilities.

5. It is highly effective in attainment of business goals in short and long term.

6. It helps in creating a stable brand value in society for long time.

7. It develops customers trust in the company and provides new opportunities in the market.

Except all the above benefits a company also gets benefitted in many ways and create strong social base for its future planning.

Corporate Philanthropy can be implemented in following stages:

1. Collection of Data: first of all a database is created in which we include stakeholders and stockholders and collect data from potential customers and market

2. Planning a Corporate Philanthropy Strategy: to attain business and social goals the company creates short term and long term Corporate Philanthropy strategy. It may differ as per the need of market and need of time. Usually companies make a long term planning and short term strategies to attain its social and professional goals.

3. Volunteers: company take their volunteers for Corporate Philanthropy practices and assign them goals.

4. Result Analysis: After implementing Corporate Philanthropy a analysis is done and it’s reviewed for further implementation.

This was a successful Corporate Philanthropy planning can be done and its social and organizational goals can be achieved .Studies show that it’s a very useful practice to create awareness among peoples about the product and company and it result in increased trust and sales of the products .Today many good companied are involved in Corporate Philanthropy practices and getting benefitted from it.