Describe some of the key ways in which strategic CR communication enables corporations to create competitive advantage.

Question

What will be an ideal response?

Answer 1

Over the past few decades, there has been a rapid increase in the number of brands for whom CR is a primary business strategy. Such companies, which include Tom’s of Maine and Ben & Jerry’s, among others, have benefited from their ability to establish an industry leadership position and leapfrog over competitors. Because some firms are explicit about the role of social and environmental impact in its business strategy, consumers who value CR are more likely to gravitate toward the company’s products versus those of competitors who either pay less attention to CR issues or simply fail to communicate their own CR practices adequately. In addition to helping corporations promote existing brands or lines of business, communicating CR can also help companies launch new brands, as sustainability is a known driver of innovation.