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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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The world attention once again has turned to Durban where the countries are meeting to try and resolve the crises that our World is facing today in terms of Global warming and Energy crisis. Environmental protection as well as Prevention of cruelty to Animals too have been global agendas making news all the time. Though you get to read about these environmental issues as well as Global energy crises and climatic changes in paper or via the visual medium, you may not give it any attention for you believe that your job or profession has nothing to do with it. This is the perception amongst common people. However in reality these global issues are debated by the countries in such forums and agreements are reached where in the countries agree to take remedial measures to bring down global warming.

The implementation of the measures begins with passing laws, guidelines and policies that help the industries to reduce their carbon footprint and own up the targets. All the industries then need to adhere to the regulations and adapt environmental friendly technologies. Thus the global issues do affect all the industries and business organisations.

Environmental and global issues concerning nature and animals being highly sensitive subjects, do manage to get public attention for everyone is concerned about the future of the planet. Companies who have adapted policies to participate in the process of reduction of waste and pollutants as well as reducing carbon footprint have realised the benefit of talking about their green initiatives. They have begun to associate their support with social causes as well as environmental issues too and use it to build a relationship with the customers who are interested in such issues.

When you walk into a boutique hotel or a resort you will see detailed instructions on how you can help conserve water resources through following the guidelines and reducing the need for washing the towels on daily basis. You also get to see the ways in which the hotel is implementing various projects to save on precious resources. Some hotels use recycled and handmade paper and promote use of decorative materials made using natural fibres and fabric etc. Some hotels use natural dye for their walls and promote handmade crockery etc. Through such initiatives they are trying to give a message as well as create an interactive platform for building a relationship with the customers. Those who appreciate such initiatives are likely to become loyal customers and help refer the hotel to their friends and acquaintances too.

Very often we come across sales campaigns by leading consumer durables and consumer product companies who pledge to support a particular humanitarian cause or a project related to a social issue or a conservation project. The advertisements urge you to shop with them so that a part of the sales proceeds are donated to support the cause. Again through such interactive methods there is a relationship that is built with the Customer who identifies the Company with the cause that is close to his heart.

Take the case of Body shop. The Company uses natural products for manufacturing the products and do not use the animals for testing the products. The Company has defined this fact in its vision statement and has succeeded in striking an emotional chord with the consumers who care for animals.

As such there is a huge scope for the businesses to associate their social responsibility as well as the green initiatives that the Company adapts with their public image and use these as effective tools to reach out to the customers and manage the relationship with the customer effectively.

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