Corporate Responsibility in the new Economy

Many companies are struggling to keep the business going with these new economic times, but how can they still be corporate responsible without having a financial burden on the company. This article describes what many were talking about at the Business for Corporate Responsibility Conference in New York. They suggest that companies will "focus more than they used to on assessing and managing global risks such as energy security, climate change, and geopolitical conflicts." The article also says that companies are going to use this responsibility of the economy to differentiate their product and make it more appealing the earth cautious consumer. The article states, "In a brutal retail market, some will try to differentiate themselves by developing ethical supply chains to boost consumer confidence, or support micro-entrepreneurship to lift purchasing power in emerging economies."

I believe this is a great idea and what we will be seeing in the next couple of months. Many companies that have a lot of competitors are going to differentiate their product by saying it is more healthy for the planet. I think this is a great marketing tool and that it will work. It shows the company is taking responsibility for the environment. With these economic times this is a great idea to survive the tough part until the market stabilizes again.

LINK: http://www.businessweek.com/globalbiz/content/dec2008/gb2008128_757524.htm