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Role Of Csr In Reinforcing Brand Equity And Loyalty Assignment Sample

Role Of Csr In Reinforcing Brand Equity And Loyalty

Introduction

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Background

Corporate social responsibility (CSR) refers to the idea of the role of a company in the community and considers the environmental and social aspects of the business. Furthermore, the corporate and social responsibility within the company aims at giving a better service to the company the society, thereby improving its public image and relation. The current study focuses on the CSR of TESCO and its role in the overall development and services of the company. Tesco PLC is the British multinational general merchandise and multinational groceries retail. Its Headquarter is in Welwyn Garden City, England, currently operating under Ken Murphy. The total revenue generation of the company is 5,788.7 crores GBP (2021). The main aim of the company is to stay as a leading supermarket retailer and to provide good quality services.

Aim

The main aim focuses on analyzing the role of CSR in reinforcing brand loyalty and image in current competitive business settings.

Objectives

  • To identify the significance of CSR in reinforcing brand equity and loyalty.
  • To analyze the interrelationship between CSR aspects of corporate organisation and Brand loyalty.
  • To recommend strategies for ensuring effective practices of CSR within organisations for reinforcing Brand equity.

Research problem

CSR is a very vital aspect of the company. CSR helps the company to maintain a relationship between the customers and the employees. The companies who strongly follow the CSR aspect generally possess a good image and positive perspective to the customers. CSR further improves the customer's perception of the brand. Therefore, a business that based the social responsibility naturally wins the heart of the customers, develops its good reputation as well as gains customers' attention (Ho et al. 2019). On the other hand, the companies who refuse to follow the CSR aspect are subjected to loss of customer retention and trust.

Research questions

  • What is the significance of CSR in reinforcing brand loyalty and equity?
  • What is the interrelationship between CSR aspects of corporate organisation and Brand loyalty?
  • How do CSR strategies followed by organisations contribute towards gaining a competitive advantage?
  • What could suitable strategies be undertaken by the organisation to ensure effective practices of CSR for reinforcing Brand equity?

Chapter2: Literature review

2.1. CSR aspects and their importance in Brand Equity and loyalty

CSR s is an important aspect for the company to maintain its good brand value and reputation. Over the time the, CSR has played a significant role in building the trust of the customers (Kim et al. 2020). CSR generally focuses on the ethics and social responsibility of the company.

Nowadays, the costumes prefer a company that maintains the CSR aspect in a proper way (Carlini et al. 2019). In recent times the customers are choosing the products of the company who are dedicated to the CSR policies. Therefore, it automatically gains the trust of the customer by evaluating brand equity and brand loyalty.

2.2 The interrelationship between CSR and Brand Loyalty

CSR and the brand loyalty of the company are highly associated with one another. As the customers of the modern time are getting very conscious of the CSR aspect within the company, they prefer to buy the products from a company that strongly maintains the CSR policy (Kim et al. 2021).

CSR policy further improves the image and reputation of the company and it also contributes to the social responsibilities of the company (Khan and Fatma, 2019). If the company does not follow the ethics of CSR, then automatically, its brand values will be decreased. Thus, CSR creates a sage and positive aspect to the brands of the company, and it further protects the interest of the stakeholders who are associated with the company.

2.3 CSR strategies followed by an organisation for enhancing Brand equity

CSR mainly focuses on the four fundamental principles of the company that, include Environmental responsibility, Philanthropic responsibility, Economic responsibility and Ethical responsibility.

In recent times the overall performance and brand value of the company only depend on the revenue collection of the company but also depends on some social responsibilities of the common that must be followed. According to Wang et al. (2021), if the company collectively follows all these matters in an appropriate way, then it automatically gains the positive feedback from the customers, and it helps to enhance the brand value of the company to the consumers.

Chapter 3: Methodology

Data collection

The data collection is a very important factor in the research methodology. Data collection generally refers to the collection of all information from relevant sources. According to Ahmad et al. (2019), secondary data collection is very important in conducting a research object as it proves the opportunities to wade through the various journals and books of the various authors regarding the specific subject. It provides a clear idea and perspective about the research matters and objectives. In this research matter, the research has been conducted by following the secondary data collection by considering various authentic books and journals. Following the secondary data collection, all vital information about the topic is gathered in an appropriate way (Loureiro and Souto, 2018). This further helps the research objectives in a successful way. The current study has been conducted by going through the various government publications, public records, statistical and historical documents, Business documents, and trade and technical journals. Thus data collection further helps to conduct the research object in a more suitable way.

Research Timeline

Activities

Days

Introduction

8 days

Topic selection

1 day

Aim and objective formulation

3 days

Research question development

2 days

Resource allocation

2 days

Literature review

10 days

Methodology

12 days

Secondary data collection

5 days

Secondary data analysis

5 days

Documentation of results

2 days

Concluding statement

3 days

Final submission

1 day

Table 1: Research Timeline

CSR is one of the vital aspects that help organisations conduct business activities in a more effective way that further contributes towards improved organisational productivity. According to Rahman et al. (2019), the research timeline focuses on a selection of the topic based on the CSR aspects followed by aim and objective formulation. Furthermore, the Literature review section focuses on a selection of themes based on the CSR strategies used by organisations for reinforcing brand loyalty. Methodology highlights secondary collection and analysis followed by documentation of the results.

Chapter 4: Findings

Data presentation

Author

Objectives

Findings

Dzupina et al. 2019

To analyse the influence of CSR on the brand equity of the organisation

The study findings highlight that CSR Aspects contribute toward improved brand equity as they help consumers connect better with the organisation

Mahmood et al. 2021

To analyse the impact of CSR approaches undertaken by the organisation and its role in evaluating consumer loyalty.

CSR approaches the organisation help business to undertake initiatives that contribute toward improved organisation a through reducing the carbon footprint

Rahman et al. 2019

To analyze the complementary role between CSR and firm performance

Organisational performance is greatly enhanced through improved practices of CSR aspects, thereby contributing toward increased competitive advantage

Table 1: Findings

CSR focuses on the duties and responsibilities of the company to society apart from revenue generation. It further emphasises on enhancing the brand value and brand image of the company n a better way (Yoon, 2018). Furthermore, the brand value and brand loyalty of the company are closely associated with the CSR aspect. The brand value of the company may be further important in order to make the company's product a more attractive matter.

Data analysis

Data collection is the process of transforming, cleansing, inspecting and modelling the data with the goal of discovering useful information. In the research object, the data analysis is very important as it provides the useful information about the chosen topics and evaluates all possible formation about the topic in the best possible way. In the modern-day perspective, the concept of CSR is very important to the company as it allows promoting of the brand value of the products within the customers (Mahmood et al. 2021). CSR further helps the company to ensure its brand value of the company. Furthermore, the companies who strongly follow the CSR aspect are gaining more positive approaches from the customers. In modern times of the current competitive market, it is very important for the company to correctly analyse all the useful strategies reading the CSR aspects. In this study, it is also found that the brand value and the CSR aspect of the company are closely associated. The customers generally prefer the companies who give emphasis on CSR (Dzupina et al. 2019). The CSR aspect of the company further helps the company in promoting and evaluating its services. IN the current comfort market, each of the companies targets its goal of gaining more revenue by fulfilling all the demands and needs of the company, but if the company only focuses on its profits, and then it will be at risk of losing the customer's trust (LEE, 2019). Therefore, the company should give more emphasis on the CSR policies to maintain its current reputation and to achieve more attraction from the customers. Thus the CSR value is very important in order to make the company more preferable to the customers as well as to promote its brand value to the customers in a more effective way. Therefore, it is very much needed for the company to correctly evaluate the CSR within its service to maintain the corporate growth and future development.

Chapter 5: Conclusion

Every company must follow the CSR aspects in order to improve its reputation and a strong foothold in the current competitive business ambience. The all positive factors of the CSR are collectively responsive to achieving the high brand value and the satisfaction of the customers. Nowadays, the customers prefer the companies who follow the CSR in a proper way. The brand equity and brand loyalty are highly associated with the CSR aspect of the company. As the CSR aspect of the company generates positive aspects of the company among the customers, the sales and corporate productivity of the company automatically increase.

References

Journals

Ahmad, I., Shahzad, K. and Gul, A., 2019. Mediating role of customer satisfaction between corporate social responsibility and customer-based brand equity. Business & Economic Review11(1), pp.123-144.

Carlini, J., Grace, D., France, C. and Lo Iacono, J., 2019. The corporate social responsibility (CSR) employer brand process: integrative review and comprehensive model. Journal of Marketing Management35(1-2), pp.182-205.

Chaudhry, A.A. and Ramakrishnan, S.A.L., 2019. Corporate social responsibility, brand equity, and shareholder value: Theoretical and conceptual perspectives. International Journal of Recent Technology and Engineering8(2), pp.22-31.

Dzupina, M., Koprda, T. and Veselei, A., 2019. The Influence of Corporate Social Responsibility (Csr) on Brand Equity. Economic and Social Development: Book of Proceedings, pp.164-174.

Ho, T.N., Wu, W.Y., Nguyen, P.T. and Chen, H.C., 2019. The moderating effects for the relationships between green customer value, green brand equity and behavioral intention. Academy of Strategic Management Journal18(4), pp.1-21.

Khan, I. and Fatma, M., 2019. Connecting the dots between CSR and brand loyalty: the mediating role of brand experience and brand trust. International Journal of Business Excellence17(4), pp.439-455.

Kim, K.M., Nobi, B. and Kim, T., 2020. CSR and brand resonance: the mediating role of brand love and involvement. Sustainability12(10), p.4159-p.4160.

Kim, S.O., Lee, B.S. and Lee, J.G., 2021. Effect of CSR activities on brand equity: Through the trust of a company's brand. NVEO-NATURAL VOLATILES & ESSENTIAL OILS Journal| NVEO, pp.10931-10940.

LEE, J., 2019. The Effects of Corporate Social Responsibility Activities on Brand Equity and Consumer Purchasing Intention. The Journal of Economics, Marketing and Management7(4), pp.10-19.

Lee, Y.H. and Chen, S.L., 2019. Effect of green attributes transparency on wta for green cosmetics: Mediating effects of CSR and green brand concepts. Sustainability11(19), p.5258.

Loureiro, S.M.C. and Souto, D., 2018. How corporate social responsibility can influence brand equity. How corporate social responsibility can influence brand equity, pp.159-184.

Mahmood, M., Niazi, A., Asghar, W. and Hussain, M., 2021. Impact of Perceived CSR on Brand Equity through Brand Admiration and Customer Advocacy Behaviour: Moderating Role of Brand Attitude and Customer Loyalty. Sustainable Business and Society in Emerging Economies3(3), pp.177-194.

Rahman, M., Rodríguez-Serrano, M. and Lambkin, M., 2019. Brand equity and firm performance: the complementary role of corporate social responsibility. Journal of Brand Management26(6), pp.691-704.

Wang, S., Liao, Y.K., Wu, W.Y. and Khánh Lê, H.B., 2021. The Role of Corporate Social Responsibility Perceptions in Brand Equity, Brand Credibility, Brand Reputation, and Purchase Intentions. Sustainability13(21), p.11975-p.11980.

Yoon, K.C., 2018. Influence of CSR Activities on Corporate Reputation Depending on Brand Equity. Journal of Venture Innovation1(2), pp.13-34.

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