Corporate Social Responsibility in the 21st Century

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Organizational Background- Bank of America is a multinational banking and financial services firm that has become a mega-giant the second largest holding company in the U.S. and the 3-4th largest bank in terms of overall capitalization. The headquarters are in Charlotte, North Carolina, with the bank servicing clients in over 150 countries and some type of business relationship with over 99 per cent of U.S. Fortune 500 companies and 85 per cent of the Global Fortune 400. Forbes lists BofA as the 3rd largest company in the world, holding about 13 per cent of all U.S. deposits and 57 million customers (Bank of American, 2011; The Global 2000; Fortune 500). Background to CSR - In this environment, the impact of behavior, values and ethics on achieving a company's strategic vision represents a timely and valuable undertaking. This behavior, often called Corporate Social Responsibility (CSR) is a new focus on ethical and social issues (Sen & Bhattacharya 2001). CSR leads marketers to the notion of both global and stakeholder responsibility, and an organizational system that begs for sustainability not just to outlast the competition, but to increase customer loyalty, presence in the global market, and a stronger unification with the political bureaucracies. There is a clear integrative framework involved that impacts the idea of sustainable marketing concepts (Maignan & Ferrell 2004). Indeed, at the same time, "culture" has changed, too; there is likely not a country in the
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