Competitive Advantage By Institutionalizing -Myassignmenthelp.Com

Question: Discuss About The Competitive Advantage By Institutionalizing? Answer: Introduction Corporate Sustainability is an evolving concept that managers uses as an alternative method for the growth and development of the business (Pompper, 2015). Corporate social responsibility, sustainable development, stakeholder theory and accountability act as the four pillars of Corporate Sustainability. It focuses on the sustainability of the company and recognizes the growth (Eccles, Ioannou Serafeim, 2014). On the other hand, public relations are a method of how companies, organizations and individuals communicate with the media and public. A Public Relations specialist is usually required for managing the process of communication in organizations (Austin Pinkleton, 2015). A Public Relation specialist uses different tools and methods to increase the publicity of the activities or products of a certain company. Individuals related to public relations work for a company that manages customer relations or the relationship between the employees and managers of different branch office s (Luo Du, 2015). However, whether corporate sustainability is more real than public relations has been discussed below. Governments, media and activists have adapted at holding the companies to account for the social consequences of their activities. Companies and organizations are judged and ranked based on the performance of their corporate social responsibility. Business and society have an interrelationship (Tai Chuang, 2014). This is because successful corporations need a healthy society. Strong regulatory standards protect both the consumers and the companies from exploitation. Similarly, a healthy society also needs successful companies. There is a mutual connection and dependence between the corporations and the society (Goleman, 2017). This implies that both the business decisions and social policies follow the basic principle of shared value. Whereas, public relation tries to maintain a smooth communication between the public and the organization. Communication plays a vital role in public relations. Therefore, plenty of problems or trouble arises when there is lack of communication in the organization (Parsons, 2016). If the receiver misinterprets the information then it creates confusion in the organization. However, the role of public relations is not as real as corporate sustainability. A corporations impact on the society alters over time since the social standards evolves and science progresses. Every company should sort out social issues and rank them in categories of potential impact. Creating a corporate social agenda is necessary as it looks beyond the opportunities and expectations of the community. According to LEtang, public relations practitioners generally manage corporate sustainability. Therefore, corporate social responsibility is a part of the public relations (Herrera, 2015). This is the reason why public relations specialists have always engaged with the corporate sustainability. Public relations specialists are regarded as experts for spreading and popularizing the information. Therefore, if the information is popularized more then it the society will function more smoothly. It has been argued that public relations professionals have a chief role to play in the marketplace of ideas(Austin Pinkleton, 2015). The specialists of public relations use p lenty of techniques and tools for boosting the public image of the clients. Public relations practice has a positive effect and contribution in the society compared to what corporate sustainability has. Therefore, the role of public relations is more real than corporate sustainability (Pompper, 2015). It has been argued that the public relations practitioners needs to develop the research and evaluation skills. This is because it is essential in relation to the corporate sustainability initiatives in communities. These skills will ensure the individuals as to how the companys corporate social responsibility policies and practices have benefitted the corporations as well as the stakeholders in a transparent way (Luo Du, 2015). Many companies have worked on the four pillars of corporate sustainability and improved the environmental and social consequences of the companys activities. Corporate social responsibility has the license to operate and reputation. The concept of corporate sustainability protects the companies and organizations (Eccles, Ioannou Serafeim, 2014). The CSR reports are to convince the stakeholders showing that their views have been taken into account at the level of corporate governance. On the other hand, the role of public relations specialist is to help the company or the organization is to form and maintain a proper reputation among both the customers and the media by communicating on their behalf. Many a times, the public relations specialists fails to do their job that leads to a loss and bad image in the company. Public relation is different from advertising though (Herrera, 2015). At time the effect is a negative one on the public which is harmful for the organization. Corporations create shared value as business strategy. The strategy focuses on the role of business in society (Pompper, 2015). There are evolving approaches that a company goes through. Shared value deals with the integrating societal issues and challenges for creating economic value. It is the duty of the corporation to reconceive the needs, customers and products. The concept of shared value creates new ways of thinking about the business, social dimension and strategic positioning of the companies (Eccles, Ioannou Serafeim, 2014). The Corporate sustainability aims at the social impact that unites the goals of companies and government. Investors play a major role in creating shared value. Starting from maximizing shareholder value to being socially responsible for investing and to impact investing to increase the shared value investing process. Whereas, public relations has nothing to do with the creating shared value. Public relations are generally earned media. It is formed for the publicity of an organization (Austin Pinkleton, 2015). A public relations specialist only focuses on the communication skills. However, the public relations practitioners can use CSR as another element in forming a positive opinion towards the institution (Goleman, 2017). The organizational group is solely responsible for networking with stakeholders public relations practitioners is best to meet the needs of the stakeholders. It is the strategic process of communication that builds mutually beneficial relationships between the public and the organization. Therefore, corporate sustainability and corporate social responsibility is more real than public relations. References: Eccles, R. G., Ioannou, I., Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance.Management Science,60(11), 2835-2857. Austin, E. W., Pinkleton, B. E. (2015).Strategic public relations management: Planning and managing effective communication campaigns(Vol. 10). Routledge. Tai, F. M., Chuang, S. H. (2014). Corporate social responsibility.Ibusiness,6(03), 117. Parsons, P. J. (2016).Ethics in public relations: A guide to best practice. Kogan Page Publishers. Herrera, M. E. B. (2015). Creating competitive advantage by institutionalizing corporate social innovation.Journal of Business Research,68(7), 1468-1474. Luo, X., Du, S. (2015). Exploring the relationship between corporate social responsibility and firm innovation.Marketing Letters,26(4), 703-714. Pompper, D. (2015).Corporate social responsibility, sustainability and public relations: Negotiating multiple complex challenges. Routledge. Goleman, D. (2017).Leadership That Gets Results (Harvard Business Review Classics). Harvard Business Press.