Abstract
The chapter aims at synthetizing past research on CSR into the new meaning of CR by investigating if CR is being pursued through an integrated approach with branding by the six major banking corporates in Italy and the UK. In particular, differences and similarities in the extent of implementation are addressed. The research adopts a qualitative approach based on case study development and data analysis according to a CR framework that allowed data extrapolation and systematization, which the authors have designed in accordance with theories of integrated CR. The findings reveal that the extent of integration between CR and branding varies depending on cultural contexts and consumers' perceptions. Most of the sample is undertaking CR policies and programmes with the intent of driving the whole company towards the execution of an integrated strategy, but the UK sample shows the higher extent of integration. The study favours the emerging of best practices for CR integration among banking players and can be adapted to further geographical areas.
TopIntroduction
As extensively highlighted by academic literature and empirical research, for the past three decades mostly, corporates have started acknowledging their key role as good citizens in the society by including social, ethical, environmental concerns and sustainable and philanthropic activities in their business and communication (Carrol, 1991; Ahmed and Machold, 2004). The traditional and typical description of companies’ attitudes, policies and practices developed around the inclusion of social matters into their everyday business in a responsive logic to the society’s needs is commonly defined – despite the multiple characterizations and misinterpretations (Vallaster et al., 2012) – with the name of Corporate Social Responsibility (CSR) (Carrol, 2008; Torres et al., 2012; Vallaster et al., 2012; Lopez De Pedro and Gilabert, 2012). Despite the classical definition, most recent researches have found that pursuing economic and social benefits in a separate way have not necessary conducted, in many cases (Visser, 2012, 2013), to the expected growing benefits for business and society (Candelo et al., 2018). It is argued that the traditional separation of social and commercial objectives, typical for and contained into the Corporate Social Responsibility definition, represents itself a limit of CSR. Accordingly, new interpretations and applications of responsibility and sustainability integrated with the business model (Franceschielli et al., 2018) and with companies’ core strategies are being proposed. Corporate Responsibility (CR) – according to which environmental, social and economic logics are integrated and interlinked - represents the set of formalized activities and practices implemented by companies towards sustainability (both social, environmental and economic), ethics and responsibility addressed through a participatory and not merely responsive process and based on stakeholder engagement (Freeman et al., 2010). Under the umbrella of Integrated Corporate Responsibility (Freeman et al., 2010), Company Stakeholder Responsibility (Freeman and Velamuri, 2006) or Corporate Sustainability and Responsibility (Visser, 2013), similar activities and practices are conducted by companies (depending on their size) in order to engage multiple stakeholders in the value creation (Freeman and Phillips, 2002), with no separation between social and economic goals (Crane et al., 2013; Vallaster et al., 2012; Visser, 2012; Freeman et al., 2010).This research acknowledges Integrated Corporate Responsibility as theoretical framework of investigation.
Key Terms in this Chapter
Cause-Related Marketing: A commercial activity in which businesses and charities form a partnership with each other to market an image, service or product for mutual benefit. Corporate Shared Value: A set of profit- able activities that aim at improving at the same time both the economic value and the conditions of the society companies’ activities directly or indirectly affect.
Standards: Compliance with national or international standards which are considered almost compulsory.
Branding: The strategy used to create a unique name and image for a product in consumers’ mind.
Integrated Marketing Communication: The strategy of communicating simultaneously to different targets with different schemes in order to create a synergy among communication channels so that the effect resulting from their integration will be more powerful than any single undertaken communication action.
Integrated Output: Achievements and concrete development of sustainable processes, goods/products and services that meet social needs while achieving economic return.
Strategic Philanthropy: Set of activities (cash donations, in-kind donations, partnerships, employees’ volunteering, and cause-related marketing) to support social and good causes in areas of competitive advantage for the company and coherent to its mission and core business.
Sustainability: The combination of environmental, societal and ethical concerns in processes, goods/products, and services development.
Integrated Corporate Social Responsibility: Part of core management concepts and processes; it represents an integration of economic with social, ethical and environmental decision-making criteria for corporate strategy.
Corporate Responsibility: The sum of policies concerning a corporate self-regulation integrated in its business model.