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Merck Pharmaceuticals Corporate Social Responsibility Analysis

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CSR

In accordance with ethical values, Wood (1991) defined corporate social responsibility (CSR) as corporate self-regulation and an essential part of the business process. This organisational understanding involves both stakeholders and the wider society, both natural and engineered ecosystems. As defined by Milton Friedman (1984), the stakeholders go beyond shareholders, including owners, management, staff, clients, vendors, the public, and the society to which a company can belong or work.

CSR has become a method of public relations as well as a communications technique that often preempts regulatory agencies in a more recent and common context (Mintzberg, 1983). There are also ways, though, that businesses or corporations implement CSR in their company framework. One of the methods is community-based growth, where an organisation develops a community presence and initiative either in the field of its activity or beyond it in a fixed geographical area. Some of the instances of community-based initiatives involve efforts such as livelihood support for a branded textile supplier, launching a literacy initiative by the distribution of books and learning aids, oversight, appraisal and recommendation for change in a specific school or environment, clean-up of rivers, and other efforts. A common solution has been philanthropy in which organisations supply a non-profit organisation with cash contributions, goods or tangible materials for delivery to undeserved or deserved recipients such as Children International and such NGOs.

Other types of CSR are incorporated in the supply chain framework, such as the implementation of the Fair Trade system that guarantees that livestock are not affected, employers are paid and benefited in a justified way, packaging is ecological, staff are adequately rewarded, environmental conservation steps have been taken over the life of a single or joint prodding operation (International Business Leaders Forum and International Finance Corporation, 2007).

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