Customer Centric Corporate Social Responsibility

Abstract:     
This study vindicates the theoretical shift in corporate responsibility towards corporate strategy from a customer value maximization standpoint. This paper argues that the prime responsibility of any company is to maximize economic means of corporate identity in terms of production and marketing of quality goods and services at a reasonable cost by escalating social, legal and environmental value. Since, customer is the major stakeholder for any corporation, satisfaction of the customers and their value maximization can work as the best example of social responsibility. Customer centric CSR is not only the best way to link corporate strategy to profit through social value addition but also the best medium of corporate transparency, ethics and strategic focus. The study concludes with a four-factor theoretical model for banking industry, with implications for both conventional and Islamic banks, in which customer centric CSR is a function of innovation and quality, social relations, operational ethics, and compliance. With further furnishing, the model can be applied to non-banking industries as well.

Number of Pages in PDF File: 26

Keywords: Customer Centrism, Corporate Social Responsibility, Business Ethics

JEL Classification: M14, M31, N20

working papers series