Corporate Social Responsibility (CSR) means that company integrates social and environmental concerns in their business operations and interactions with their stakeholders. CSR shows the responsibilities of company for its impact on society and helps businesses to achieve economic, environmental and social balance in line with the needs of both – its stakeholders and investors.
Triple Bottom Line – economic term referring to the idea that companies should focus on profit, people, and the planet, thus treating all three as equally important and giving them the same attention.
Depending on Stakeholders and their influence over the business developing an effective CSR strategy might be a challenging task. Thus, businesses should think not only about what the best general outcome for society might be but also how the interest of the company’s stakeholders can be satisfied. Ideally, value for both parties should be created in every connection between the company and its stakeholders.