კონფერენცია

∘ David Kbilashvili ∘
THE IMPORTANCE OF CORPORATE SOCIAL RESPONSIBILITY FOR CONTEMPORARY CONSUMERS

Summary

Due to the fast technological advancements, pressures regarding environmental sustainability and social responsibility have become inseparable part of various industries. Along with a high quality, modern and future consumers will expect the business practices to be environmentally friendly and sustainable. According to research, an ethical image of the company will play an important role in decision-making of consumers and other internal and external stakeholders as well. There is an obvious trend of integrating CSR into the business practices of the majority of international industries and so called going green becomes the popular strategic shift. CSR is still a developing field. However, contemporary business world is full of empirical evidence of the opportunities and threats provided by CSR. This paper outlines opportunities and threats coming from CSR and provides empirical evidences of its importance for contemporary consumers.

Key words: CSR, sustainable competitive advantage, business strategy, contemporary consumer, stakeholders.

Ivane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics International Scientific C O N F E R E N C E S "ECONOMY – XXI CENTURY"

E ISSN 2587 - 4691	∘ David Kbilashvili ∘ THE IMPORTANCE OF CORPORATE SOCIAL RESPONSIBILITY FOR CONTEMPORARY CONSUMERS Summary Due to the fast technological advancements, pressures regarding environmental sustainability and social responsibility have become inseparable part of various industries. Along with a high quality, modern and future consumers will expect the business practices to be environmentally friendly and sustainable. According to research, an ethical image of the company will play an important role in decision-making of consumers and other internal and external stakeholders as well. There is an obvious trend of integrating CSR into the business practices of the majority of international industries and so called going green becomes the popular strategic shift. CSR is still a developing field. However, contemporary business world is full of empirical evidence of the opportunities and threats provided by CSR. This paper outlines opportunities and threats coming from CSR and provides empirical evidences of its importance for contemporary consumers. Key words: CSR, sustainable competitive advantage, business strategy, contemporary consumer, stakeholders.