Reputational damage and loss of market share

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Reference no: EM136009

So where these citations are noted Exxon-Mobil is the world's largest privately owned multi-national oil and gas company. For companies as big as ExxonMobil, which own considerable capital resources and are able to exert considerable power as well as influence, society is increasingly demanding that they behave in a socially responsible manner. There is a rising expectation that companies will adopt a business approach that illustrates responsibility to society above and beyond the economic function and legal performance of the firm.

This expectation can be assumed as an implicit social contract. One of the fundamental concepts of social responsibility is stakeholder management. This includes balancing the claims of stakeholders against the decisions a corporation makes. The significances for companies that are judged as not taking into consideration the expectations as well as needs of stakeholders are varied however may include reputational damage and loss of market share as consumers switch their brand preferences on the basis of ethical considerations

Reference no: EM136009

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