Utilization of Corporate Social Responsibility as A Strategic Tool for Increased Marketing Performance of the Nigerian Business Environment
Keywords:Business environment, corporate social responsibility, marketing, performance, strategic tool
Corporate social responsibility (CSR) has been described as a planning implement that makes organizations engage in activities that will help to improve their social standings, reputation, and marketing performance within the business environment. This study examined adoption of corporate social responsibility as a strategic tool for enhancing marketing performance of the Nigerian business environment with limitation to Nigerian Breweries Plc. The study focused on determining the extent to which marketing performance variable constructs including return on asset (ROA), return on marketing investment (ROMI) have been achieved overtime using CSR concept. The study adopted survey research design with 5-point Likert’s scale to elicit information from respondents. Two hundred and twenty-nine (229) participants were selected through convenience sampling technique while the sample size determined by Taro Yamane formula from the study population. Data was analysed using SPSS Pearson Correlation and results of the study revealed that CSR has a strong significant correlation on return on marketing investment, moreover, CSR and return on asset are significantly related. The study concluded that CSR serves as a strategic tool for ensuring that organizations is accountable for its actions and operations in the business environment; besides, good performance of such organization is determined by its level of implement CSR concept. It was therefore recommended that business organizations should invest heavily in CSR practices as its occurring benefits cannot be overemphasized.