Corporate social responsibility and sustainable business practices are the core of any modern business. Companies can use corporate social responsibility as a core of their business but paying attention to different stakeholders and their needs. Social corporate responsibility will give management guidelines on how to compete with key competitors in each target segment. The strengths of competitors must be matched or avoided, and the weaknesses must be scrutinized for possible ways to create differential advantages.
Finally, environmental trends are important for determining how stable or long-lasting the opportunity in market segments will be. Entrepreneurship is much more internally oriented in focus than marketing. All the aspects of the venture must come together in order for a successful launch to occur. This aspect, as well as the other commonalities and differences, is often affected when external financing is involved.
Corporate stakeholders should be fairly and equally treated by the company. It means that the company should follow ethical and moral principles stipulated by the Codes of ethics and industry committees. Society’s demands on industry have been extensive, and industry has tried in most instances to respond favourably to this initiative. In some instances, these demands have caused the stakeholders new problems, for which they blame the industry.
One instance is the case of home fast food preparation and the extensive use of plastic containers. On the one hand, it has helped working people to have good meals on short notice but has caused trash and garbage landfill problems as a result. As in all other situations, it is again emphasized that all parties involved must cooperate and work together to solve the problems — not just yell at each other.
Sustainable business practices will help companies deal with partners and communities in a sustainable manner. Similarly, industrial market companies tend to have less interface with marketing than consumer market companies. In spite of these tendencies, both high-technology and industrial companies need marketing. In fact, when marketing is not successfully interfaced with the technology or the industrial market, problems often occur. Success in all areas can only be achieved when the market is identified, listened to, and then served with the correct product offering regardless of the technology or market involved. Another condition affecting the interface is the degree of market acceptance of the product.
Companies having a good market acceptance and who are, in effect, market-driven rather than technology-driven tend to have a better marketing/entrepreneurship interface than those that are technology-driven. A third condition is the role of the business plan in the company formation and growth process. When the business plan plays an essential role in the entrepreneur starting and growing the new venture, the importance of the interface is evident and is therefore not only readily accepted but actively solicited and endorsed. Most entrepreneurs develop and use a business plan to start and grow their venture and should therefore understand the importance of a strong marketing/entrepreneurship interface.