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Corporate social responsibility is an important aspect of any business. it is here that the ideals and connection with the community is built. This is a function that is being enhanced by many companies in order to improve and enhance their corporate image. Eaton Vance is a distinguish investment management firms that provide financial services to its customers. The company is one of the oldest institutions and it is committed to providing quality services to the satisfaction of the customers. The company focused on serving non-US investors, individual investors, institutional investors and financial professionals. Today, the company manages a wide array of mutual funds that comprised of the taxable income, domestic equity, and international equity among others. Eaton Vance currently owns many subsidiary companies they acquire as part of the company's expansion strategy. In addition, the company participates in the corporate social responsibility in considering the ethical issues in various aspects of the business. It is ethical for the purpose of strategic decision because of the consequences that are likely to be faced socially or economically (Blocker, 2012).
There are various stages that are involved in the integration of effective social responsibility in a company. The main strategic management process is as follows. To begin with, the managers of Eaton Vance should ensure that they consider ethical principles as part of the Eaton Vance culture. The key idea here is to ensure that the ethical issues are part of the psyche of the Eaton Vance. The second process is to check the company’s status and the deficiencies. At this stage, the company should consider the most effective CSR for the company’s image and whether it is appealing to the entire market. Finally, the company should generalize the CSR. It is essential to generalize the CSR so that they will be sure to operate ethically (Holdings, 2012).
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The main objectives for the advertisement are to convince the customers and the potential customers that the company is providing the best services that will satisfy the customer’s needs. Effective advertising is essential for any company because it will change the attitude of the customers towards the company. It will help selling products that were not sold before either because the customers were not aware of or it is because the customers did not trust such products. Eaton Vance Company is utilizing strategy to sell slow moving products.
The main objectives are discussed below:
I) To provide information- Eaton Vance Company will be to provide the details their products to customers through advertisement. Advertisement agents will be able to convince the prospective customers to buy the products and services offered by the company.
II) To remind the public- Eaton Vance Company can use advertisement as a ool of reminding the customers of the existence of certain products in the company. This is treated as a continuous process for the company in convincing the customers.
III) To change social attitudes. This is the main use advertisement. Every company needs an advert to change the social attitude of the prospective customers to buy the product.
IV) To induce the public - Eaton Vance Company uses this technique to sell the product against the competing products in the market.
V) To convince customers for direct purchase- sometimes, it is hard for the Eaton Vance Company to sell newly introduced financial product because the customers will fear the unknown.
Advertisement tries to convey the importance of buying financial products and services in the Eaton Vance Company instead of buying in other financial companies. The promotional tools used such as advertisement give the details, the process and procedures of buying products from the company. Furthermore, the company is conveying the benefits that customers are likely to enjoy using the products and services of the Eaton Vance Company (Credit and Dividends, 2012).
Media and Audience
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Eaton Vance Company is interested in reaching many audiences as much as possible. To ensure success in an advertising campaign, the company adopts various modes of advertising that can reach many customers depending on the CSR initiative. Some of the media used in emphasizing the CRS initiatives in the Eaton Vance Company comprised the following:
i) Public Service Advertising- this tool is effective because it is designed to educate the target audience concerning the CRS initiative of the company. This means is essential because it not only focused on selling the product but also educate all the relevant parties on the subject matter.
ii) Online advertisement- this is the advertisement made through the internet (World Wide Web). It is used so that it can reach a large number of audiences at the shortest time possible. Eaton Vance Company because the world changing and adopting technology as the latest way of investing and looking for opportunities.
iii) Print advertisement- this is used normally for the newsletter and the booklets of the company. They are always placed in the reception within the company’s premises.
Eaton Vance Company is one of the international companies that offer financial services. This raises questions on their level of CSR initiatives they provide. Some of the companies are held responsible for certain CSR by the investors, customers and society while others while other companies are doing it out of good faith in the global society (Coombs and Holladay 2012).
The Eaton Vance Company has four levels of CSR iinitiatives. These are discussed below.
i) Economic responsibility. This is usually considered as the first level of the CSR, and it compels the company to offer products that meet the interest of investors and other third party that associate with the company in any way.
ii) Legal responsibility- this is a law that governs the business operation of the Eaton Vance Company. They must pay the taxes as per the law and also conduct its business in a required manner. They should not participate in illegal acts such as underpaying the employees (Credit, & Dividends, 2012).
Ethical responsibility- the Eaton Vance Company, must run its business accordance with the law either local laws or international laws. Furthermore, they should observe the ethical business behavior in certain regions where they carry out their business.
iii) Philanthropic responsibilities- the Eaton Vance Company is not an economic entity alone- but it is also considered as an effective member of the society. The company must respond to the community in time of hardship. It must help the community whenever there are social problems such as adequate. They can help the society through donations (Coombs, & Holladay, 2012).
These CSR initiatives are vital for the survival of the company. This is because the company will earn wholesome image when they prove they are part of the society.
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Implementation can be done effectively by analyzing the current level of the company in terms of the relationship with all the third parties. The company has to establish its relationship with the customers, investors, stakeholders and the community. They must also review their current operation to know whether it is in line with their set the vision and mission statement. It is vital to assess such factors in the effort of expanding the operation of the business.
It is, therefore, essential for the Eaton Vance Company to identify the right benchmarked by assessing the competitors and other financial institutions in the effort of knowing what they do. Besides, the company must ensure that they adopt the best practices and norms that are set by the international bodies. Finally, the company should devise and propose to the customers the CSR policy that was adopted and implemented in the effort of delivering products to the expectation of the customers. Throughout the process, the company should focus on what was proposed in the benefit of the company and the customers. This will ensure that the quality is delivered to clients in a timely manner.
The major importance of communicating CSR initiatives to stakeholders is that the stakeholders will feel part of the company. This is essential because the decision made will respect all the interest of stakeholders and other third parties who are interested in the company’s progress.
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