Discuss the concept of Corporate Social Responsibility (CSR) and its significance in modern business practices. Explore the fundamental principles and objectives of CSR, highlighting its impact on stakeholder relationships, sustainability, and ethical decision-making. Analyze the role of CSR in fostering a positive corporate image, enhancing brand reputation, and contributing to societal well-being. Additionally, evaluate the challenges faced by organizations in implementing effective CSR strategies, including balancing profitability with social responsibility, and propose innovative approaches to address these challenges while aligning business objectives with ethical and socially responsible practices.

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Corporate Social Responsibility CSR refers to the ethical framework and voluntary actions taken by businesses to address social environmental and economic issues in their operations and interactions w... View the full answer