Did the 2012 London Olympics and Paralympics set new standards for CSR Essay

Did the 2012 London Olympics and Paralympics set new standards for CSR - Essay Example The Olympic movement is more than a sport† (Babiak and Wolfe 2006, p.216). Olympics has a colossal history of antiquity, that dates back to ancient times. It had evolved for the betterment of mankind. The recent summer Olympics and Paralympics were held at London in 2012. Instead of throwing light upon the overview of this event, we widen our gaze and look into the political, economical and social features associated with it, thus leading to application of Corporate Social Responsibility (CSR) during the Olympics. The breadth of our study is not going to cease here, as it will broaden and culminate with a deeper understanding of CSR involved in London 2012 Olympics. In this content, let us analyze, whether or not, 2012 London Olympics and Paralympics paved a way to set new standards for CSR and to up to what extent. What is CSR? CSR is a corporate social responsibility in a three dimensional way, consisting of social, economic and environmental elements. There is no universal d efinition for CSR, as it depends upon various factors that vary from country to country. It can be defined as the ethical business practice, which is in conformity with law and also, with the needs of people and environment. Social responsibility in business has been considered since the beginning of business concepts. CSR is always associated with the word sustainability, but both are different. â€Å"Sustainability is part  of a good CSR plan, however, when you strive to be sustainable, it is not only in the environmental sense of word, but in a much more holistic way† (Pilarinos 2012).  CSR is an inevitable priority for long standing as well as emerging business organizations as they have to take care of crucial â€Å"Three Ps† namely people, profits and planet. It also becomes part of an organization’s marketing strategy. â€Å"93% of consumers globally expect firms to display. CSR is going beyond the minimum standards required by law to operate respons ibly by changing the business practices and lending support to address social and environmental issues.† (Mermod and Idowu 2013, p.3-4). But where does sports events like Olympics connects with CSR. In order to conduct massive events like Olympics, a private sponsor becomes an indispensable need. Here corporations come to play getting into the lime light, thus they can build local partnerships and create brand awareness. Sports and CSR Sports have power to unite the world and it can instill optimism, promoting healthy lifestyle and a sense of feeling contented. CSR plans are used by companies to sell their brand value. Almost every company could have CSR plans, as part of their strategies in its external environment. (Paetzold 2010). Sports and business corporations when working as a single unit can provide a strong impetus for positive changes in economic, social and environmental areas. CSR and sports organizations can work hand in hand, complementing each other. Business or ganizations have found that they can promote their product and services by exposing those things as well as the organizations’ logos through advertising boards, pamphlets and importantly by organizing events associated with sports. (Stoldt, Dittmore and Branvold 2011). CSR and London Olympics The remarkable thing to note in London Olympics is their commitment to being environmental friendly. This was achieved with the cooperation of corporations. â€Å"The most recent London Olympic games in 2012 was the first Olympic games to measure its carbon footprint over the