Corporate social responsibility: Strategy for boosting brand perception and competitive advantage

This chapter examines the extent to which corporate social responsibility (CSR) could generate and boost better brand perceptions and improve competitive advantage within some selected banks in Ghana. The concept of CSR, brand perception, and competitive advantage are discussed in relation to findings from a study that was conducted at the national headquarters of GCB Bank and Barclays Bank Limited in Accra. The results showed a good understanding of the concept of CSR from both customers and employees of both banks. There was a significant and positive connection between effective implementation of CSR initiatives, brand perception, and competitive advantage. CSR was discovered as a tool for business success in the banking sector in Ghana. This chapter explains the benefits of CSR activities to the development of impalpable organizational assets, and as a result, generating better results for banking institutions in Ghana. The authors make a case for the inclusion and active involvement of customers and employees in the CSR initiatives of banks in order to boost brand perception.