Corporate Responsibility in Contemporary World of Industrialization - Essay

Corporate Responsibility in Contemporary World of Industrialization - Coca-Cola Case - Essay Example Developments in social sectors, strong check and balance system of media and public opinion also support in forcing the companies to look into their management, products and staff requirements properly. According to the ethics, it is not only the duty of management to look into the strategy and activities of the organization and eradicate all which can inflict any harm on society and environment, but also every staff member and employee is bound to perform the work of his part to run the company according to the prevailing social and environmental responsibilities. "The corporate governance structure specifies the distribution of rights and responsibilities among different participants in the corporation, such as the board, managers, shareholders and other stakeholders, and spells out the rules and procedures for making decisions on corporate affairs."   Coca-Cola is one of the most popular brands among all the world-class products and industries at large. Its name, brand, and logo are thought to be the sign of quality and trust. The company has made so many achievements during nearly quarter past century that it was not dependent on even an introduction anymore. It serves as a milestone in the history of modern public beverages and food industry that are popular among people belonging to all age-groups and socioeconomic classes alike. Coca-Cola was introduced in May 1886 in Atlanta, Georgia and in the beginning, the sale was less than its product. (Quoted in the coca-cola company.com). Presently, it is thought to be at the top in respect of sales among the soft drinks, mineral water, and food products of the globe. â€Å"The Coca-Cola experience†, Lin observes, â€Å"offers a fascinating example of the participation of an international business in local and global market development.The pace, accelerated by its preparations for possible accession to the World Trade Organization (WTO), global business systems like Coca-Cola may help stimulate economic growth, employment, and tax revenue and reshape corporate responsibility subsequently.†