Research, define, and discuss what strategic philanthropy is and why Essay

Research, define, and discuss what strategic philanthropy is and why it is beneficial to organizations, as well as give one example - Essay Example It is also a creative planning process that does not just entail volunteerism and generalized charity giving, it is instead a system that requires monitoring, tracking, and strategic assessment to determine whether a philanthropy effort can be qualified a success (Putnam 2008). What does this mean? Take for example the business REDF, which is a company provider that offers technical assistance in order to help community members achieve workforce development. REDF goes a step beyond just general philanthropy: the organization has developed a total management tracking system to determine whether its workforce programs have made long-term differences in the lives of those who sought the technical support services (Brest, 2010). This is the main difference between strategic and general philanthropy, it seeks the long-term benefits either to the organization or to society as a means of building a more positive future and knowing whether the effort is worth the investment or the cost. Strategic philanthropy is beneficial to the organization because it can give consumers, business leaders, or general community citizens a more positive view about the responsibility and values of a company. Some individuals in society believe that businesses should share their wealth and expertise with others less fortunate, and strategic philanthropy efforts can influence their purchasing decision-making behavior toward the firm. A positive consumer or social attitude about a business can help the organization achieve more long-term profitability or gain better contracts with like-minded business leaders in many different industries. It can, in some instances, even improve relationships with government members who are already responsible for securing the welfare of their constituents, thus allowing for political endorsements in favor of the organization. It should be said, then, that strategic philanthropy is a vital component