CSR has become both a strategic approach through which competitive advantages can be created as well as overall social benefits. Due to the increased awareness among conscious consumers of social and environmental issues, CSR-initiatives have now also become an effective strategic marketing approach that can improve the corporate image, corporate reputation and value of companies. Lii, Wu and Ding (2013) identify 3 types of CSR-initiatives in sustainable marketing that all have a positive effect on consumers' brand awareness and perceived credibility of campaigns:
1. Sponsorship: An investment paid to a property in the form of cash, people or for example equipment that in turn provides companies access to an exploitable commercial potential related to the property.
2. Philanthropy: This type of marketing refers to a donation in cash or in-kind to a social/charitable cause without expecting a return. The main reason to give such a donation is just to “do the right thing”. Although the
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