Corporate Social Responsibility: A New Way for SMEs in emerging countries to differentiate themselves

Friedman (1970) argued that the responsibility of business managers is to only think about financial profits of the organization. The main purpose of writing this paper is to test the credibility of this statement in 21^st century. 21^st century is the century of globalization, businesses are going beyond domestic borders for getting more number of customers and channels of revenue. The product and service innovations are going on but those product and service innovations are not enough to get the attention of customers. The organizations are looking new way to outpace their competitors. In 21^st century it is hard for business managers to ignore the concept of corporate social responsibility. They can't outpace the competitors only by showing concern about financial profits. Especially the small and medium enterprises who are looking for making a place in the heart of customers, fulfilling corporate social responsibility is good option.