Corporate social responsibility (CSR) has impacted on the policies and behaviours of companies throughout the world. However, relatively little attention has been devoted to the link between CSR and strategic marketing. The impact of CSR initiatives on customer and other stakeholder relationships is key to performance improvement. It is also important to recognise that CSR initiatives may achieve undesirable effects and that barriers exist to their effective implementation. We provide a framework examining the degree and type of corporate response to CSR imperatives and the moderating effects of employee/manager perceptions, other stakeholder perceptions, and the company's social credibility. We examine the impact of CSR on customer value, and importantly the need for a resonating value proposition that underlines how a supplier's CSR adds value for the customer. We conclude with a new management agenda for marketing strategy that examines CSR opportunities and risks.