Corporate social responsibility (CSR) has been anincreased concept within the today’s business andthere are different perceptions regarding the meansof the concept. The theories in the area focus on CSRas a possible source of competitive advantage, butalso as a strategic necessity. There is a debateregarding the Stakeholders’ importance when it comesto a firm’s CSR activities. Satisfying stakeholdersmay be useful to increase a firm’s competitiveness,as well as it can be seen as a necessity. This studyexplores whether a CSR activity can be seen as asource of competitive advantage, or as a strategicnecessity.The main findings concern CSR as competitiveadvantage and as a strategic necessity, as well asrooted in the firm’s values and beliefs. Further, thefindings show a more detailed categorisation ofsources of competitive advantage and strategicnecessity. In addition, the findings show that thedifferent stakeholder groups: latent, expectant anddefinitive have different perceptions of a CSRactivity. Lastly, the CSR managers’ intention and thestakeholders’ perception differ in some areas.