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Arguments for and against the concept of corporate social responsibility
Arguments for and against the concept of corporate social responsibility
Social corporate responsibility
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Target Corporation needs to buy more local and diverse product from an environmentally friendly company and create a standard that adds value to the local communities and environment. In addition, Target Corporation should source products from diverse international community, minority organization, and women run organizations. Target Corporation must diversify its retail products to add more goods that are sporting, a bakery, and household's items as well educational services using partner organizations. Target Corporation needs to identify new third-party strategic alliances through which it delivers goods at the doorsteps, selecting with a non-perishable item and eventually perishable items depending on the locations. Target Corporation
Creating a strong business and building a better world are not conflicting goals they are both essential ingredients for long-term success - Bill Ford. In recent years, customers and employees have demanded corporate social responsibility (CSR) ethics, inclusion and diversity, reflecting that businesses should do more than meet the basic requirements for ethical corporate activities. Modern businesses are increasingly employing these concepts to encourage change for good and make a significant contribution to the world as they begin to acknowledge their environmental and social impact.
Tesco’s Ownership Tesco’s ownership is a PLC which means Public limited company. Because of this Tesco can easily expand and therefore go global, this is because, if they are a PLC then anyone from around the world can buy shares in that company, thus meaning that Tesco has more capital to invest In their company or other branches around the world, this also causes them to be global. Advantage One of the major advantages of Tesco being a public limited company is the fact that they would have a good status; this is because shareholders would want more dividend/yield from their shares and so they would be spreading the word about Tesco, in addition to this, the more shares people buy the more capital Tesco has to invest in their company to expand it and create other branches.
Corporate social responsibility is a corporation 's activities to appraise and have duties towards the company’s impacts on environmental and social success (Investopedia, 2007). Primark is one of the largest cheap clothing retailer which originates from Ireland. The first store opens in Dublin in the year 1969, in the name Penneys (Primark, 2015). Today Primark operates over 270 stores and recently started in Boston, US with its first store. The essay focuses on how the Primark has upheld its duties towards its stakeholders and society.
Davis (as cited by Khalidah, Zulkufly, & Lau, 2014) defined Corporate Social Responsibility (CSR) as “… the firm’s consideration of, and response to, issues beyond the narrow economic, technical, and legal requirements of the firm. It is the firm’s obligation to evaluate in its decision-making processes the effects of its decisions on the external social system in a manner that will accomplish social benefits along with the traditional economic gains, which the firm seeks. It means that social responsibility begins where the law ends. A firm is not being socially responsible if it merely complies with the minimum requirements of the law, because this is what any good citizen would do.” A firm will not survive without the support of both the stakeholders and shareholders, thus the CSR proposes the indication which stats that a firm can never exist In a vacuum (Khalidah et.
Unit 1: The Business Environment Task 1: Describe the types of business, purpose and ownership of two contrasting businesses. Tesco is a profitable British global company and is the third largest retailer in the world measured by profits. Brockenhurst is a non-profitable local organisation located in the New Forest run by the government. Tesco 's is the grocery market leader in the UK where it has a market share of 27.8%. (Tesco 's was founded in 1919 in London and Jack Cohen bought a plot of land in 1934) since then the supermarket has expanded.
Corporate Social Responsibility (CSR) relates to the actions of an organization and the effects on the environment and social wellbeing. It is about the way that the company assesses its actions and takes responsibility for this. (Investopedia, n.d.) CSR is a management concept whereby companies integrate social and environmental issues in their business operations and interactions with stakeholders . The company aims to achieve a balance of economic, environmental and social objectives, while also listening to the needs of stakeholders.
Executive Summary The following report was conducted in order to suggest target markets and strategic recommendations based on evaluation of the business environment, market segments and strategy of Tesco Plc and the factors contributing to the company's corporate position in the retail market. Tesco’s size and brand identity are primary contributing factors to their current place in the market and their large customer base. They have faced considerable challenges since the economic recession as the consumer trend has been to look for cheaper alternatives and poor strategic decisions have led to a decrease in profits and slow in growth. Tesco’s brand identity, customer orientation, propensity to innovate and positioning in comparison to competitors
It is the firm’s obligation to evaluate in its decision-making processes the effects of its decisions on the external social system in a manner that will accomplish social benefits along with the traditional economic gains, which the firm seeks. It means that social responsibility begins where the law ends. A firm is not being socially responsible if it merely complies with the minimum requirements of the law, because this is what any good citizen would do.” A firm will not survive without the support of both the stakeholders and shareholders, thus the CSR proposes the indication which states that a firm can never exist In a vacuum (Khalidah et. al.).
But how Tesco cooperates with its suppliers globally for the CSR purposes? As it is referred on its annual report, Tesco has sent teams of experts to all the markets (especially from developing countries): they source products to collaborate with supplies who produce fair trade products. According to Fair Trade International Fair Trade is: ‘’ a trad¬ing partnership, based on dialogue, transparency and respect, that seeks greater equity in international trade. It contributes to sustainable development by offering better trading conditions to, and securing the rights of, marginalized producers and workers – especially in developing countries.’’ (Fairtrade International , FLOCERT, WFTO, 2011).
2.2 CORPORATE SOCIAL RESPONSIBILITY Corporate social responsibility (CSR) or CSR activity is seen as a complex and contested area, which is rapidly gaining importance from businesses all over the world (Vaaland & Heide, 2008). Mintzberg (1983), refers to Elbing (1970) when he states that the concept of social responsibility has been discussed academically by professors, pragmatically by businessmen, politically by public representative and approached from various angles philosophically, psychologically, sociologically, economically even aesthetically. The complexity of the concept has lead to variations of definitions some boarder than others with no consensus on a generally accepted definition. The difficulty with defining CSR sterns from
Corporate Social Responsibility (CSR) relates to the actions of an organization and the effects on the environment and social wellbeing. It is about the way that the company assesses its actions and takes responsibility for this. (Investopedia, n.d.) CSR is a management concept whereby companies integrate social and environmental issues in their business operations and interactions with stakeholders. The company aims to achieve a balance of economic, environmental and social objectives, while also listening to the needs of stakeholders.
Thus, instead of focus on short-term profit maximizing or costs saving, firms should be stakeholder-oriented. A firm which is stakeholder-oriented focuses on the need of their stakeholder such as employees, customers, society and others who have a direct economic link to the firm (Habil, n.d.). Businesses that are socially responsible will avoid actions that may cause detrimental to stakeholders. They have greater concern on stakeholder well –being. A firm that decided to ignore the social issues may results in a loss of strategic opportunities ('Shareholder value or social responsiblity?', 2007).
CSR plays an important role in world of business as it implies to do well by doing good. A large number of multinational units have set global standards, in which same technology is used throughout the world. This helps to create a strategic advantage as well as also serves to elevate the technological expectations. The CSR initiatives not only help in creating awareness and education, but it also helps in ensuring the growth of middle class people. Some of the companies make use of it by expansion of their consumer base in rural as well as urban areas.
For multinationals, CSR plays the role of opening up new market opportunities where multinationals can aid poverty-stricken, less developed companies and open up new customer bases. Cutting edge CSR provides organizations to learn from projects they invest in and to improve their own core competencies. The healthy image of a company gained by practicing CSR also helps retain more and better quality workforce, as they feel more honoured working in a company with socially responsible. Furthermore, with much of the developing world moving towards growing economies, customers value quality, brand image and ethics more than prices. Even in terms of investing and financing, there is a growing trend of shareholders investing in socially responsible companies.
