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Business Ethics of Marks and Spencer

   

Added on  2020-10-05

19 Pages3913 Words201 Views
BUSINESS ETHICS
Business Ethics of Marks and Spencer_1
Table of ContentINTRODUCTION...........................................................................................................................3THE MARKS AND SPENCER’S APPROACH TO CSR....................................................3MARK AND SPENCER APPROACH TO SUSTAINABILITY.......................................10RECOMMENDATION.................................................................................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17
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INTRODUCTIONIn this report Marks and Spenser's business ethics will be discussed. It is a multinationalclothing retailer headquartered at Westminster, London (Burns, 2016). M & S is the largestretailers along with it the company perform different social as well as economic responsibilities.(Marksandspencer.com, 2019). In 2018, the annual returns of company were £10.7 billion to0.7% from prior year (M&S Annual report, 2019). This report will lay emphasis on Marks andSpencer's approach to corporate social responsibility and sustainability. THE MARKS AND SPENCER’S APPROACH TO CSRCorporate Social ResponsibilityCorporate Social Responsibility is model through which business organisation operatetheir business by keeping in mind interest of stakeholders, general public and for the companyitself. It is used by many organisations as this helps companies in earning high profits becausecustomers prefer to purchase products from a company which is contributing towardsdevelopment of society and its individuals (Campbell and Tawadey, 2016). CSR is concerned with the management of process of business for producing thepositive impact for societal benefit. It is self-regulating model of business which provide aid toa company to stand as a socially accountable. (Montiel, I., and et.al., 2018)CSR model helps Marks & Spencer in building its Brand Image and provides long termsustainable growth.The Carroll's pyramid model is to elucidate CSR by Marks and Spencer. The CSR refers to selfregulation model of organisation thataids a company to rise as socially accountable for itself,public and the stakeholders (Murray, Skene, and Haynes, 2017). This model is anuncomplicated framework which helpsbusiness entity to met their duties and responsibilitieswhich are mainly social responsibility and duty (Campbell and Tawadey, 2016). It is basedmainly on 4 levels: Ethical, Philanthropic, Legal, and Economic (Carroll,1991).
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Economic responsibilitiesMarks and Spencer adopts the following economic responsibilities to gain revenue fromtheir business for their shareholders and investors(Hussain, and Moriarty, 2018). Followingbenefits were availed to Shareholders and investors of this business organisation.Figure 1: Carroll’s Pyramid (Source: Carroll’s Pyramid of Corporate SocialResponsibility, 2017)
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