Business Ethics, Responsibility and Sustainability

Business Ethics, Responsibility
and Sustainability
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1. Examine and discuss the key challenges relating to corporate responsibility and
sustainability relating to your chosen sector................................................................................3
TASK 2............................................................................................................................................6
2. Analyse and explain what you consider to be 'best practice' within the sector, making
references to ethical and moral issues.........................................................................................6
TASK 3............................................................................................................................................7
3. Make recommendations for businesses in the sector to show they are being more
responsible by taking into account global considerations...........................................................7
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Corporate social responsibility is considered as a self- regulating model of business which
facilitates aids to entity for performing its enterprises while undertaking social responsibility
towards their stakeholders, people as well as themselves. Through considering respective aspects
within its activities, firms may have optimistic affect on environment and society. This further
helps firm to enhance its value of brand in market area (Abad-Segura, Cortés-García and
Belmonte-Ureña, 2019). As corporate social practices facilitates guidance to entities in order to
develop effective bond among customers and firm. This report is based on Clothing industry of
UK that is developing continuously from past various years with utilisation of lower production
cost as well as violent campaign of marketing which have been considering through firms for
improving its sales ratio. The topics that are going to be discussed in this report are key
challenges in respect of corporate accountability and sustainability. Best practices for clothing
industry through considering its ethical as well as moral problems. Apart from this, some
recommendation is facilitated particular industry are also described in this report.
TASK 1
1. Examine and discuss the key challenges relating to corporate responsibility and sustainability
relating to your chosen sector.
Corporate responsibility is concerned with sustainability of firm over longer period. As
their core, it seeks towards adding value to entities practices through assuring that it has
affirmative affect upon economy, surroundings and society. This has been determined that the
competition is enhancing to develop social accountability as well as environmental affects. It
enhances practices of CSR contemplation in respective industry. It has been indentified that
internationalisation also permit sectors within this segment to be very much geographically
dispersed as well as provides products or services to various countries across the world (Arnold,
Beauchamp and Bowie, 2019) .This is vital for international retailers to engage into this industry
for emphasizing towards standards of CSR to appropriate sustainability, safety and others for
serving environment and society at their effective way. In addition to this, it is vital for firm who
are performing its offering into respective sector has to concentrate on CSR term for strengthen
its competitive reputation nationally and internationally. However, this has been determined that
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there are various kinds of challenges which faced through respective sector at the time of
executing CSR and sustainability in its work framework.
Higher investment cost: This has been determine that for executing the practices of CSR
as well as social accountability in firm, the requirement cost of investment is quite higher that
entity has to mad while operating into clothing industry. It perform as a huge challenge as this is
vital for firm to appropriately focused upon 3 aspects in respect of corporate social
responsibility, environmental, economic etc. for performing its practices (Beckmann,
Schaltegger and Landrum, 2020). This has been also analyses that the entity which is operating
into this industry has to continuously involved into the procedures of creativity a well as
provides products or services to clients for assuring effective competitive edge and sustainability
for longer period, it needs higher investment through firms. Sometimes, this becomes tough for
firm to invest more amount of money on CSR as well as sustainability practices. Therefore, this
is crucial for companies to effective manage as well as formulate its budget for undertaking all
aspects and assure more profitable benefits.
Enhanced customer interest: Client sis also called as the king within market area. Firms
who are operating into clothing industry needs to know about the actual requirements as well as
demands of consumers and make them satisfied consequently. In respect of particular sector,
clients is undertaken as the most vital components for management as they are main source of
obtaining revenue for sector. This has been identified that at present times audiences not only
looking for standard quality product but also seek that firm is involved into some CSR as well as
sustainable practices or not. Along with this, it has been also analysed that in about 50%
audiences judge firms on the basis of its action towards society (Burukina and et. al, 2019).
Change into consumer perception considered to be the main challenge for respective sector.
Therefore, this is determined that companies has to undertake practices in context of CSR and
sustainability as this perform as marketing aspects which influences buying behaviour of
customers effectively. So, for assuring more satisfaction from the side of clients they have to
facilitate immense satisfaction to audiences by investing into CSR activities and assuring
sustainability for longer duration.
Working condition: Working condition is considered as the policies of corporate which
are being developed through entity for staff. This is vital for firm to have appropriate work
conditions as it is very vital term of social accountability. Within it, this is crucial for companies
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