Ethical Philosophy and Challenges of Marks & Spencer
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This presentation discusses the ethical philosophy and challenges faced by Marks & Spencer. It covers the importance of business ethics, the ethical values of the company, and the challenges faced by the organization. It also discusses the stakeholders of the organization and their role in achieving the goals of the company.
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INTRODUCTION Business ethics refers to the process of setting the standard of the behaviour, moral, principles code of conduct and guidance's in the practices of the business. It delivers assistance in improving the image of the brand in domestic as well as international marketplace. The present report is based on the Mark and Spenceris one of the leading public limited company which supply the product and services all over the world.The report will discuss the ethical values of the company along with the challenges. REASON OF CONDUCTING BUSINESS ETHICS Mark and spencer is one of the largest company that offer wide range of product and services to the customer in order to satisfy them in effective as well as efficient manner.the aim of the company is to increase the profitability and productivity in domestic as well as international marketplace.the organisation willing to increase the brand valuein different markets to attract the large numbers of customers and enhance the efficiency of the company. in context to that the organisation deliver the ethical values in the marketplace.with the assistance of that the organisation is able to develop better and long term relationship with the customers and survive and get success in the marketplace. business ethics is renowned as one of the best strategy and skills for extending the network ofthe business. similarly the Mark and spencer is using the ethical values in the organisationfor ignoring and avoiding the negatives implication. For that the organisation is investing huge capital in the business for adopting more business ethics. With the assistance of business ethics the organisation is able to maintain the positive cultureat workplace. It isdriving the effective behaviours of the employees within the company.for instance with the support of the business ethics the organisation is able to satisfy the people who are associated with the organisation. due to the maintaining of the security the organisation is able to motivate the workersfor continue their jobs in the mark and spencer’s. Along with that it encourage the people or the employees for incensing their capability of contributing their skills and knowledge in the production.It develop the trust of the person and drive transparency among the people which basically strengthen the sales of the company. with the assistance of business this the organisation is able to provide the value and integrity to the public that also responsible for preventing the association from some severe losses. Apart from that the organisation is able to deliver the satisfaction solution to the consumer which the individual person face during obtaining thee services. Due to which the organisation is able to contribute in the corporate social responsibility anddeliver the customer loyalty as well as drive the best customer experiences. It increase the profit of the company and improve therelationship with the suppliers or stakeholders.Basically the company follow the code of conduct for boosting the moral values of the employees. in context to that the association deliver the rewards and apparition for the quality services to the large numbers of buyers. It is one of the best reason the company is supplying the product and services all over the world. in general the business ethics influence the buying behaviour of the individual person. ETHICAL PHILOSOPHY OF MARK AND SPENCER the organization islive in bringing the ethical values in effective as well as efficient manner.The organization delivers the values in order to satisfy the large numbers of customers and improve their experience with the company.For delivering the ethical values in the marketplace the company belies in bringing the innovation in the productivity for the welfare of the consumer and build the tarts of changing the production as per the taste and preferences of the consumer.The aim of providingthe ethical values in the marketplace the organization make sure that the adoption of the plans of action are correct and the association is making right decision as well as initiatives. In order to deliver morale values to e large numbers of the customer the organization keep inspiring the variety of the people with the assistance of different modes of communication or social media platforms that includesFacebook,Instagram, pint rest, twitter etc.the main motive of the company us to make the journey f leading the marketplace is more sustainable and effective in wide areas of the globe. In order to inspire the employees the manger of the company provide training and development programme to the workers of the company. As per the mark and Spencerit is signification to addressthe ethical values to the people and address their concern.In context to that the organization maintain the relationship with the consumer and keep in touch with the potential customers of the organization. In order to that the organizationlisten the concern of the customers on the priority and resolve their problems in effective as well as efficient manner.With the assistance of that the organization listen the issues of the customers. Moreover, the mark and Spencer deliverequal respect to the workers of the association and treat them as the asset of the company. Due to which the organization is increasing the contribution of the employees in the organization. In order to deliver the ethical values in the marketplace the company use the resources which are environmental; friendly and do not affectivity the life of the people or the customers.Along with that the organization deliver the fair wages to the workers in order to deliver core values of the company that also help in improving the performance of the individualperson.Itisoneofthemajorresinthecompanyis improvisationtheimageofthecompanyindomesticaswellas international marketplace.For the welfare of the company and following the codes of ethics along with the rules and regulation of the nation. The mark and Spencer form the rules and regulation or the audiences of the company as per the hosting nation or current marketplace. STAKEHOLDERS OF THE ORGANISATION A stakeholder will help in achieving the goals of the organization by providing them with valuable support and resources. So it is important for the company to maintain them as they play crucial role in success of busies. Moreover, stakeholders are defining as group of people that are involved in development and competition of a project. It has vested interest in its results in certain ways either through financial, career and advancement which impact in growth of firm effectively. However, now days stakeholders are more interested in social responsibility and it include groups like local community, trade group and government. Furthermore, Mark and spencer has classified their stakeholders in two form such as internal and external. The internal shareholders are known as group or person that is linked directly to business and helps in completing the project on time.It basically involves employeethataremembersofprojectteam,manger,lineandresource executives. It also includes top management like CEO, Board of Director and operating committees as well as outsider contributors.The role of such stakeholders is to maintain fairness and honesty within the organization as well as with their customer. Externalstakeholders:Thisgroupofpeoplearenotdirectlyrelatedto organization and it is involving in project and it impact in some or other way. This involved people like suppliers, creditors, project customer and product user group. Customer:It is one of the most important stakeholder that is directly linked with the business and helps in increasing the success of organization. In addition to this, it is crucial because it buy and increasing the sales of firm. To be successful in today business environment a company may satisfy its customer as well as be honest and forthright in regular interactions with them. Employees:Company another stakeholder is employees and it is important because as they create goods and services issues by the business as well as the quality of their work has direct impact on customer support. Moreover, employee in turn benefit the organization through financial support. The duty of the business is to give the employees safe working environment and to provide them with job security. On the other hand, role of employees in maintaining business ethics is to treat their customer with respect. Government:It is known as secondary stakeholder that is indirectly linked with company through its collection of taxes from the workers and business. However, it benefits organization success by contributing in GDP and it include media and business support groups. The role of company in maintain ethical standard is to develop and give contribution towards society. Investor and shareholders: These are also known as primary type that allow in maintain the financial position of the project by providing accurate funds as well as it directly impact on the growth of the organization. Along with this, the role of company is to maintain the business ethics by keeping their data protected. Local communities: There are secondary stakeholder and it benefits the company through job creationandlocallybasedemployeescaninvesttheircapitalintothe community so to improve their financial stability. ETHICAL CHALLENGES FACED BY MARK AND SPENCER the company is facing some of the challenges which is regarding the ethicalvalues of the company.Ethical issues are something very important that cannot be avoidable or ignored by the association in order to survive and get success in the various marketplace. With the supportofethicalissuestheorganizationisabletodefeatet competitorsavailableinthedomesticaswellasinternational marketplace.Racially the ethical values of the company indicate a way of delivering the competitive advantages in the marketplace and attract the large numbers of the buyers toward the association to boost the sales of the company.Ethical values increase the scale of the growth for the company.In order to lead the marketplace and accomplish the goals of the company some ethical issues which the association isfacing and working as the barrier for the long term survival. Ethical values of the company is basically compilation of all the rules and regulation followed by the company.Some challenges faced by the company includes health and safety of the people. During the time of pandemic it was so important to address the issue in effective as well as efficient manner. The covid19 situation is very definitive time period for the people as some are facing the issues of unemployment or closing of the stores that increase the concern for the job security and stress.For dealing withstood challenges the organization make sure that the working people of the organization willbeParmentergateandreducetheworkrelatedstressby organizing the variety of activity for the workers. Along with that the company should provide all rte medical facilities or the resources which is important for the precaution from the virus. Along with that the privacy is the main concern of the organization andconsumed as the biggest challenges for the company.The personal as well as professionallife of the mark and Spencers employeesare becoming deficult and less clear in the association due to the availability of the advancetechnologyinthemarketplace.Thecompanyfirethe consolidate for making any kinds of controversial comments on social media account. Due to that the same people are conscious about their personal life and spy the information form the organization.In order to resolve this issue the workers of the association should have knowledge of the codes and conducts of thee company as well as determination of right and wrong practices as per the laws and norms of the company. For avoiding this issue the manger of the organization need to work on theemployees issues and inventive them in the processofdecision-making. Alongwiththatthepolicesofthe company should be transperson and clear to the workers as well as buyers of the organization. Apart from that the company can provide traininganddevelopmentprogrammetotheworkersofthe organization and encourage them to follow all the norms and stick to the ethic values of the company for improving the image of the brand.
REFERENCES De Bakker, F.G., Rasche, A. and Ponte, S., 2019. Multi-stakeholder initiatives on sustainability: A cross-disciplinary review and research agenda for business ethics.Business Ethics Quarterly,29(3), pp.343-383. Ferrell, O.C., Harrison, D.E., Ferrell, L. and Hair, J.F., 2019. Business ethics, corporate social responsibility, and brand attitudes: An exploratory study.Journal of Business Research,95, pp.491-50 Purwanto, and et.al., 2019. Study the importance of business ethics and ethical marketing in digital era.Journal of Critical Reviews,6(5), pp.150-15 Islam, G. and Greenwood, M., 2021. Reconnecting to the social in business ethics.Journal of Business Ethics,170(1), pp.1-4. Bowie, N.E., 2020. Business Ethics. InNew Directions in Ethics(pp. 158-172). Routledge. Freeman, R.E., 2020, July. Business ethics in the time of covid-19. In1st International Conference Global Ethics Key of Sustainability (GEKoS)(pp. 1-13). Editura Lumen, Asociatia Lumen. Sroka, W. and Szántó, R., 2018. Corporate social responsibility and business ethics in controversial sectors: Analysis of research results.Journal of Entrepreneurship, Management and Innovation,14(3), pp.111-126. Gheraia, Z., Saadaoui, S. and Abdelli, H.A., 2019. Business ethics and corporate social responsibility: bridging the concepts.Open Journal of Business and Management,7(04), p.2020 Poster Presentation on Marks & Spencer CONCLUSION From the above report it will be concluded that the ethical issues is one foo the major concern that need to address in an appropriate manner.The business ethical allow the organization to spread the effective morale values in the various markets. The Mark and Spencer has the opportunity to deal with the forthcoming challengesby resolving the issues and concern of the people associated with the productivity of the company.The organisationis able to boost the profitin the marketplace with the support of the ethical values the company is able to maintain the trust of the people.