Dynamic Perspective on Sustainable Business - Critical Essay

Critical Essay
1

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION..............................................................................................................................12
REFRENCES.................................................................................................................................13
2

INTRODUCTION
Sustainability is one of the most important issues faced by business forms in the current
environment. Industries across the globe are focused on improving business practices to facilitate
sustainable development (Kusyk, 2021). The focus of this essay is ethical and sustainable
business practices in the post COVID business environment. The selected organization for this
essay is Marks and Spencer. Currently the company is headquartered in and was founded in the
year. Marks and Spencer has international presence in markets and sells fashion, home care,
personal care and grocery products. This essay explains the impact of ethical considerations on
business objectives and its implications to stakeholders along with evaluation of sustainable
business on external environment. In addition to this, the ways in which leaders can maintain
competitive advantage through different concepts and models is described in this essay. The
essay also covers effective strategy for responsible leadership and evaluates contemporary
methods of communication and working practices in post COVID business environment.
MAIN BODY
In the current business environment efforts made by multinational organizations as well
as small business firms to conduct operations in an ethical manner has increased because off
better consumer awareness and impact of ethical business practice on consumer decision making.
Ethical nature of the company isn't important element of constructing business objectives and
strategies because high level of ethical business practices can provide organizations competitive
advantage (Talonen and et. al., 2021). The business objectives created by Marks and Spencer is
also affected by ethical business practices because providing consumers ethical products is your
priority in the current environment clear the concept of responsible shopping is rising. Corporate
social responsibility is one of the most common based off increasing ethical nature of a
company. Corporate social responsibility is defined as strategies implemented by business firms
as part of corporate governance which centered on ensuring that business operations of the
company provide ethical and beneficial results to the society.
The impact of ethical considerations on business objectives can be understood through
Carol’s corporate social responsibility pyramid. This concept divides corporate social
responsibility into four categories which are economic responsibility, legal responsibility, ethical
responsibility and philanthropic responsibility. At the bottom of the pyramid is economic
3

responsibility which involves the practice of a company backing all of its financial decisions in
its commitment to improve ethical environmental and philanthropic areas. The meaning of
economical responsibility according to this concept is to maximize profitability while also
making positive impact on environment and society. This is the foundation upon which all other
ethical considerations of the company rest and it affects the business objectives of the company
(Nurunnabi, Alfakhri and Alfakhri, 2020). This is because the company has to ensure that
strategies developed to enhance profitability do not have any negative implications on social and
natural environment. In context of Marks and Spencer, the business objectives of the company
are affected because of this responsibility and our formulated to provide environmental and
social benefits.
The next level in carol’s CSR pyramid the legal responsibilities of the company are
mean highlight of corporate social responsibility. The primary legal responsibility of a business
firm is to ensure that every business operation is conducted in a lawful manner and every legal
procedure is followed correctly by all members of the company. in this way the second level of
carol’s CSR pyramid focuses on ethical considerations associated with the law. Abiding the law
increases ethical nature of a company because it helps ensure that every individual or entity
affected by business operations of the company had treated in a fair and lawful manner. in this
way the business objectives of the company are affected by ethical considerations of following
the rule of law. Business objectives are formed after looking at legislations and regulations
which need to be complied with and it is insured that business objectives do not infringe any
legal responsibilities of the company. In case of the British retail firm Marks and Spencer
obedience with the law is focus of constructing business objectives and corporate social
responsibility plans so that the company does not invite legal travel and maintains ethical
business practices all over the globe. The business objectives of Marks and Spencer are
formulated in a way in which it does not break international or any regional laws which supports
ethical trade of the company on a global scale.
The third level in Carol's CSR pyramid directly focuses on the ethical responsibilities of
the company (Alfakhri and et. al., 2020). This involves obligation to do what is right and just and
maintain fair business practices. This element of the corporate social responsibility model
directly addresses the ethical consideration and impact business objectives of an
organization. The business objectives of a company and affect by this level of
4