Social Responsibility of Business: Theories and Examples Report

This report delves into the social responsibility of businesses, emphasizing ethical practices and corporate social responsibility (CSR). It uses Marks and Spencer as a case study to illustrate the importance of ethical decision-making and its impact on profitability, sales, and brand reputation. The report explores how companies can integrate social responsibility through various approaches and models, including moral philosophy and pragmatic strategies. It also highlights the role of human resources in shaping ethical codes and implementing ethical audits, covering steps like developing metrics and creating cross-functional teams. Furthermore, the report touches upon sustainability, the role of ethics in business operations, and the ethical issues in sales. The conclusion reinforces the significance of ethics in business activities and their relationship with social responsibility, ultimately contributing to the welfare of society.

Social Responsibility of
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Social responsibility is the effective development of ethics and system in which decisions
and various actions are taken ethically which is validated before processing anything. In this,
company take various decisions and actions for those factors who tends to harm society and
make suitable actions in socially responsible manner (Voronkova and et. al., 2020). Social
responsibility is also known as corporate social responsibility that leads to pertain individuals in
terms of behaving and organising various business activities ethically. CSR is beneficial in terms
of taking effective business decisions in terms of taking decisions that impact the overall
community and opinions. To carry forward this report, Marks and Spencer is considered which is
the multinational retailer and headquarter in London, England. As company deals in clothing,
home and food products and founded in 1884. In relation with this, report tends to cover the
social responsibilities of business and how they help in increasing profitability with the help of
suitable theories and examples.
MAIN BODY
Social responsibility is the meaning of accomplishing sustainability and also tends to opt
social responsibility and various principles considering the accountability and suitable
transparency which is useful in making sure for the long term viability of company. Social
responsibility is suitable concept that leads to value effective values to increase the shareholder
value which is beneficial for society (Deer and Zarestky, 2017). Moreover, it is prominently
important for the investors and consumers in terms of making effective investments to contribute
towards the welfare of society and environment. It is the suitable duty and activity regarding the
best interest and also applicable for business. Along with this, with the help of prominent social
responsibilities that somehow tends to move towards CSR is beneficial for company in terms of
improving their profitability, sales and revenues that leads to increase brand image and
reputation.
In relation with this, ethics is prominently depict as the set of moral principles in terms of
deciding for the right and wrong things. In terms of Marks and Spencer, business ethics are
prominently same for the suitable situations in terms of organising business and also for
recruiting and promoting employees for their suitable advertisement in manage overall
competition. In relation with the effective fulfilment of prominent social responsibilities, it is
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essential for company to undertake significant approaches and models which is useful in
fulfilling prominent responsibilities that leads to increase profitability and sales of company. In
regard of this, moral philosophy is the prominent study for the effective judgements of value
which is placed regarding the suitable decision. Moreover, moral philosophy for the business
ethics is not a simple task as in global market various culture and notions are exist considering
various things.
In relation with this, the philosophical model in business ethics tends to undertake
effective practical questions for the right and wrong doing of Marks and Spencer and the owner
of company consider effective organisational culture for company in terms of focusing for
making their employees aware about the moral obligations for the business dealings. It also
undertake practical and significant knowledge to identify the discipline of employees by
accepting suitable norms for the culture of company (Hu, Zhang and Yan, 2020). For example, if
company wants to implement prominent changes then it is important for the leader and manager
to inform their employees regarding the change and also tends to prepare them to opt significant
changes considering their needs and requirements. As by doing this, it leads to eliminate the
prominent chances of conflict among employees.
Along with this, Marks and Spencer also tends to opt pragmatic approach which is useful
in focusing on significant resources which is effective in terms of creating ethical organisations
in country. As this approach is helpful for company in terms of creating CSR strategies which
beneficial in terms of earning more profit and increasing sales for company. Moreover, this
strategy is effective in terms of fulfilling two prominent goals that leads to create positive and
social impact in terms of improving the brand image, employee morale and so on. This approach
depict the significant need to recognise the suitable corporations in terms of making unique
contribution towards the economy of company. As it is helpful in terms of creating and
delivering important products and services of customers in an effective manner in terms of
improving the customer experience (Grayson and Hodges, 2017). Moreover, in regard of this
CSR programs are developed as the effective business strategies which is helpful in bringing
effective discipline and prominent organisational structure for the fragmented components.
Furthermore, ethics and morality tends to depict the suitable principles, standards, rules
and various norms on terms of conducting prominent cooperation and suitable freedom. For this,
ethics are the cultural factor that leads to provide suitable social power in terms of offering
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effective base for properly using the authority and power. Sustainability is also considered as the
essential factor and significant concept but somehow it is difficult to execute because of suitable
complexities and which is also for the enormous shifts in the thinking objective. In terms of
maintaining effective ethics, the HR professionals of Marks and Spencer plays an important role
in terms of shaping for the corporate ethical code, process and policies which is useful in
communicating the prominent information to their workforce (Abugre and Anlesinya, 2019).
For this, the HR manager undertake effective ethics and compliances in terms of working
effectively with individuals that leads to manage suitable compliances and ethical programs. In
regard of this, there are various steps that can be opted by HR manger of Marks and Spencer and
helpful in conducting effective ethics audit.
Shared with detailed foundation is the ethical audit which tends to develop effective
comparison among the actual behaviour of employees and also tends to offer prominent guidance
for the overall behaviour of employees that leads to offer prominent policies and procedure
(Ramanna, 2020). Moreover, it is quite specific and descriptive ethic which is related with
policies as it is quite easy to make suitable comparison.
Develop metrics is not as the operational and financial audit but also tends to run more
smoothly considering the tangible ethical measures. Moreover, it also tends to add suitable ethics
considering the overall behaviour for the actual performance review considering the ethical
behaviour.
Create a cross functional team leads to undertake HR professional which is more
familiar with the individuals for the business unit which is being audited. For this, most of the
effective ethics and audit team tends to undertaken by the compliance manager of company
regarding the internal auditor and legal managers (Jurzina and et. al., 2017).
Audit frequently and efficiently tends to disrupt for the common operations in business
areas which is the effective subject to review. In regard of this, before scheduling an audit tends
to undertake prominent internal auditors for the finance team to organise proper reviews for the
same areas. Furthermore, effective combination of these efforts tends to limit for effective
disruptions considering the audit schedule that leads to create plan to inform employees for
effective required review and any further process that need proper observation.
Look for the other issues in concerned with Marks and Spencer need to keep eye on the
effective improvement in opportunities in terms of sharing prominent things with peers and
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fellows. For instance, ethical issues in sales tends to depict significant revenues for the suitable
recognition and implications from the perspective of financial report.
Respond prominently and communicate is concerned with effective discipline and
ethical violations in terms of completing the prominent policies and process for the code of
conduct. They also tends to use ethical issues which is related with communication and training.
Therefore, the ethical audit tends to make sure the effective behaviour within an
organisation considering the code of conduct and suitable policies for the prominent practices.
Along with this, it also tends to undertake the prominent risk to neglect ethics audit but
organising it is important for effective team efforts that leads to depict prominent clear definition
of the ethical behaviour.
CONCLUSION
By considering the above discussion, it is identified that social responsibility is effective
for business organisations in terms of having profit and defining various activities on the basis of
various benefits and welfare of society. For this, ethics are important to significantly perform
business activities considering suitable social responsibilities. As ethics tends to depict as the set
of moral principles that prominently depict the right and wrong use and they are also used for the
specific situation to conduct their business operations considering the proper management of
competition. It also tends to depict various ideas regarding ethical factors which include
investors of company are being mislead by the executives and also tends to hide expenses and
inflate revenues.
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REFERENCES
Books and Journals
Voronkova, O.Y and et. al., 2020. Corporate social responsibility of business as a factor of
regional development. Entrepreneurship and Sustainability Issues. 7(3). pp.2170-2180.
Deer, S. and Zarestky, J., 2017. Balancing profit and people: Corporate social responsibility in
business education. Journal of Management Education. 41(5). pp.727-749.
Hu, B., Zhang, T. and Yan, S., 2020. How corporate social responsibility influences business
model innovation: The mediating role of organizational
legitimacy. Sustainability. 12(7). p.2667.
Grayson, D. and Hodges, A., 2017. Corporate social opportunity!: Seven steps to make
corporate social responsibility work for your business. Routledge.
Abugre, J.B. and Anlesinya, A., 2019. Corporate social responsibility and business value of
multinational companies: lessons from a Sub-Saharan African environment. Journal of
African Business. 20(4). pp.435-454.
Jurzina, T and et. al., 2017. Tools of realization of social responsibility of industrial business for
sustainable socio-economic development of mining region's rural territory. In E3S Web
of Conferences (Vol. 21, p. 04010). EDP Sciences.
Ramanna, K., 2020. Friedman at 50: Is It Still the Social Responsibility of Business to Increase
Profits?. California Management Review. 62(3). pp.28-41.
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