Analyse the Concept of Corporate Social Responsibility at Marks and Spencer Plc
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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In a diversified economy, the rate at which corporate social responsibility may be achieved by organizations is unattainable. Even so, the researcher argues that it is a prerequisite for corporations if our society and economy are to move forward and thrive. Corporate Social Responsibility is the role that an organization or business might take in society which meets its economic, legal, ethical, and philanthropic expectations i.e. reducing the carbon that is emitted into society, giving back to the community, and many others. This study examines how Marks and Spencer plc uses Corporate Social Responsibility in its business. This paper contends that all units of Marks and Spencer plc have developed specific strategies of CSR based on the core values of its culture since inception. The company developed an action plan in 2007 named “PLAN A” which was to handle the various issues that arose in the course of business. These issues could arise from the people, products, or community.
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CRS at Marks and Spencer plc: A Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concept of corporate social responsibility and its advantages and disadvantages to an organization
- Analyze how Marks and Spencer plc takes advantage of the concept of Corporate Social Responsibility and how it has helped the company
- Learn how to apply the concept of Corporate Social Responsibility in any organization
1.0 INTRODUCTION
According to Archie Carroll’s CSR Pyramid, a business is said to be socially responsible if it meets the economic, legal, ethical, and philanthropic expectations offered by society at a certain time. In simple terms when an organization behaves ethically and contributes to the economic development of society, it is socially responsible. The primary aim of CSR in an organization is to take responsibility for its actions and positively impact society through its activities such as; reducing carbon emissions, and carrying out charity work among others. Implementation of CSR has numerous effects on an organization for example it increases customer retention, attracts investment opportunities, etc. Important to note is that CSR is a universal subject matter, i.e., the use of green carbon by the Eiffel Tower. This study is going to put emphasis on Marks and Spencer plc, a leading British retailer operating in the sale of its own brand of high-quality and great-value clothes, food, and homeware, along with a wide range of third-party brands. The company has 1487 stores, and 98 websites in the UK and serves over 100 international markets. The report will further analyze critically and in detail, the concept of Corporate Social Responsibility at Marks and Spencer plc.
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