Corporate social responsibility refers to the different business practices so that they can involve the initiatives that assist in attaining the benefits in the society. Different categories of social responsibility includes environmental efforts, ethical labour practices and volunteering (Carroll, 2015). In this assignment Mark & Spencer which is a retailer company and deals in clothing, footwear. Corporate Social responsibility helps in reporting the climate change, interest financial and non-financial reporting. Along with the theories applicable on CSR has to be discussed.
Sustainability is the important for the person and also assist in reaping the success. Sustainable business practices helps in the awareness of the environment and the economic aspects so that they can manage the resources which helps in increasing the practices. The staff members of Marl & Spencer have to change the way to do the work and make the appropriate strategy which assist in delivering the competitive edge. The company having the different form of the social responsibility having the core of the operation. They have to use the proper guidelines which helps in designing the company sources so that they become sustainable. It helps in aligning the stated vision so that they can create the Corporate social responsibility strategy. There responsibilities helps in improving the consumer purchases (Emeana, 2015). Mark & Spencer have to improve the brand which assist in increasing in selling the products and services. Along with this M&S having the social responsibility that they have to provide the best quality of the products so that they can attain the success at the time of high competition in the international market. They have to maintain the relationship between the consumers and employees. Along with this they have to maintain the trust and transparency from the consumers so that they increase the sales and earn maximum profit. They have to make the appropriate decision which helps in attaining the targets. Mark & Spencer having a strong value and also having a paternalistic approach to do the proper business. By doing the survey they have to embedded the corporate social responsibility and sustainability within the company which includes the issues which are facing by the Mark & Spencer should be fully embedded by using the appropriate strategy and operations of the company. Along with this they can resolve the issues by using the global chain supply. It helps in engaging the collaboration of the industry and the partnership of the stakeholders which assist in addressing the development goals (Singh, 2016).
There are different theories and models of the Corporate social responsibility. Mark & Spencer have to use the three domain model of CSR which assist in fulfilling the responsibilities whether it is economic or legal. Along with this it helps in improving the living condition so that they can not face any problem in developing countries. Different theories which are used by M&S of CSR is Legitimacy theory, Stakeholder theory, Social contract theory, Signalling theory which helps the entity in attaining the targets. Legitimacy theory helps in making the social contract between the company and society in which they are operating. It assist in meeting the expectations of the consumer. CSR practices become a key management tool of Mark & Spencer it helps in growing the complexity to the management of the multinational business. CSR reporting helps in integrating the activities into the strategic risk management so that the activities can be maximised (Flammer, 2015). Stakeholder theory helps in contrasting the interest and also accountable to their shareholders which affect the achievement of the objective of M&S. Social contract theory assist in maintaining the relationship between the business and the society. It helps in making the contract so that they can fulfil their obligations and also helps in providing the satisfaction to their consumers and earn the maximum profit. Signalling theory succour in providing the incentives to their employees and have to provide the appropriate information to the capital market so that the members of Mark & Spencer attain the success to compete in the market for the risk capital. CSR helps in providing the mandatory information and also required by the laws and regulations so that they can do the better work. It aid in implementing, monitoring and disclosure of the policies related to environment so that they can improve the performance as well as productivity (Jonker & Marberg, 2015).
The staff members of M&S have to make the plans so that they can do the proper commitment which assist in doing the leadership. They have to engage the value chain which is the important feature of the Plan A of Mark & Spencer. Corporate social responsibility succour in doing the accountability, intellectual capital and the disclosure of the environment. M&S use the legitimacy and stakeholder theory which helps the members that they can do the investments. Company have to capture the opportunity so that they can attain the success in the competitive market. The employees of the company have to use the legitimacy theory as they are working in the international market. Along with this they have to do the effective communication which assist in obtaining the targets. CSR have to use the appropriate information in making the products which having the best quality and by that they can reap the leading position. M&S can also use the stakeholder theory as it is suitable for the multinational corporation who are working in the overseas market (Dagiliene, 2015). They have to set the targets and have to manage all the work in order to achieve the desired relationship of the stakeholders. M&S have to use this approach so that powerful buyers attain the targets. Along with this they have to provide the motivation to their employees and have to do effective communication so that they can not face any difficulties in doing the work.
From the above carried out analysis it has been inferred that the staff members of Mark & Spencer have to use the appropriate model or theory which assist in reaping the targets. Along with this they have to do the effective communication so that they can not face any difficulty and all the work should be managed.