The marketplace effect on Corporate Social Responsibility
Marketplace is one of the aspects of corporate social responsibility which refer to about doing what you do right, then the marketplace issues are about doing the right thing. Doing the right thing is the most important aspect of your business in terms of securing the longer term viability.
YTL Corporation Berhad share its experience in developing an effective corporate social responsibility framework suitable for an infrastructure developer with a diverse range of utility, cement, construction, property development, hotel and IT businesses operating in Europe and the Asia-Pacific region. Furthermore, YTL Corporation Berhad is also very much focused on developing corporate social responsibility initiatives most relevant to the different and unique stakeholders in each of these businesses and regions of operations.
However, YTL does not fully take into account the determination of marketplace in corporate social responsibility. It is extremely important as the success of the firm is based on the people working to understand the entire marketplace in order to provide an excellent service. Moreover, marketplace demands the highest professional standards and processes and most of all, the aim to be honest, open and ethical in all of our interactions.
The marketplace issues as they relate to corporate social responsibility extend across a wide range of business activities that define a company’s relationship with its customer. These activities may be grouped into six categories which are product manufacturing and integrity; disclosure, labelling and packaging; marketing and advertising; selling practice; pricing; and distribution. Therefore, the weaknesses that would probably face by YTL without the exercising of marketplace include integrity in distribution, unethical marketing, mispricing, billing, consumer’s privacy, product quality and safety.
In each of these areas, companies would face difficulties in retooling their business strategies in term of privacy and technology, marketing to children, heightened expectations for product safety and environmental impact, increased scrutiny by consumers and non-consumers and non-governmental organization, and the steady globalization of the consumer movement.
Meanwhile, YTL should practice the marketplace for which the business community can also make tremendous contributions in promoting good health and well-being, especially if innovative corporate social responsibility initiatives are undertaken in partnership with government and civil society. In all but the most remote areas or closed societies, business has massive reach and influence. For decades, business has been engaged in charity, philanthropy, and civic activities including social investments in health.
YTL should focus more on the marketplace neither and pay more attention to their suppliers in response to investor and customer concerns. Today, more and more businesses are now examining how responsible their suppliers are. Companies have an interest in ensuring that their suppliers are providing adequate pay and working conditions to their employees, have effective environmental-protection policies in place and conducting their business activities in a transparent manner that is in line with good corporate behaviour.
Besides, YTL will not have a proper sales and marketing policies and to train their staff on how these policies can be implemented. Therefore, marketplace corporate social responsibility helps businesses to nurture a corporate culture that values the needs, expectations and diversity of its customers. At such, the initiatives such as implementing customer service programmes which effectively monitor complaints and aim to provide continuous improvement can play a key role in marketplace corporate social responsibility.
A strong sense of Corporate Social Responsibility in marketing activities can help an organisation to gain and sustain business competitive advantage in today's highly competitive and dynamic markets. Corporate Social Responsibility concerns societal expectations, and the effect of all of the organisation's marketing decisions on society. It covers the natural environment, consumerism, community relations and ethical behaviour. It is an organisation's obligation to optimise its positive impact and minimise its negative impact on its stakeholders, such as customers, suppliers, competitors, regulators, governments, pressure groups, the public, employees, and investors and so on. Customers expect such things as quality products at a reasonable price, a good after-sales service, to be treated honestly and fairly.
Many organisations embrace the additional costs associated with Corporate Social Responsibility in the expectation of reaping benefits in the long term; Corporate Social Responsibility marketing activities can result in, for example, a better understanding of consumer needs and wants, positive publicity, boosted sales, enhanced staff commitment and improved business performance.
Corporate Social Responsibility in marketing can result in other valuable benefits too, including the reduction of costs. Corporate Social Responsibility in marketing can help an organisation gain sustainable competitive advantage. Hence, it is no surprise that many organisations incorporate and implement ethical and social responsibility programmes into their strategic plans.
As an auditor, we are strongly recommended YTL Corporation Berhad to practice and involve themselves in marketplace activities and embedded corporate social responsibility into a company's business model because corporate social responsibility is becoming more commonplace among corporations also there are concerns that some companies promote an image of corporate social responsibility whether or not they have a true strategy in place and the results to show for. And the most of all, accountability and transparency are the keys to conducting business in a responsible manner.
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