Corporate Social Responsibility and its Importance in the Retail Essay

Corporate Social Responsibility and its Importance in the Retail Sector - Essay Example As the report explores the very core purpose of any business, besides sustenance and profitability, happens to create and keep adding value for the customers. A retail chain in particular needs to take into account the changing needs and requirements of the customers, depending upon the changing environment, food habits, time management, availability of alternates in the market, increasing awareness about environmentally friendly goods and services etc. This way they can earn the loyalty of the customer while successfully attracting more customers. Customer’s reaction to the product/ services is largely based on the customer’s feelings, which are subjective in nature. This discussion declares that Retail Business requires managing a broad range of retail skills in the areas of customer sales and service, promotion & advertising, store layout, visual merchandising, economics & accounting, marketing, buying from suppliers, inventory control, and human resource management. As the marketing and industrial activities are growing around the world, imbalance in many forms is on an increase, which is threatening the very existence of the social fabric that we live in. In order to protect the social fabric, the nature and the interests of human beings, companies, organizations and individuals are supposed to take care of their social responsibilities in different measure. Companies in retail sector being in direct touch with the customers and the society often find it obligatory on their part to take care of the social needs as well.... Retail Business requires managing a broad range of retail skills in the areas of customer sales and service, promotion & advertising, store layout, visual merchandising, economics & accounting, marketing, buying from suppliers, inventory control, and human resource management. As the marketing and industrial activities are growing around the world, imbalance in many forms is on an increase, which is threatening the very existence of the social fabric that we live in. In order to protect the social fabric, the nature and the interests of human beings, companies, organizations and individuals are supposed to take care of their social responsibilities in different measure. Companies in retail sector being in direct touch with the customers and the society often find it obligatory on their part to take care of the social needs as well. Though it is not obligatory on an organization that it should come forward to help out the society, but in order to reach out to the customers, earn the g oodwill of existing as well as prospective customers, and to be seen as an organization indulging in ethical business practices, companies do come forward to help the society and fulfil their corporate social responsibilities. Research Questions and Objectives This study is primarily being undertaken to study the corporate social responsibility aspect in general and the manner in which retail sector is fulfilling its social responsibilities. During the study an effort would be made to study some of the reputed retail sector companies like Tesco, Marks & Spencer, Primark, Wal-Mart etc. While broadly analysing their business proposition and market share an effort would be made to sift through the corporate responsibility statements and activities being taken