Corporate Social Responsibility at the Reliance Group - Essay Example

? Marketing Research Report Executive summary This report is entirely based on a specific corporate issue such as corporate social responsibility. This is one of the very vital issues commonly observed in numerous corporate organizations, among which Reliance Industries is a prime one. The issue is evaluated and analysed with the help of various marketing research methodologies so as to resolve it. Along with this, all the pros and cons of the solution is also highlighted in vivid way in front of the top management of the organization so as to analyse its effectiveness in long run. Other than this, in order to analyse the problem, secondary research methods are used so as to evaluate the findings of the problems. Table of Contents Executive summary 2 Introduction and Problem Definition 4 Research Method and limitations 5 Research findings 10 Conclusion and Recommendation 12 References 13 Introduction and Problem Definition The Reliance group is recognised as one of the most reputed and largest private sector enterprise. It is established by Dhirubhai H. Ambani in the year 1932. Being headquartered in the city of Mumbai in Maharashtra, it performs its operations in the entire world. Moreover, Reliance group also enjoys dominance in varied segments such as oil and gas, petroleum, refinery, textiles, retailing, telecommunications and many others. As a result, it is regarded as one of the Fortune Global 500 companies among many others. This acted as a boon for the group thereby enhancing its profitability and brand image to a sky-soaring height. And it also amplified the equity and market share of varied segments in an effective way. The corporate issue viewed in the organizations of Reliance is corporate social responsibility (CSR). It is described as one of the most important concept that reveals continuous commitment of the organizations towards the shareholders, employees, customers and stakeholders. Moreover, according to this concept the organizational members always tries to behave ethically that might enhance the economic condition and well-being of the society. Not only this, corporate social responsibility also aims to offer qualitative life and working environment to the workforces so as to improve their performance and productivity. However, in order to analyse the problem of corporate social responsibility within Reliance group, secondary research methods are used such as newspaper reports, journals and magazines. By doing so, the management of Reliance group might reduce the troubles of the employees and their families along with the citizens hereby amplifying their profit margin and reputation. Other than this, it might also help the organization in amplifying its productivity and sustainability in the global market among others. Thus, it might be depicted that, the prime objective of performing secondary research is to identify the corporate issue (CSR) and its solutions in an effective way. So that it might enhance the performance of the organization of Reliance in global perspectives among others. This report is divided in four phases. The first phase describes a brief overview about the corporate of Reliance along with the depiction of an ethical issue (corporate social responsibility) within the organization. The next phase includes a description of the research methods and process used to detect and analyse the impacts and consequences of the issues of CSR over the organization of Reliance along with the limitations of the selected research design method. Apart from this, the third part consists of the research findings so as to detect, whether it proved effective for the organization of Reliance or not. And finally the last part comprises of the conclusion and recommendation for further improvement of the organization in long run. Research Method and limitations According to Visser & et. al. (2010), research is the process used to evaluate and explore the underlining causes for any specific problem within an organization. By doing so, the defaults or defects of the organization might be analysed effectively so that its productivity and reputation might be retained in the market among others. Along with this, the research might also prove effective in detecting the underlining causes that might hinder the performance of the employees of an organization thereby enhancing the intensity of lockouts, conflicts and attritions. However, in order to perform research, two types of methods might be used, qualitative and quantitative research. These methods are used to analyse the solution of the scientific problem within a group so as to reduce its consequences and enhance the opportunities and strengths of the organization in a systematic way (research design). However, if the issue of CSR is not tackled in an effective way then it might reduce the productivity of the organization along with its fame. Along with this the inner confidence and self esteem of the employees might also get hindered thereby declining their level of efficiency and activities. Moreover, due to dissatisfaction, the level of conflicts and attrition might get enhanced thereby hampering the entire portfolio of an organization in the entire globe. So, it might be clearly depicted that quantitative or qualitative research methods might be used in an effective way to assess the root-causes of any problem. Qualitative research is a renowned research method, which mainly utilises secondary research data whereas, quantitative research includes primary data. Qualitative research is described as the process of collection and evaluation of varied facts and information published on varied online sources such as magazines, journals and newspapers in order to evaluate the problem in an effective way through the procedure of literature review. Along with this, diaries, letters and documents might also be used as the sources of secondary research in order to attain valuable information or facts to sort out the trouble in an effective way. Moreover, the secondary or qualitative research is carried out mainly with the help of existing data and so it is also recognised as desk data. Thus, secondary report is the vivid analysis or evaluation of the primary data and as a result, it saves huge amount of time and money as compared to primary data. Along with this, it also presents the facility to acquire varied types of facts and figures from previously printed reports and journals as well. However, such facility might not be gained in primary research methods. So, it is extremely effective for any organization, desiring to detect any problem or causes of discrepancy. Similarly, secondary research method (diaries, documents and newspaper reports) are used to analyse the troubles and consequences aroused due to improper application of CSR within the organization of Reliance group. It is done to evaluate the challenges faced by the organization such as poor performance of the employees, lower productivity, low profit margin, low reputation and many others so as to regain its renownedness and performance in the market among other rival players. Moreover, it might also enhance the level of motivation and inner morale of the employees thereby amplifying their performance as well as total productivity of the organization of Reliance group. And this might prove effective for the organization to enhance its brand value and equity in long run among other players thereby amplifying its dominancy. Therefore, effective secondary research might also enhance the level of sustainability, which is extremely essential for any organization to survive in this age of competitiveness (Visser & et. al. 2010, p. 367-578). In this age of stiff economic downturn and cut-throat competition, sustainability is the prime requirement. Without which, neither an organization might prosper nor survive in long run. However, to sustain and survive, the most important requirement is employees and customers. These are the two prime pillars of success for an organization in this age of intensive rivalry. This is because, if the employees of the organization remain happy and contended, then their level of dedication and commitment over the assigned work might get enhanced thereby amplifying the total output of the group. Along with this, the total profit margin and revenues of the organization might also get amplified among other rival players. As a result, the power of supremacy and position might get improved, which is extremely effective for any organization in this age (ESOMAR, 2008, p. 345-466). Other than this, if the customers or stakeholders of the organization remain happy, then their level of reliability might get enhanced. And along with this, the level of loyalty and fame might increase thereby stimulating their interest for investment. It might prove extremely effective for the organization as compared to other rival players, operating in the market. Therefore, keeping these facts in mind, the management of Reliance group also decided to offer high attention over CSR of the organization. However, due to improper CSR, the profit margin is lowering at a significant rate as presented in the below graph: This is mainly due to dissatisfaction of the employees engaged within the organization of Reliance group. One of the prime causes of dissatisfaction of the workers is poor working condition and unsafe equipments. Along with this, improper wage structure of the employees is also another CSR issue, which declined their performance level to a considerable extent. This is because, due to improper working condition, improper wage structure and unsafe equipments, the primary needs of the employees remains unsatisfied. And as a result, the living standard and quality of life of the employees declined to a significant extent. And so the rate of poverty and distress also enhances thereby hindering the economic scenario of the country (Visser & et. al. 2010, p. 345-478). Therefore, in order to improve the living standard of the employees, Reliance group amended its policies and strategies towards CSR. This proved extremely effective for the organization of Reliance group in future era among other rival players. Corporate social responsibility is regarded as the root-cause for the success of any organization in this age of extreme competitiveness. This is because, if the employees and the customers or stakeholders of the society remain happy, only then the organization might retain its portfolio in the market. Otherwise, its profitability and productivity might get hindered to a significant extent among others. After analysing and evaluating this fact, the management of Reliance group offered high level of attention over this issue. This amplified the fame and brand value of the organization in the entire globe among other private industry players (Visser & et. al. 2010, p. 356- 678). Therefore, in order to reduce the impacts of the issues of CSR, the organization of Reliance group decided to implement varied types of inventive machines and equipments. By doing so, both the effectiveness and efficacy of the employees of the organization became enhanced thereby amplifying its profit margin and output in the entire globe among other contenders. Moreover, due to the implementation of inventive types of machines, the amount of time required to perform a specific work also reduced that enhanced its total production. And it also fulfilled the primary needs (safe and secure environment) of the employees that amplified their devotion rate. As a result, their motivation and performance also improved to a certain extent among others. This helped the organization to retain its promise to present accurate amount of share and dividends to its shareholders and stakeholders. As a result, the level of reliability and loyalty over the brand became enhanced thereby amplifying the reputation of the brand within the market (Mamic, 2004, p. 456-478). Apart from this, presentation of proper wages, bonuses and incentives to the employees also acted as a boon that fulfilled their primary needs and enhanced their attitudes and behaviours with the other members of the organization. Along with this, the level of conflicts and misunderstandings also reduced thereby amplifying the rate of contentment and uniqueness within the employees. It is extremely essential for any organization, as it helps in reduction of the ratio of attrition thereby amplifying the rate of retention. As a result, numerous experienced employees decided to remain within the organization for longer period of time that enhanced its rate of sustainability in the market among other contenders (Gupta, 2004, p. 345-456). Other than this, the Reliance group also introduced various primary schools for the children of the society so as to reduce the level of illiteracy. Along with this, it also introduced varied medical facility centres in order to enhance the health and safety of the employees and other society members. This offered varied types of facilities such as general health check up camps, gynaecology camps, eye check up camps, surgeries and many others. The management of the Reliance group also offered employment facilities for numerous poor citizens so as reduce the impacts of poverty and unemployment from the society. All of these activities proved extremely effective for any organization like Reliance group to retain its market image and ethical perspectives within its customers and employees. Otherwise, it might become impossible for the group to maintain its values and position in this aggressive market (Mallin, 2009, p 345-567). Therefore, it might be clearly revealed that CSR is not only a buzz word but a weapon for the success of an organization in this age of economic distress. Research findings In this aggressive industrial scenario, CSR is a medium to improve the opportunities for the organization of Reliance in varied new markets. Along with this, it also helped in improving the financial position and distinctiveness of the organization in the market among other rivals. And the weaknesses of the organization such as loss due to joint ventures and lack of customer confidence and many others reduced certainly. And many other findings of research are presented below: Improvement in the market share- due to the implementation of the project of introduction of varied education schools, the level of reliability and consistency of the employees enhanced. This helped in amplification of their devotion rate thereby enhancing the productivity as well. As a result, it might prove helpful in amplifying the market share and profit margin of the organization of Reliance in the entire world (Wiid & Diggines, 2010, p. 456-567). Improvement of the brand image- due to the presentation of equal and accurate amount of revenues to its shareholders and stakeholders, the level of brand image and profitability might get enhanced to a significant extent (Holloway, 2001, p. 345-456). Improvement in sustainability ratio- implementation of varied projects such as Balkalyan, Jagruti and Dristi enhanced its portfolio in the market to a certain extent. This also amplified its sustainability and competitiveness among other rival players. Improvement of reputation- due to the introduction of the strategy of equal wage among all the workers of the organization, the level of dedication and commitment enhanced. As a result, the level of performance of the employees also improved thereby amplifying the total output of the organization. So, the organization became able to satisfy the requirements of the customers that enhanced their reliability as well. Enhancement of the brand value- due to the implementation of a unique culture and ethical environment, the brand value and dominance of the organization of Reliance amplified within the minds of the customers and employees. High rate of retention- due to the introduction of equal wage structure, the rate of conflicts and miscommunication reduced. Along with this, the rate of retention of the employees enhanced within the organization thereby improving its brand position in the market (Xu, 2005, p. 356-378). Implementation of new equipments- implementation of new machines and techniques such as zero garbage campaign improved the prosperity of the organization in the market among other rivals. Thus, it proved extremely effective for Reliance in long run. Implementation of proper infrastructure- improvement in the infrastructure also proved extremely effective for the organization of Reliance and its employees. It improved the working condition and the quality of life of the employees and so the uniqueness of the organization enhanced (Kolb, 2008, p. 456-467). Implementation of the project Drishti (eye check-up centre) – this centre helped in presentation of varied types of eye-check-ups to the employees and their family members entirely free of cost. This also acted as a cornerstone for the growth and prospects of the organization in long run. Improvement of productivity- as the inner confidence and morale of employees enhanced due to the implementation of varied types of incentives and bonuses. As a result, the level of dedication of the employees towards work improved that amplified the level of productivity of the organization. This is extremely essential for any organization in this age of aggressiveness. Recruitment of numerous experienced employees- due to the unique culture and ethical atmosphere, many talented and experienced individual get attracted towards the organization of Reliance as compared to others. This is extremely beneficial for the organization in this age among others as it might prove effective in presenting varied innovative products and services to its target customers (Bradley, 2007, p. 345-367). Thus, it might be clearly analysed that the implementation of all the above mentioned CSR initiatives proved extremely worthy for the organization of Reliance group in the market among other rival players. Such initiatives not only improved the brand image but also amplified the sustainability ratio of the organization in the market. So, CSR initiatives are extremely essential in this age of competitiveness (Beall, 2010, p. 234-256). Conclusion and Recommendation Conclusively, it might be analysed that corporate social responsibility (CSR) is an extremely essential requirement of an organization. This is because; it might help in enhancement of the equity and brand image of the organization in the entire market among other rivals. Along with this, it might also improve the rate of productivity as well as profitability of the organization to a significant extent. And, its weakness might also get reduced thereby amplifying its opportunities and strengths among others. And as a result, its level of supremacy over the entire market might also get improved, which is extremely essential for any organization. Apart from this, satisfaction of both the primary and secondary needs of the employees is also extremely essential for any organization. This is because; it might help in improvement in the level of devotion of the employees towards their assigned work and responsibilities. As a result, the level of performance might get improved along with the productivity of the organization as well. So, CSR is as essential as the productivity of the organization in this age of aggressiveness. Apart from this, in order to improve the profit margin and productivity of the organization, the management needs to offer higher concentration over the CSR initiatives. Only then, the organizational effectiveness and brand distinctiveness might be enhanced to a significant extent. Along with this, the rate of attrition might get reduced thereby amplifying the rate of retention to a certain extent. Moreover, recruitment of many experienced employees might also prove effective for the organization thereby presenting various inventive products and services in the market among others. Therefore, concentration over CSR initiatives is one of the most essential requirements of any organizational management as compared to others. So it needs to be fulfilled in order to amplify the opportunities and prospects of the organization in today’s distressful scenario. References Beall, A, E. (2010). Strategic Market Research: A Guide to Conducting Research to solve problems. Boston: Harvard Business School Press. Bradley, N. (2007). Marketing Research: Tools & Techniques. New York: McGraw-Hill. ESOMAR. (2008). Market Research Handbook. London: Sage. Fernando, A, C. (2009). Business Ethics: An Indian Perspective - Page 237. London: Sage. Gupta, S, L. (2004). Marketing Research. 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