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Research Based :sustainability and integrated reporting - Case Study Example

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The objective of any business venture is to ensure profitability through its transactions with its external stakeholders, and the contributions of its internal stakeholders. However, there are other factors to be considered beyond transactions, one of them being the long-term…
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Research Based Case Study:sustainability and integrated reporting
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Download file to see previous pages satisfy more than the basic needs of employees, and be of service to consumers and the community beyond doing business (Hopwood, Unerman and Fries 2010, p. 44). This is where corporate social responsibility comes in, whereby a business strives to present a favourable image of self while doing something beneficial for the community, environment, customers, employees and other stakeholders. CSR is a marketing strategy for responsible firms; however, in order for efforts in CSR to bear fruits, the firm must report its progress in its business ventures in relation to its CSR efforts; this is achieved by sustainability and integration reporting (Godemann and Michelsen 2011, p. 156). The aim of this report is to analyse the implementation of sustainability strategies and integrated reporting by Woolworths, and analyses the effectiveness of adopting these approaches for other companies.
For the long-term success of a business venture, the business practices should have effects that can endure for as long as the firm exists, such that a firms activities do not have destructive effects on the environment, society, individuals and other aspects of the internal and external business environments.
The management at Woolworths believes that the success of their business model significantly depends on its having a positive effect on the environment. For instance, the firm engages in the responsible use of the environment by practising environmental conservation and reducing levels of waste disposal (Zeng and Eastin 2011, p. 154). For the firm, this symbolises that Woolworths is a firm with which people can relate, especially since it has a positive cause. In any case, this shows a sense of responsibility as the firm can work with likeminded organisations and the government in pursuit for sustainable use of the environment. CSR used in this way attracts both customers and suppliers to the firm, both of whom accelerate achievement of return for investment by Woolworths. ...Download file to see next pagesRead More
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