Est1 Task 310.2.1
Social Responsibility Review
Christopher Thomas
EST1
Task Stream: 310.2.1-05
Social Responsibility Review
Businesses today face a plethora of ethical duties such as upholding corporate governance, maintaining stakeholder relationships, and presenting an image of social responsibility. In review of Company Q’s (Q) current ethics culture, its image in regards to social responsibility is not equivalent to that of its competitors. In a growing market faced with increasingly challenging competition, there are several areas that Q can and needs to address to bring the company to a level of social responsibility that exceeds stakeholder expectations. First, attention Q needs to address market demands for additional locations to better serve current customers and attract new customers. Next, Q needs to place focus on community involvement to enhance brand recognition and reputation. Lastly, product lines need to be evaluated to ensure Q is responding to customer demands and promoting healthy living.
Market Penetration and Loss Prevention
In the past year, Q has closed the doors of several locations in areas with higher crime rates. The stores closed had been consistently losing money at the bottom line level, attributed to the high crime rates in the area. Q made this decision thinking internally, ignoring the fact that these stores had steady or growing top line revenue results, indicating that the community had responded well to Q’s entrance and relied on Q for their daily needs. We cannot undo the store closings, but can better analyze the losses and determine ways to prevent them in the future, enabling Q to re-enter these communities. Q currently does not have a formal Loss Prevention (LP) program, which essentially led to the problems in the closed stores. Q will need to seek out a qualified retail LP professional to assist in the development of an LP program that can be scaled to all store locations, tailoring the program specifics to each locations
Christopher Thomas
EST1
Task Stream: 310.2.1-05
Social Responsibility Review
Businesses today face a plethora of ethical duties such as upholding corporate governance, maintaining stakeholder relationships, and presenting an image of social responsibility. In review of Company Q’s (Q) current ethics culture, its image in regards to social responsibility is not equivalent to that of its competitors. In a growing market faced with increasingly challenging competition, there are several areas that Q can and needs to address to bring the company to a level of social responsibility that exceeds stakeholder expectations. First, attention Q needs to address market demands for additional locations to better serve current customers and attract new customers. Next, Q needs to place focus on community involvement to enhance brand recognition and reputation. Lastly, product lines need to be evaluated to ensure Q is responding to customer demands and promoting healthy living.
Market Penetration and Loss Prevention
In the past year, Q has closed the doors of several locations in areas with higher crime rates. The stores closed had been consistently losing money at the bottom line level, attributed to the high crime rates in the area. Q made this decision thinking internally, ignoring the fact that these stores had steady or growing top line revenue results, indicating that the community had responded well to Q’s entrance and relied on Q for their daily needs. We cannot undo the store closings, but can better analyze the losses and determine ways to prevent them in the future, enabling Q to re-enter these communities. Q currently does not have a formal Loss Prevention (LP) program, which essentially led to the problems in the closed stores. Q will need to seek out a qualified retail LP professional to assist in the development of an LP program that can be scaled to all store locations, tailoring the program specifics to each locations