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Business Foundation (Part 2)

408 Downloads1 I Published: 06 Nov ,2019

Introduction

Literature review is defined as a comprehensive summary of previously done research over similar kind of topic. This summary is basically performed by collecting information from several secondary sources such as books, internet survey, scholarly articles, published material, previously formed records and many more. This report is based upon the concept of literature review. In this report there is a detailed description about literature review along with a description about its purpose as well as contribution in academicals work. In addition to this it also includes the literature review over corporate social responsibility in which information has been gathered by using six articles.

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Literature review

It refers to the process of reviewing a previously formed article or other research material in order to gain an understanding over particular topic of research. Literature review is the part of secondary research in which current knowledge will be enhanced by performing a deep analysis over existing research material in order to contribute toward theoretical as well as methodological findings of particular topic (Hart, 2018). There are thousands of articles as well as books present which provide information regarding the area of study so for collecting relevant information literature review help in limiting the sources that ate required to get a good survey content.

Purpose: Literature review is a type of comprehensive summary which is performed over t6he findings of previously performed research which is available through Articles, scholarly papers, journals, books, internet survey etc.

  • The main purpose of conducting literature review is to develop a theoretical base over the research so that further information can be gathered as per the previous findings which will provide more accurate and reliable information.
  • Another purpose of conducting literature review is to understand the nature of study by evaluating the previously held research over similar topic.
  • Literature review also work toward evaluating different sources and then advice the reader over particular source which is more accurate and relevant for accomplishing research objective.

Contribution toward academicals work and study

Literature review also contributes toward the concept of academicals work as well as study and this is because literature review is not just limited to perform a summery over existing study. Rather than this it is an organisational pattern which combines both summary as well as synthesis of particular investigated data (Booth, Sutton and Papaioannou, 2016). It this summary is recap of necessary information and on the other side synthesis is a reorganisation of information in more reliable and useful manner.

Both plays a significant role in academicals work and study as it helps students in developing their understanding on the bases of previous study summarisation which is further expanded by re organising this information or knowledge along with fresh data available at present time. In addition to this it also consists of arguments which is very beneficially in academicals study as it helps in creating knowledge by covering each aspect of particular study.

Role of literature review

Literature review plays a significant role within a research by performing an in-depth analysis over the existing available information regarding the topic off concern so that further process can be performed in this area (Peterson and et. al., 2017). Following are the role that literature review performs within a research:

  • It acts like a handy tool which guide over particular study by providing an overview on its understanding.
  • It works toward keeping researcher up to date about what is current in particular study area.
  • Its main role is to provide new interpretation over the existing day or combine old information along with existing to provide a more reliable data. By this researcher will be able to present its current investigating by evidencing it with previous findings 

Literature review on corporate social responsibility

Article 1

As per the view point of Mallen Baker (2019), Corporate social responsibility refers to a way in which an organisation manages its business operational as well as process in order to produce an overall impact over society. It generally includes sustainability, ethics and social impact that will contribute toward mutual benefit of all the stakeholders belongs to an organisation. CSR activities must be involved by a company in its organisational policies for not only providing ethical service to customer but also to provide employees an environment of equity. As majority of company fulfil their social responsibility toward the welfare of customers but on the other side exploit its employees. Hence, by implementing CSR activities it must provide employees a workplace where they get equal opportunities despite of having any discrimination in term of gender, age group, culture or nationality. Therefore, corporate social responsibility must be a continuous commitment among businesses in order to behave ethically and assist toward the economic development by improving the quality of workforce life as well as local community at large. This is because social responsibility has now become an integral and not crucial part of an organisation’s wealth creation process which when managed properly support in enhancing the competitiveness of business. help with assignments australia

Article 2

But as per the view point of Angela Schettion (2019), Corporate Social responsibility is simply a concept of addressing the ethics of a business and way it operates in society that can sustain for long term. So, in order to achieve long term, benefit an organisation must focuses toward performing CSR activities. Generally corporate social responsibility falls under four major categories such as:

Employees: - An organisation must formulate policies or organisational structure in a way which doesn’t denied the rights and well-being of employees working within the company. Hence, company must focuses toward complying with all the legal rights of employees along with providing them equality at workplace.

Environment: - CSR activities related with environment focuses toward performing business operations that doesn’t harm natural resources, saves energy and product made by company are easier to recycle.

Community: - It involve the impact that number of activities performed an organisation have over the society as well as its customers along with the actions that has been performed toward the development of society.

Market place: - A business is required to perform CSR activities not only for its workplace or customers rather it must also perform its trade ethical at marketplace and avoid illegal or unethical practices to earn profit.

Article 3

As per the view point of Sammi Caramela (2019), corporate responsibility is basically a way through which companies take responsibility for environmental as well as social impact of business operations performed by them. CSR activities are generally considered as a robust option that an organisation can adopt to present its good corporate citizenship. This further help company to remain safe from outsider risk by considering environment as well as social sphere which is all around the company. This is because now day’s customers want more than just good quality product or services while they are selecting a brand. Hence, majority of companies focusing toward holding corporation accountability for bringing changes within the society toward its development with their business belief, profit and practice. This is performed wither by offering good quality product, recycling material to create new or by offering employees benefit to enhance their life quality by getting equal opportunity.

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Article 4

As per the view point Panda, Modak and Pradhan (2016), CSR is an ethical management concept where companies aim toward integrating economic, social and environmental concerns along with consideration of human right into their business operation. It is a valuable contribution which enhances the reputation of company as well as brand within the society. These CSR practices off an organisation may involve encouraging staff to volunteer in community by closely working with specific charity, providing fund to community organisation and funding scholarship, promoting diversity among workforce or aiming toward minimising the carbon footprint etc. In addition to this CSR also focuses toward increasing sustainability or socially responsible investment.

But along with all the benefit corporate social responsibility provide to society, proper implementation of these activities along move to a long way for enhancing the company’s public image. This also had a favourable impact over employees either in the form of attracting better talent or it support in developing better employees. In addition to this a company with strong CSR practices or commitment often get it easier to recruit high skilled employees but also be able retain it for longer period of time. Hence, a CSR commitment support an organisation to reduce employee turnover which leads to accomplishment of organisational objective or target by maintaining a workforce of high skilled and competent employees.

Article 5

According to the view point of Park, Lee and Kim, (2014), corporate social responsibility work toward creating a filter for the operations that are undertaken by a company which support in keeping an organisation accountable and ethical toward the social and environmental benefit. Undertaking a socially responsible initiative support in achieving a win-win solution by making a big difference in the world through performing organisational practice in a way that bring maximum benefit to social development at large. There are numerous of benefit that CSR practice provides which includes:
Enhanced brand image: - Any business which is considered as socially responsible will benefited with enhance brand image as well as reputation at marketplace or among society. This will help company in achieving sustainability at marketplace for period of time.

Consumer loyalty and maximisation of sale: - For achieving business success a company must focuses toward satisfying the customer buying criteria that consist of product’s quality, price, convenience and availability. Because nowadays customers are more focused toward relaying their product purchase choice over the ethical involvement of organisation in its practices.

Increased ability to retain employees: - An organisation having strong CSR commitment will be able to maintain a high skilled and competent workforce by retaining them for longer period of time. This is because a company which follows CSR for its employee’s management will always its employees an opportunity to show their capability and also ensures fulfilment of their rights which further support in keeping them happy with their job and continuation of their work for longer time period.

Article 6

As per the view point of Farooq and et. al., (2014), corporate social responsibility is not any mandate practice rather it is something extra efforts that are performed by an organisation for improving their local as well as global communities. This support company in improving its brand image within public by getting more media coverage over the actions performed by organisation toward the development of society. This improved public image supports an organisation to get more loyal customers which use to maintain a long term relation with its brand because of ethical practices performed in its marketing and operations activities. Apart from this CSR commitment of an organisation also help in getting its employee engaged within such practices that lead to accomplishment of organisational objectives.

Conclusion

From the above given information it can be summarised that literature review is an essential part of research that focuses toward developing an understanding about the particular area of study. It contributes toward enhancing the knowledge of researcher regrading a particular study topic by critically evaluating, analysing and summering the information that has already been researched by some another person on similar topic. This summary support a researcher to further continue its investigation by taking previously searched information as an evident for new gathered data. In addition to this literature review also act a handy tool which help in making researcher available with required information by forming up a base over which investigator can continue to further explore data to meet with research objective.

References

  • Hart, C., 2018. Doing a literature review: Releasing the research imagination. Sage.
  • Booth, A., Sutton, A. and Papaioannou, D., 2016. Systematic approaches to a successful literature review. Sage.
  • Peterson, J. and et. al., 2017. Understanding scoping reviews: Definition, purpose, and process. Journal of the American Association of Nurse Practitioners,
  • Farooq, O. and et. al., 2014. The impact of corporate social responsibility on organizational commitment: Exploring multiple mediation mechanisms. Journal of Business Ethics.
  • Park, J., Lee, H. and Kim, C., 2014. Corporate social responsibilities, consumer trust and corporate reputation: South Korean consumers' perspectives. Journal of Business Research.
  • Panda, S., Modak, N. M. and Pradhan, D., 2016. Corporate social responsibility, channel coordination and profit division in a two-echelon supply chain. International Journal of Management Science and Engineering Management.
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