[Essay Help]: ACCT1046 Accounting In Organisations And Society

Business Idea

Ralph Lauren is a worldwide fashion label that produces mid-range to luxury clothing. My proposed business idea for Ralph Lauren is to establish a new clothing line that is environmentally sustainable using industrial hemp. Hemp is a type of textile created from the Cannabis Sativa plant and is extracted using the fibres from the stalks.

– Hemp is more lightweight, absorbent and three times more durable than cotton.

– It is UV and mould resistant thus effective in poor weather conditions

– Very cost-effective (hemp grows rapidly)

– Environmentally sustainable requiring minimal water for production, chemicals and pesticides are unnecessary during production.

– Produces more fibre per acre than trees and absorbs more carbon dioxide than trees.

– Extremely versatile material used in various products.

A crucial objective for this business is sustainability and its competitive edge in relation to its industry competitors (Raska, D & Shaw, D 2012). Adopting a sustainable business model will attract new customers who are environmentally conscious while retaining existing clients. Using the hemp material provides various benefits for this business (refer above). Not to mention the internal and external influence on stakeholders by increasing employee satisfaction. Nevertheless, a successful sustainable organisation overall benefits from the environmental, social and economic variables.

Q1. Define Corporate Social Responsibility (CSR) In The Context Of Ralph Lauren.

– Approach to Corporate Social Responsibility (CSR) and impact your business could potentially have on society and/or the environment

Q2. Environmental Resources / Impacts

– Explain how does your company impact (negatively or positively or both) the environment. E.g. a particular manufacturing process may contribute negatively on the local water supply. E.g Cloud-based apps can save packaging

Q3. Community Impact And Engagement

– Explain how does your environmental impact affect the local community? How can you engage the community in minimising your impact?

Q4. Internal Stakeholders

– List the internal stakeholder(s) that is impacted positively or negatively, then describe the potential CSR impacts actions that support or mitigate

Q5. Describe How The Success Of Your Business And Business Idea Will Be Measured

– Provide a short general statement to managers and stakeholders demonstrating how the financial and non-financial performance of your company and business idea will be measured. Consider your core values (social, environmental and financial).

Q6. Performance Measure – Financial

– List 1 financial measure and explain why do you think it’s important to measure it. No actual/fictitious number is required.

Q7. Performance Measure – 1 Non-Financial

– List 1 non-financial measure which is linked to the Sustainability Development Goals (SDGs) and is relevant to your business

– Make sure you explain why each measure is important to your business.

Q8. Performance Measure – Non-Financial 2

– List 1 non-financial measure which is linked to the Sustainability Development Goals (SDGs) and is relevant to your business