Social Responsibility in the Market

Social responsibility in the market implies multiple levels of responsibility based on the principle of “fair” business practice, that is, ethical treatment of all the key stakeholders. One dimension of responsible behavior in the marketplace involves promoting ethical behavior in the areas of combating corruption, healthy competition, responsible participation in policy-making, etc.

This is also a way to promote values such as fairness, transparency and integrity, which is of particular importance in an insufficiently organized and unstable business and social environment, where the business sector can significantly influence the business of raising standards.

For the promotion and improvement of CSR practices, the activities of the leading companies in social responsibility within global and local CSR networks and coalitions, as well as other business and sectoral associations, are invaluable. In addition, companies are able to promote socially responsible practices to their value chain, by integrating ethical, social or environmental criteria into their policies and procurement, distribution and contracting practices.

In a market economy, consumers are one of the most important social categories, so it is by no means surprising that this group of stakeholders is in the focus of the company’s CSR activities. In this context, some specific topics are identified as primary: CSR topics in the area related to the protection of consumers’ rights and the development of sustainable products and services:  adequate labelling, packaging and informing consumers of the product / service, safety / harmlessness of products / services, education of consumers, functional appeal mechanisms, ethical advertising, data protection, etc.

Additionally, companies can contribute to sustainable consumption and sustainable development by creating innovative, ethical products and services, integrating CSR principles into their development process, thus reducing their negative impacts on the natural and social environment.