Marketplace CSR has two major elements; a company’s suppliers and its customers.
In recent years, companies have begun to pay more attention to their suppliers in response to investor and customer concerns. More and more businesses are now examining how responsible their suppliers are. Companies have an interest in ensuring that their suppliers are providing adequate pay and working conditions to their employees, have effective environmental-protection policies in place and conducting their business activities in a transparent manner that is inline with good corporate behaviour.
In relation to customers, marketplace CSR encourages companies to implement responsible sales and marketing policies and to train their staff on how these policies can be implemented. Marketplace CSR helps businesses to nurture a corporate culture that values the needs, expectations and diversity of its customers.
In this context, initiatives such as implementing customer service programmes which effectively monitor complaints and aim to provide continuous improvement can play a key role in marketplace CSR. Projects, which, for example, specifically address the diverse nature of a company’s customer-base can also form part of a business’s CSR strategy.
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