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Title Corporate Social Responsibility and Sustainability as Market Opportunities in the Luxury Sector
ID_Doc 69794
Authors Gazzola, P; Pavione, E; Grechi, D; Ossola, P
Title Corporate Social Responsibility and Sustainability as Market Opportunities in the Luxury Sector
Year 2019
Published
Abstract From the early '90s until today, the concept of Corporate Social Responsibility is acquiring more and more relevance, with consequences impacting over the whole organization of any corporation. It is clear that CSR assumes a strategic importance not just because of the reputation, also because of the pursue of a better management. It means that if a company assumes responsibility as an own value, it could be also willing to reconsider the internal organization, in terms of internal relationships, hierarchy, costs, etc. CSR and sustainability are related to each other, as they may act as reciprocal cause and consequence. When we talk about sustainability, we refer to a really broad concept, applicable in different fields, from an economic perspective to a more ecological one. In general, we can define sustainability as the set of all those actions and elements that provide the foundation for current and future economic, social and ecological development. This is a concept that applies to every organization. Luxury firms are not an exception since their activity is able to influence sustainability practices. Because of its intrinsic nature and history, luxury affects both the sociocultural and ecological dimensions. On the cultural side luxury goods are considered superior than others in terms of quality, price, feelings or uniqueness. This conception exacerbates the stereotype of luxury as a mystic world, where the ecological dimension cannot be forgotten, if companies aim to deliver high quality, prestigious and use rare raw materials that give to luxury products an aura of superior quality. On the other side, the higher involvement in sustainability and responsibility practices suggests the strategic relevance of social reputation as essential intangible assets. The success of these policies is depending first of all on firms, which must be able to integrate them in their core values and share them across the whole organizational structure, second by customers: they so play a crucial role as their responsiveness can be used as a test to measure, understand and also implement such policies. Currently, this is a really challenging topic, due to the fact that the competitive arena is spread all over the globe, or that it is bigger than merely national markets. Within the global arena, it could be useful to speak about brand community: this is a non-geographically bounded community built up with social relationships tying the brand and consumers with similar identity, feelings and commitment. Within the community, the internal communication is enhanced by the employment of social networks, internet and any other new form of communication, and it gives to consumers a big power, about the approval or rejection of firm's proposals. It is not a casualty if nowadays, especially in market niches, luxury companies are firstly readdressing their productions according to sustainable aspects and secondly adding new socially acceptable values to their brands. It is a fact that sustainability is actually improving the prestige connotation of luxury as a whole industry; furthermore, sustainability may be used as a new way to think about luxury, beyond a new way to manage resources. It is still a fact that sustainability is highlighting unelectable problems under various aspects, and that firms need to redesign their business models and market networks to take into account such problems and so provide an adequate solution. Here, it is again about reputation and transmitted values. Because of its typical aura of unreachability and privileged ownership as intrinsic values, and the sake of perfection as well, sustainability represents an immeasurable opportunity for the development and reinforcement of the brand.
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