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21214 Business and Social Impact in UTS

In today’s advanced world, technologies grow rapidly, Hence, industrial growth is stimulated as well. Industrialization has both positive as well as negative impacts on the socio-cultural environment. There are several social impact components that are identified as major issues affecting nations in a negative way. 

In this report, we will be discussing the impact of a social issue and its impact on business as well as in the socio-cultural environment. My business strategy will be adapted regarding the issue. Furthermore, the survey results that surprised me and what I was expecting on that will be mentioned. Moreover, the benefit of incorporating social impact components and the mitigation into the business will make the business sustainable, this will be discussed here. Next, how I was influenced in reviewing this topic will be given below. In the end, a conclusion will be provided (Adamkiewicz, 2022).

The Social Issue that I Consider Incorporating with My Business Strategy

Fast fashion is gaining popularity among some consumers. This is considered an issue as it requires plenty of raw materials regardless of their sustainability. This is also considered an unnecessary expense, some of them are not animal cruelty-free (Hur & Cassidy, 2019). This has become a major cause of increased microplastics in marine life as the low-quality plastic-based raw materials dispose of fibres that get into the oceans in the end. In Fast fashion, synthetic fibres are combined with wool and coated with chemicals to make them attractive. Additionally, waste is present in every manufacturing procedure. All of these are causing soil pollution, water pollution and other social issues (Brydges, 2021).

For this social impact component, I will establish a sustainable clothing business where the products can be used for a long time. In addition, the price of the products will be reasonable, consumers can easily afford and purchase them. My business will also be animal cruelty-free and raw materials will be collected from sustainable resources so that my business can not cause any harm to the social environment. Furthermore, I will donate 5-10% of my profit to charity so that my business brings positive changes to the social conditions (Lee & Kim, 2020).

According to me, Fast Fashion was the most popular issue amongst the class as it is growing rapidly into the fashion industry. Students are more likely to stay in trends. They follow social media almost every hour to stay updated on fashion and trends all over the world. They are able to spend money on unnecessary expenses. They also tend to like the Fast Fashion brands that change their product lines every month or whenever new fashion styles are introduced. It is clear that Fast Fashion is influencing today’s youth (Ramadan & Nsouli, 2021).

Two Results that Surprised me Most About the Students and the Data 

  • It can be seen in the survey that around 62% of students agreed to purchase products or services from a business that donates a percentage of their profit to a social cause.
  • Around 84% of students agreed to the fact that businesses have a responsibility to have a social impact on their products or services (Muralidhar & Raja, 2019).
  • I was expecting the 1st one to be more than 90%. I thought that they were aware of the fact that businesses, performing charity work are able to improve social causes. This can be the facts of providing education in rural areas or the development of an orphanage etc. 
  • I was expecting the 2nd one to be less than 70%. The reason behind this expectation is that according to me the students do not bother to have that much concern about the social impact that a business must have in their product or services. 

According to me, businesses incorporate social impact within their business model is for the wellbeing of the environment as well as for the industry too. They have to provide a structural report on the percentage of the sustainability they are performing to the government of the respective areas. All of these are to make sure sustainability is maintained for the well-being of the society. The students do support this approach as they are youngsters, learning the facts related to the social environment. They are learning that with industrial growth environment gets affected, several species are demolished and various species are in danger. The air, water, and soil are important elements of nature getting polluted at every step (Brydges, 2021).

Positive and Negative Impacts of Corporations Utilising Social Components 

Corporations that utilize society components in the business are more likely to gain sustainability into businesses, generate profit as well and improve social conditions. They also reduce the amount of waste. If they fail to elaborate on their initiative of social impact on the consumers, they remain unaware of it (Lee & Kim, 2020).

Social Impact will be a Part of Your Life in Future

To have an impact on the social environment is the responsibility of every human being on this earth. As a responsible human being as well future entrepreneur, I need to implement strategies to reduce harm from society. Implementing social impact components into the business in future is a crucial part of my business execution (Ramadan & Nsouli, 2021).

Social Impact in My Career

I would prefer to maintain sustainability in my business. In addition, I am a potential consumer of other products and services that perform sustainability in their business. The electronic equipment, furniture and other services that I use for personal purposes as well as for my professional purposes must be manufactured from sustainable resources. 

Social Impact Cause 

There is a lack of awareness among the students. They follow Fast Fashion without knowing whether the brand is using sustainable resources or offers cruelty and chemical-free products. 

How I Found Out About It?

After conducting an oral survey, I came to know that the majority of students are concerned about the well-being of the social environment. However, there is not enough knowledge or information provided on the fact of sustainability regarding the product guidelines, this is what they do not know about the negative impact of purchasing products from the Fast Fashion brands.

The Social Aspect Influenced My Decision to Check it Out

After knowing the production procedure of the respective business, I have learnt that there is a ton of waste at every step of manufacturing products. These are not disposable, survive long and end up mixing into the ocean and soils. As a result, pollution is increasing day by day. This hit me in a way that I took the initiative to check it out.

Conclusion 

After conducting the report, it has shown that industrial growth is necessary but there are many possible ways to perform them. One of them is performing sustainability in businesses that is proven to enhance sustainable growth and affect social impact components positively.

References 

Adamkiewicz, J. K. (2022). Greenwashing and sustainable fashion industry. Current Opinion in Green and Sustainable Chemistry, https://www.sciencedirect.com/science/article/pii/S2452223622001225.

Brydges, T. (2021). Closing the loop on take, make, waste: Investigating circular economy practices in the Swedish fashion industry. Journal of Cleaner Production, https://www.sciencedirect.com/science/article/pii/S0959652621004650.

Hur, E., & Cassidy, T. (2019). Perceptions and attitudes towards sustainable fashion design: challenges and opportunities for implementing sustainability in fashion. International Journal of Fashion Design, Technology and Education., https://eprints.whiterose.ac.uk/141582/2/Accepted-%20Perceptions%20and%20attitudes%20towards%20sustainable%20fashion%20Challenges%20and%20opportunities%20for%20implementing%20sustainability%20in%20fashion.pdf.

Lee, S., & Kim, E. (2020). Influencer marketing on Instagram: How sponsorship disclosure, influencer credibility, and brand credibility impact the effectiveness of Instagram promotional post. Journal of Global Fashion Marketing,, https://www.tandfonline.com/doi/abs/10.1080/20932685.2020.1752766?journalCode=rgfm20.

Muralidhar, A., & Raja, A. S. (2019). Understanding the purchase intention characteristics of Gen Y and Gen Z and introspecting the modern demand variables in fashion industry. International Journal of Scientific and Engineering Research, https://www.researchgate.net/profile/Anand-Raja-M/publication/338697411_Understanding_the_purchase_intention_characteristics_of_Gen_Y_and_Gen_Z_and_introspecting_the_modern_demand_variables_in_fashion_industry_Need_to_explore_the_demand_characteristics_Pu.

Ramadan, Z., & Nsouli, N. Z. (2021). Luxury fashion start-up brands' digital strategies with female Gen Y in the Middle East. Journal of Fashion Marketing and Management: An International Journal, https://laur.lau.edu.lb:8443/xmlui/bitstream/handle/10725/13009/%28Postprint%29%20Luxury.pdf?sequence=2&isAllowed=y.

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