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Koninklijke Philips N.V

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Company overview

Koninklijke Philips Electronics NV, also known as Royal Philip Electronics is one of the major
Dutch manufacturers of various electronic goods, medical equipment, household appliances,
different computer and telecommunications equipment.

This company was founded in the year of 1891 by person called Gerald Philips along with his
father.

Both the father and the son started the company in the city called as Eindhoven and their plan
was produce cheap electric blubs and give them to the people.

Then they slowly moved onto innovating and developing products like medical x-rays.

After that they tuned their attention towards electronic goods like television, radio, and electronic
shavers.

Not only were these products being sold in their own country but they were rapidly expanding
into other countries of Europe, China, Brazil and Australia.

Through every decade the company has started innovating products and expanding into different
regions of the world.

The stakeholders involved in the company are the customers, shareholders, different partners and
organizations that working with for different causes around the world.

They have wide range of CSR initiatives throughout the world like The Philips care for Health
care and well being for people from poorer background.

Philips partnered with AMREF flying doctors in order to structurally improve the healthcare
infrastructure throughout Africa. They would provide the resources required to build these
healthcare facilities as well as to train the staff there.

The company is also working on climate change with other stakeholders in the world in order to
develop a sustainable development process.

They are also working to find innovative ways to reduce water, food wastage and improve
security goals.
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A: How can business be responsible

A business responsibility means a lot of things. At Philips they choose business responsibility as
something that will have a positive impact through their activities on the customers, employees,
shareholders, environment etc.

They believe that these business practices will benefit both the business as well as the society.
But this is a process which will be constantly evolving as time passes by as new information and
new research is being carried out. And also, we find new tools which will help us understand
how business can even more impact for the society at large.

B: For what is business responsible

A business is responsible depending upon on its actions which will result in consequences which
might be socially, economically and environmentally. The company believes responsibility of
business practices can align with the priorities of its business.

Responsible business practices are which occur on day-to day basis such as healthy working
conditions for the employees.

It also means business should be promoting fairness and equality and should never show any
kind of tolerance to bullying or harassment.

C: To Whom is business responsible

The business is mainly responsible for following stakeholders like your consumers, employees,
community, environment, marketplace and shareholders.

It is important to recognize that employees are the most valuable asset of the organization.
Ensuring that your employees are healthy can directly relate to increase in work production.

Business is also responsible to the community as it will have mutual benefits for both of them.

Environment is other factor for which the business holds responsibility.

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Conclusions:

My recommendations for a business in order for it to be more sustainable would include the
following things:

 Getting your employees engaged in initiatives is important for them to be successful.

 It would be good for the business if there are good healthy working conditions for its
employees as it will go a long way in making employees feel good about the organization
and even it will help in improved production.
 The company should also make sure that it is paying its employees good wages.
 The company should have zero tolerance towards any kind of abuse or harassment.
 The business should contribute to protecting the environment. They can do that by
reducing the carbon footprint and ultimately saving them money.
 It also looks to it that the business sets up environment initiatives like water consumption
and water disposal
 It also would be helpful in contributing someway to the community which will be in turn
be beneficial to the business as well.
 The business should also improve its practices in market place by making supplier
diversity and ethical procurement.
 Developing socially responsible products and services.
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References

Company Overview of Koninklijke Philips N.V. (2018, October 07). Retrieved from
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=185801

Cheng, H., & Arora, V. (n.d.). How Philips used CSR to promote its brand message in China.
Retrieved June 18, 2014, from https://www.prweek.com/article/1299292/philips-used-csr-
promote-its-brand-message-china

Smyth, J. (2015, June 8). Canada’s top 50 socially responsible corporations: 2015. Retrieved
from https://www.macleans.ca/economy/business/canadas-top-50-most-socially-responsible-
companies/