this is a case study for business ethics and social responsibility course ?

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Creating and Sharing Value with the Community: Ferrari's Efforts Rommel Sergio Abdallah Mohammad Taamneh Meghavi Banerjee Nora Barson MANAGEMENT CASES Teking gamutoCENSES Rommel Serpla Ferrari, "The Origins of the Legend," www.ferrari.com. MANAGEMENE CAMS Excerpt from the book "Management Cases: Thriving Organiations in the New Normal", Chapter 1, pp. 15-27 by Dr. Rommel Sergio, released by Amazon, UK and Notion Press.com Introduction Ferrari is a leading brand known for its luxury sports cars. Founded by Enzo Ferrari in Maranello, Italy, the company has been producing high- quality cars since 1947. Ferrari manufactures luxury vehicles focusing on its reputation for exclusivity and scarcity. Its cars are designed, engineered, and manufactured in Italy but are sold in more than 60 markets through its network of 168 authorized dealers.2 Amid the COVID-19 pandemic, Ferrari has remained a strong company and brand. However, it does not mean that the company has not been affected by the crisis that has crippled businesses and economies worldwide. The year 2020 was a real test for Ferrari's business resilience. The company atributes much of it success to its prudent management, sustainability efforts, and focus on the health and safety of employees and other stakeholders. Ferrari has recognized that the changing times, coupled with the health crisis, have redefined how companies are perceived and judged. How stakeholders, including employees, perceive a company depends on its corporate social responsibility (CSR) efforts and balancing commitment to ethical conduct and part of income. The pandemic has called for businesses to provide more genuine CSR, especially in addressing urgent social and environmental challenges. It has changed the way many companies pursue their CSR objectives as they recognize the role they play in society, particularly amid a criah During the pandemic, Ferrari has integrated sustainability even more into its operations and decision making processes. Its sustainability strategy the pillars, which have proven to be crucial to the company's resilience: (1) exceeding expectations through driving technological innovation and excellent design and craftsmanship; (2) proactively fostering best practice governance by maintaining corporate governance and risk management systems aligned with ethical business conduct and sustainable returns to shareholders; (3) being the employer of choice by providing an inclusive, educational, and inspiring work environment; (4) reducing the environmental footprint by setting and implementing related programs and actions; and (5) creating and sharing value within the community by encouraging strategic partnerships and creating positive externalities for all stakeholders. Supporting the Community During the Pandemic The COVID-19 pandemic is one of the critical periods for companies to demonstrate their sense of responsibility and moral duty to their community Providing support through philanthropic actions helps establish community trust. To help the community where it belongs, Ferrari has conducted various initiatives in response to the COVID-19 pandemic. It has produced respirator valves and fittings for protective masks; purchased and distributed ventilators, respiratory equipment, and other medical supplies; purchased test kits and equipment for hospitals; donated emergency medical vehicles for local health service and computer equipment for schools, and distributed food in Maranello, among others, The Chairman, former CEO, and Board of Directors of Ferrari all pledged 100 percent of their compensation. In comparison, members of the senior management pledged 25 percent of their salaries from April to December 2020 to fund the initiatives. Ferrari also participated in fundraising activities to help those in need in Maranello and surrounding areas." By June 2021, Ferrari started participating in the COVID-19 vaccination program of the government. Its Maranello campus was converted into a vaccination site. It is voluntary for Ferrari employees to get inoculated. Furthermore, the vaccination program is extended to their families and the local community. Minimizing Environmental Impact Beyond its COVID-19-related initiatives, Ferrari has been upholding its environmental responsibility. Much of its efforts to reduce environmental impacts are centered on creating efficiencies in its manufacturing processes and reducing emissions of Ferrari cars. Managing and monitoring its ecological performance includes lowering its energy consumption, especially in producing cars, using renewable energy sources, and other innovative solutions. Furthermore, the lifecycle of Ferrari cars has minimal Ferrari, "Sustainability Report 2020,"hepoorporate fermer.com sites em 15ipo/files/sost2020 femr_web_0 pdf Mohamed Refast, Karen Mar De La Cruz, and Rommel Pilapil Sergio, "ning Level of Stakeholders Involvement Deves the Organization's Corporate Responsibility as Prefable Invest A Resch Review, IAMURE lamational Journal of Business and Management, 13(1), 2016. *Hongwei He and Lloyd Hams. "The impact of Covid-19 Pandemic on Corporate Social Responsibility and Marketing Philosophy, loomal of Business Research, 116, 176-182, Aug 2020 Isabel Maria Garcia-Sancher and Alejandrs Gercio Sancher, "Copoate Social Responsibility during COVID-19 Pandemic Joumal of Open Innovation Technology, Market, and Complexity, 6(4), 126, October 24, 2020. *Ferrari, "Sustainability Report 2020," hnpc/corporate femani.com sites foman15po/files/sost2000 femmel web 0.pdf Apple Mahmud, Donghong Ding, and Md. Morshadul Hasan, "Corponte Social Responsibility: Business Keponses to Commavinus (COVID-19) Pandemic," Sage Open, January 22, 2021 *Ferrari, "Sustainability Report 2020,"https://corposte feman.com sites femr15ipo files/sost2020 ferman with 0pdt *Ferrari, "Ferrari Participates in the COVID-19 Vaccination Campaign for Worken," https://corponte ferrari.com infermari-participates- covid-19-vaccination-campaign-worken, June 7, 2021. impact on the environment since these are deemed collectibles and not considered as means of transportation. A limited number of Ferrari cars are demolished each year. While Ferrari qualifies for emissions and fuel consumption by working on hybrid technologies, including turbochargers, electric some regulatory exemptions, being a small-volume manufacturer, it continues to minimize vehicle steering, etc., and hybrid engines. Moreover, the company is careful with waste management, reusing not water-intensive. It also has a wastewater treatment system to ensure that wastewater is treated before it is released to the public sewer system. With the vast infrastructure needed for its plants and racing circuits, biodiversity and noise pollution would have been a concern. However, Ferrari's plants and racing circuits are not protected, aside from the Mugello racing circuit, are not located in any protected biodiversity areas. In that case, Ferrari ensures that it uses eco-active materials so that pollutants and bacteria are reduced in the surrounding area. Its racing circuits also have acoustic monitoring in the perimeter to reduce the noise produced in the area during activities.10 Questions for Discussion (Introduction, Body, Conclusion format is required) 1. Appraise Ferrari's contribution to the community in response to the COVID-19 pandemic. (5 marks). Assess the best practices of Ferrari in terms of CSR and sustainability. How do the company's best practices contribute to its corporate image? (5 marks) 2. Provide two effective recommendations your group can offer so Ferrari can have a better set of CSR initiatives. (10 marks)