Essay on Business Core Responsibility
The majority of individuals believe that the sole job of business is to maximize profits for shareholders. When companies are diverse and successful, the economy is certain to prosper. Most businesses are considered successful if they make a profit, however, profit-making should not be seen as a company’s exclusive task.
Other critical obligations have emerged as time has passed. It is true that businesses require earnings, yet profits are only a by-product.
According to Friedman, while the primary role of business is to create profits, this obligation tends to be handed down the generations. Organizations must take on more duties in order for them to operate (Cave 2010).
In this regard, corporations and their board members must learn from their previous mistakes and, as a result, consider other stakeholders in their enterprises in addition to shareholders.
As a result, businesses must build long-term and sustainable relationships with other stakeholders, such as their workers, customers, and the communities in which they operate (Cave 2010).
Customers, on the other hand, desire excellent items at reasonable rates. Organizations may give greater compensation while still allowing their employees to progress in their careers.
Businesses must not only make money but also meet their strategic objectives. Businesses must put in place procedures to help them satisfy the diverse needs of their clients (Mckeown 2012).
Some companies may choose to pursue a product differentiation strategy, which entails providing superior and distinctive items to clients. Others may choose to employ cost as a strategy, offering customers cheaper items or better value for their money.
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