Social Responsibility of a Business Term Paper Example | Topics and Well Written Essays - 1000 words

Social Responsibility of a Business - Term Paper Example This famous claim by Friedman however triggered a debate on what the social responsibility of a business is. The businessperson Mackey disagreed with Friedman’s thought terming it as narrow and underselling humanitarian aspect of capitalism. Mackey strongly believes that the social responsibility of a business is not only to increase profits but also to create value for all the stakeholders in the business. Mackey argues that the social responsibility of a business to shareholders, society, and the stakeholders are varied and all are satisfied in different ways, which should be taken seriously by any kind of business to be successful. I strongly agree with Mackey that the social responsibility of a business is not only to increase profits, but also to satisfy the needs of the society, shareholders, and stakeholders, which are as well important. Social responsibility of business to stakeholders The stakeholders in a business comprise the community, employees, suppliers, and cli entele. According to Mackey (2005), all these stakeholders draw the meaning of the business in their own way of satisfaction. It is worth noting that the groups’ needs are varied as well and the needs are satisfied in different ways. ... Satisfied employees in any business will translate into efficiency and quality output, which are valuable assets to the business. The social responsibility of a business to employees include, good working conditions and attractive salaries and wages, social security such as insurance and pension schemes, better living standards among others. Suppliers are as well important to a business and therefore there is need for a business to satisfy the suppliers socially. Mackey believes that all the stakeholders in a business are important for a business to attain its goals. Suppliers supply business raw materials needed to produce certain goods or services and it is their responsibility as well to get the finished products close to the customers. For the smooth functioning of the business, the social function of the business is to give them a fair deal in the business. Social responsibility of a business to shareholders The shareholders in layman’s term are the owners of a business a nd the social responsibility of the business is to satisfy their needs. Although most shareholders majorly focus on increased profits, Mackey admits this though in a different perspective. According to Mackey, profits maximization should not be the soul goal for a business but the business need to put first the interest of the entire stakeholders. Mackey (2005) argues that by putting first the interest of the stakeholders by value creation, this will act as a means to an end. As the business works hard towards maximizing profits for the investors, it is important to bear in mind that by satisfying the customers and other stakeholders, the profits are likely to increase. The shareholders being the owners of

Article Analysis Essay Example | Topics and Well Written Essays - 500 words - 5

Article Analysis - Essay Example rategic choice because it launches innovative health care products, and that the strategy is implemented through building synergies with existing systems and providing space for adapting new ones. In addition, the basic meaning of the article is that Apple is ready to lead in the production of innovative health care products that both prevent and manage diseases. The article, moreover, will help me succeed in class and my employment because it inspires me to also find new innovations where I can use my strengths as distinct advantages. First, the article has the elements of strategic analysis, strategic choice, and strategic implementation (Kew and Stredwick 205). Apple has a vision of being a leader of innovative products that can change industries for the better (Hull). The Apple Watch represents Apple’s vision as it enters an industry that it is new to it too. This is similar to Nintendo’s Wii that became a health care product when it promoted physical activity that has entertainment and social value. Apple Watch is an innovation that can help Apple become a more familiar brand in the health care sector. Moreover, Apple shows that its strategic choice is about innovation. It is not afraid of promoting change, as its watch combines prevention and disease management (Tozzi). Furthermore, the strategic implementation of Apple is to start with a product that is already based on linking existing systems. For instance, Tozzi says: â€Å"HealthKit will plug into electronic health records from Epic and o ther providers, enabling smoother communication between doctors and patients.† Apple Watch shows that the strategic choice is about improving how systems can work together, and how it can offer something new now and in the future. Apart from these elements of strategic management, the article has the basic meaning that Apple is ready to lead in the production of innovative health care products that both prevent and manage diseases. Apple Watch can help people