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What is the social responsibility of business - Essay Example

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Maximizing profits contributes to social responsibility by creating jobs, offering quality products among others but it does not guarantee commitment to the community…
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What is the social responsibility of business
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"What is the social responsibility of business"

Download file to see previous pages This is because all the stakeholders play a great role in defining the role of the business regarding its needs and desires, which go a long way in building its growth (Wight and Morton 155).
The business aim of making profits is crucial and definitely important because it cannot operate without it. Creating shareholder value by generating profits is the focus for many businesses across the world. However, it is important to note that shareholder value should not be the sole purpose for the survival of a business. Mackey believes that putting the customers’ needs ahead of shareholder value leads to a successful business. In a business where the central theme is to make profits, the customers’ needs are a means of achieving the business goals. This is a distorted method of running a business because the stakeholders including the customers are crucial in sustaining the business. Businesses should pursue customer happiness because it is an end in itself, which ensures that a business mission is pursued in higher interest, passion, and compassion for their needs (Tisch and Weber 122).
In addition, a business whose sole purpose is maximizing profits and shareholder value does not fully value the needs of other stakeholders like employees, investors, suppliers, the community and the environment. A business must focus its success by incorporating all the stakeholders since they bring value in all areas. The company leadership should examine the competitive marketplace and other variables to determine how to effectively share with all stakeholders. T.J. Rodgers argues that any money and time spent in charity is a form of extorting investors since the company assets legally belong to them. Many in this view argue that the company management has the responsibility to maximize shareholder value and therefore, any activities that do otherwise are wrong. However, this is a wrong and narrow-minded belief because corporate social ...Download file to see next pagesRead More
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