Free

What Are the Fundamental Purposes of Business and the Responsibilities of Strategic Leaders - Assignment Example

Comments (0) Cite this document
Summary
It can also be expected that we will continue to have businesses operating around us till as long as there are people to use the services and products that businesses offer. Reading through different schools of…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.2% of users find it useful
What Are the Fundamental Purposes of Business and the Responsibilities of Strategic Leaders
Read TextPreview

Extract of sample "What Are the Fundamental Purposes of Business and the Responsibilities of Strategic Leaders"

School: Topic: WHAT ARE THE FUNDAMENTAL PURPOSES OF BUSINESS AND THE RESPONSIBILITIES OF STRATEGIC Lecturer: Businesses have become part of us as people since time immemorial. It can also be expected that we will continue to have businesses operating around us till as long as there are people to use the services and products that businesses offer. Reading through different schools of thought about the purpose of business however, one clear indication that is drawn is that the purpose of businesses and responsibility of strategic leaders will not always be the same (Wolfe, 2011). Rather, these will change with changing times and needs of the consuming public. By the consuming public, reference will not only be made to those who patronise the products and services of particular businesses but all other people who in a way may be affected by what a business entity does. It is not surprising that in the 1970s, Milton Friedman saw the sole purpose of business as making profits but with time, this changed to a much holistic responsibility of creating and keeping customers by Peter Drucker.
Based on the dynamic needs of society by the years, it will strongly be accepted that today, the primary purpose of business is to solve peoples problems. This is certainly an all-in-all purpose that comes with a lot of implications for doing business. First, it implies that people are the real focus for doing business. With people being the real focus of doing business also, it is not just about creating business around people and taking opportunity of them but then engaging in a shared-responsibility that ensures that the people also benefit from the business (Porter & Kramer, 2006). There are a number of theories and concepts that have been used in literature to explain the form of shared-responsibility between businesses and the people. One of these is the concept of sustainability. Under the sustainability framework, businesses are expected to be functional from three major perspectives which are economic, social, and environmental (Porter & Kramer, 2006). As far as economic sustainability is concerned, the old school of thought on the purpose of making profit can be said to be applicable. In the remaining two which are social and environmental however, businesses are deemed to operate in a way that makes them useful to the larger society and the environment surrounding them (Wolfe, 2011).
Because of the change with the purpose of businesses, the responsibility of the people behind the wheels of any typical business has also changed very significantly. Today, it can be said that the primary responsibility of senior leaders is to create and maintain an environment of meaning and purpose so that the organizations people can create value for a broad range of stakeholders. To create value for a broad range of stakeholders is a responsibility for senior leaders that is directly reflected in the sustainability framework earlier referred to. This is because as part of the sustainability framework, businesses are seen to operate in an environment that has several internal and external stakeholders including customers, government, creditors, suppliers, and shareholders. Once the senior leaders are able to meet the needs of all these different people, they will indirectly be living the overall purpose of the business. But this responsibility cannot be achieved alone and so the senior leaders are expected to have what it takes to groom effective workforce with whom they can achieve this all important purpose.
References
Porter, M., & Kramer, M. (2006). Strategy & society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 7892.
Wolfe, N. (2011). The living organization: Transforming business to create extraordinary results. Irvine, CA: Quantum Leaders Publishing. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“What Are the Fundamental Purposes of Business and the Responsibilities Assignment”, n.d.)
What Are the Fundamental Purposes of Business and the Responsibilities Assignment. Retrieved from https://studentshare.org/human-resources/1699596-what-are-the-fundamental-purposes-of-business-and-the-responsibilities-of-strategic-leaders
(What Are the Fundamental Purposes of Business and the Responsibilities Assignment)
What Are the Fundamental Purposes of Business and the Responsibilities Assignment. https://studentshare.org/human-resources/1699596-what-are-the-fundamental-purposes-of-business-and-the-responsibilities-of-strategic-leaders.
“What Are the Fundamental Purposes of Business and the Responsibilities Assignment”, n.d. https://studentshare.org/human-resources/1699596-what-are-the-fundamental-purposes-of-business-and-the-responsibilities-of-strategic-leaders.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF What Are the Fundamental Purposes of Business and the Responsibilities of Strategic Leaders

Business Morals and Social Responsibilities

...Business Morals and Social ResponsibilitiesBusinesses use the developed ethical codes as a benchmark for defining the conducts of employees in an organization. However, these ethical codes have varied effects on an organization, some being positive while some unconstructive. The communal expectation of social accountability may change to a desirable one. This is due the admirable trend of corporate in being socially responsible as they strive in amplifying their competitive edge. Social responsibility can also be used as a tool for evaluating the performance of an organization. This can be possible by the strict observation of the company philosophy. Moreover, a firm’s main activity can also be switched to suit into the bracket... of...
4 Pages(1000 words)Essay

Written Communication for Business Purposes

...?Written Communication for Business Purposes In business communication there is an exchange of information within the organization. It is a never ending continuous process. The need to communicate more effectively and efficiently with the society and the employees builds on as the business expands further. Business communication can be both oral and written. However in this paper, written communication for business purposes will be discussed. Written communication is a very critical and important part of business communication. It is necessary that accountability and responsibility chains of people working in the organization are fixed. The manager should communicate everything to his sub ordinates and people in the organization... . An...
2 Pages(500 words)Research Paper

Strategic Leadership & Future Leaders

...? Strategic Leadership and Future Leaders Influence processes are vital in day to day management of an organization. In most cases, to management of an organization are mandated to provide strategic leadership rather than be involved in day to day running of the organization. However, the top leaders are at liberty to adopt a leadership style that they deem fit for the organizational culture. Others adopt resort to shaping an organization to fit there style of leadership. Five influence processes have been identified: direct decisions, resource allocation, reward system, selection and promotion and role modeling. Strategic Leadership and Future...
5 Pages(1250 words)Research Paper

Entrepreneurs as Business Leaders

On this regards, recommendation are made on how the initiatives taken by the national, regional and local entities can be made better. 1. Introduction Small and Medium-sized enterprises (SME) are considered to be potentially most dynamic in an emerging economy. SMEs are regarded to play an important role in the development process of not only developing but also developed countries. Various advantages can be generated from the rise in SME (Parker, 2004). They are assumed to use more labor intensive technology that may give rise to the employment opportunity. They are established quickly and rapidly that leads to immediate initiation of operation, which in turn generates quick returns. The development of SME may promote the process...
11 Pages(2750 words)Essay

Business ethic for leaders

...harmony between businesses and the outside world. Based on the above underpinning evidence it is justified to say that business ethics play a significant role in the success of companies and businesses. Models of management business ethics Moral management This model assumes the role of leadership whenever ethical conflicts occur in an organization. Its purpose is implement ethical behavior for the overall success of a business or organization. It adheres to the high standards of ethical behavior. Immoral management This model does not have any ethical principles; in fact, it opposes any form of ethical behavior portrayed by...
5 Pages(1250 words)Essay

Purposes and Benefits of Strategic Planning

...Purposes and Benefits of Strategic Planning The plans are always based on the goals, regardless of the ways one is trying to achieve the goals through, in the same way when we talk about "Strategic Planning", it means the use of strategies through which we would carry out our plans, strategy is the best way a company employs, out of several available options to reach the goal, strategic planning has numerous benefits in a business, as a blind cannot move without stick properly, the same way a business cannot move without strategic planning. The basic purpose of Strategic Planning is to...
6 Pages(1500 words)Essay

Fundamental elements of business

...TOPIC: FINANCIAL MANAGEMENT INTRODUCTION: A business organization is familiar with such terms as cost of capital, cost of equity, shareholdersetc. these are the fundamental elements of any business organization, and such it's affairs as usual pivot around the significant terms. One of the factors used in checking, analyzing and in most cases considering a business organization at first glance is it's cost of capital which represent the foundation strength of a company. In calculating the cost of capital for any business organization - cost of equity and cost of debt are basically the ways involved in calculating it. Definition of terms: Cost of...
2 Pages(500 words)Essay

Writing for business purposes

...WRITING FOR BUSINESS PURPOSES By Location Creative Writing Introduction Ideally, any form of business enterprise has to communicate effectively with its stakeholders, employees, clients and suppliers in order to ensure that there is a smooth flow of organizational operations. In this case, businesses have to ascertain the best business communication tools in order to maximize customer experience and also to make internal processes to be effective to the organizational goals. Two of the major communication tools used in businesses includes annual reports and corporate sales brochures in which they help to communicate to the various...
8 Pages(2000 words)Essay

Managing strategic change is fundamental to business success Discuss

...of the employees with greater emphasis placed on the nursing staff. Other factors were considered such as the reliability of the equipment effects on workflow, organizational leadership and culture, timelines for the implementation and the appointment of a project leader. The refreezing stage is characterized by the current support for the frontline nurses and IT support to the involved stakeholders and users of the system to ensure they are comfortable. A summary of problems experienced throughout the process is being recorded for future reference. Conclusion Managing Strategic change is important to the expansion and development of all businesses. It represents the crafting science and...
6 Pages(1500 words)Essay

Contemporary business leaders

...Topic: Contemporary business leaders: Tim Cook Introduction Timothy Donald Cook was is a US business executive, who was born in 1960 and is currently the CEO of Apple. He enrjoined Apple in yera 1998 and became the Senior Vice President responsible for operations all over the globe, while also serving as the Executive Vice President, before serving as the Chief Operating Officer up to the time when he became the CEO of Apple succeeding Steve Jobs. Previously, he had been the CEO in an acting capacity when the former Apple CEO had been on medical leave in 2011. Tim Cook is also a member of the Nike’s board of directors and well as the National Football Foundation, and in...
5 Pages(1250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic What Are the Fundamental Purposes of Business and the Responsibilities of Strategic Leaders for FREE!

Contact Us