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Profit Maximization - Essay Example

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Summary to essay on topic "Profit Maximization"
Organizations have been accused of operating on profits alone without accounting for the social consequences of their actions. There is a belief that myriad enterprises make decisions based only on financial factors such as profits and dividends and limit their obligations to statutory obligations to comply with government legislation…
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Download file "Profit Maximization" to see previous pages... Businesses have developed a heightened interest in promoting awareness on ethical responsibility. Issues concerning environmental damage, improper work regulations and inappropriate employee treatments and faulty production of products which either cause inconvenience to customers or danger public safety are resolved through the links on their objectives and actions.
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Value-based decision-making through integration of clearly-defined values into organizational structures of numerous organizations proactively address a broad range of community dilemmas. These organizations which attach functional aspects of operations to public welfare include various companies ranging from pharmaceuticals, automobiles, consumer goods to services. Corporate social responsibility, described as the alignment of a company's activity to public expectations, governs organizations which clearly show that public concerns and not profit maximisation is the common objective among organizations.
British organizations alone would prove that improving the quality of human life is the primary objective of their operations. Consider GlaxoSmith Kline, a pharmaceutical company established in London whose aim is to improve the quality of human life by enabling people to do more, feel better and live longer. The mission to contribute to the improvement of lives guides the company in developing innovative medicines and products that help millions of people around the world. It does research for medicines and vaccines for the World Health Organization's priority diseases that include HIV/AIDS, tuberculosis and malaria. The company shows its care to Third World countries where debilitating diseases affect millions of people by providing discounted medicines to let more patients acquire necessary cures. These cost reduction schemes applied by the company in its business operations entailed losses from probable profit collections. Actual earnings have been reduced as a result of the prospects that considered lowering of prices through discounts. The corporate strategy is indeed a way of the company to provide value to consumers and society notwithstanding the objective of financial advantages and profit maximisation (GlaxoSmith Kline, 2001). In the early part of the 21st century, the company made efforts to lower its prices on HIV/AIDS drugs for the benefit of developing countries in relation to their commitment to deliver ways to reduce costs and pass the savings to patients. As a result of their action, patients suffering from the illness in various developing countries were able to take medications and these constitute live of millions of individuals. Due to its desires to continuously improve access for healthcare products, the company gained international recognitions for its decisions that reduced barriers in the consumption of health products (Baker, 2003).

In the pharmaceutical industry, social responsibility is not a practice of a single organization. Aside from the GlaxoSmith Kline, another international company with British operations that promotes global corporate social responsibility is Astra Zeneca. Corporate social responsibility is an integral part on how operations are run by the company ...Download file "Profit Maximization" to see next pagesRead More
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