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AVbyT
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"The goal of business should not be to make as big a profit as possible. Instead, business should also concern itself with the well-being of the public."
Discuss the extent to which you agree or disagree with the opinion expressed above. Support your point of view with reasons and/or examples from your own experience, observations, or reading.
In today's world, the role of corporations, especially large enterprises, is increasingly important in society and general public. Most enterprises are identified as a part of society that have the inertia to make things happen for the general good of the people. People expect corporations to work for the greater good of people but, understandbly, with the motive to make a profit. Therefore, I agree with the qoutation above and will present reasons to support the statement.
The main reason that the goal of corporations should not only be to chase large profits is that while profits justify the risk of doing and running the business but if the profit making can happen along with the greater good of the society then that will result in a more complete outcome for the corporation. If that were not the case then at some point the society will loose faith in company's goal. For example, some time ago there were stories of companies in China that were using a toxic Lead compound in the manufacturing of the toys that were exported to USA. Even if the company did not intend on such an outcome it was viewed greatly as a profit making machine not looking out as these products were used by children.
Another reason that justifies the approach of the business to give back to the public is that companies have to be a part of the communities around them. Such companies gain great leverage of the trust of the general public and in the longer run get rewarded with larger profits. A great example of such a case is a company that is developing solar lamps for people in poor nations that cannot afford to install lights in their homes. This company is working greatly for a social cause but with the intent of turning a profit from this business. Despite not belonging to their country, the company has been so well accepted in the community that it has in turn created a big following of general public that not only endorse their products but and spread the message with respect to the their goal of helping underpriviledged. In fact, there is a new class of such business that aim to work for social causes and generate profits at the same time.
On the other hand some may argue, businesses should stick to running operations and generating profits as best as they know but in today's world just keeping shareholders happy but having a bad acceptance in the general public hurts the reputation of the company. Apple is a great example of a company that sells products that are more expensive than the competitors and has generated record profits but the company's representatives do not plan their products with the only goal of making big profits. Rather, Apple has always tried to make their products simpler to use and with the customer at the center of their design process.
Clearly, the bottom line of a business is to generate profit but I fully concur with the statement that business should also concern themselves with the general well being of the public. Such a strategy will result in creating a longer term relationship with their buyers and result in generating more profits for company.
Discuss the extent to which you agree or disagree with the opinion expressed above. Support your point of view with reasons and/or examples from your own experience, observations, or reading.
In today's world, the role of corporations, especially large enterprises, is increasingly important in society and general public. Most enterprises are identified as a part of society that have the inertia to make things happen for the general good of the people. People expect corporations to work for the greater good of people but, understandbly, with the motive to make a profit. Therefore, I agree with the qoutation above and will present reasons to support the statement.
The main reason that the goal of corporations should not only be to chase large profits is that while profits justify the risk of doing and running the business but if the profit making can happen along with the greater good of the society then that will result in a more complete outcome for the corporation. If that were not the case then at some point the society will loose faith in company's goal. For example, some time ago there were stories of companies in China that were using a toxic Lead compound in the manufacturing of the toys that were exported to USA. Even if the company did not intend on such an outcome it was viewed greatly as a profit making machine not looking out as these products were used by children.
Another reason that justifies the approach of the business to give back to the public is that companies have to be a part of the communities around them. Such companies gain great leverage of the trust of the general public and in the longer run get rewarded with larger profits. A great example of such a case is a company that is developing solar lamps for people in poor nations that cannot afford to install lights in their homes. This company is working greatly for a social cause but with the intent of turning a profit from this business. Despite not belonging to their country, the company has been so well accepted in the community that it has in turn created a big following of general public that not only endorse their products but and spread the message with respect to the their goal of helping underpriviledged. In fact, there is a new class of such business that aim to work for social causes and generate profits at the same time.
On the other hand some may argue, businesses should stick to running operations and generating profits as best as they know but in today's world just keeping shareholders happy but having a bad acceptance in the general public hurts the reputation of the company. Apple is a great example of a company that sells products that are more expensive than the competitors and has generated record profits but the company's representatives do not plan their products with the only goal of making big profits. Rather, Apple has always tried to make their products simpler to use and with the customer at the center of their design process.
Clearly, the bottom line of a business is to generate profit but I fully concur with the statement that business should also concern themselves with the general well being of the public. Such a strategy will result in creating a longer term relationship with their buyers and result in generating more profits for company.
