StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Corporate Business Responsibility - Essay Example

Cite this document
Summary
Corporate Business Responsibility Name: XXXXXXXXX Professor: XXXXXXXX Institution: XXXXXXXX Course: XXXXXXXX Date: XXXXXXX Milton Friedman was one of the most recognized and acclaimed economists of all times. His theories on business related issues have been applied in many of the contemporary world corporate decision-making…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96.8% of users find it useful
Corporate Business Responsibility
Read Text Preview

Extract of sample "Corporate Business Responsibility"

Download file to see previous pages

According to him, he opposes Milton’s theory and states that the business entity has an added responsibility of taking care of consumers and other workers on top of achieving its core purpose of making profits. These two viewpoints have had very many reviews and the comprehension and general assessment assist largely in determining the more noble theory. Both the ideas have their strong points, and this is based from the vast research and knowledge that the experts behind them have. Focusing on the views offered by Milton, he stated that the sole responsibility of a business should be to maximize profits.

The positive aspect of this statement is that the business thus has the ability to offer full concentration to profit making agendas. With less association with the exterior environment, the company is assured of having maximum profits and thus leading to increased money drawn back to the company, and the subsequent result is always having the business expand to a greater aspect. However, the theory does not accommodate all aspects of contemporary business ethics. This is from the fact that the 21st century has many people taking the social responsibility of a business rather seriously for them to acknowledge the services offered.

The theory is thus rather biased from the fact that people pay more attention to a business that offers more attention to them. If a company involves the community through various activities such as brand testing before marketing and other social responsibilities like funding several events and offering financial aid, people are personally attached. This personal attachment is rather necessary in that it assists in ensuring that the community offers much attention, and to the company and the company has an upper hand in the competitive atmosphere in the location.

Another aspect that is rather expounded by Milton from his theory is that a business thus has the ability of remaining anonymous by carrying out its activities in private without letting in the general public in its ideas. This privacy policy is advantageous as it assures the company of originality and assurance that there will not have any theft of concepts and ideas that the company comes up. Moreover, it is said that a company that keeps to itself gets respect from the community in that it portrays its ability to have a financial bearing without assistance from others (Shaw & Barry, 2004, 232).

However, looking at the 21st century from a general perspective, going through with Milton’s theory is not the best decision that a company, whether big or small, should take up. The best advice to follow is that relating to Edward Freeman. Caring about the welfare of the workers is one key point to the success of many companies. For instance, a company that sets standards to which the employees have to reach and subsequently gifts the employees that actually attain the standards is well on the course to success.

The gifts may come in different packages depending on the success rate of the employees. These may range from family picnics to even salary raises. All these work better to offer motivation for the employees that eventually leads to better corporate results. Freeman and Milton have diverging corporate viewpoints but bear the same subsequent goal for each business criteria taken. The goal is success of the company. Caring about customers is also very

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Corporate Business Responsibility Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Corporate Business Responsibility Essay Example | Topics and Well Written Essays - 750 words. Retrieved from https://studentshare.org/business/1450952-2-i-will-proved-topic-tomorrow-
(Corporate Business Responsibility Essay Example | Topics and Well Written Essays - 750 Words)
Corporate Business Responsibility Essay Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/business/1450952-2-i-will-proved-topic-tomorrow-.
“Corporate Business Responsibility Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/business/1450952-2-i-will-proved-topic-tomorrow-.
  • Cited: 0 times

CHECK THESE SAMPLES OF Corporate Business Responsibility

Attitudes Personality and Behavior

The following assignment "Attitudes Personality and Behavior" is focused on self-development.... As the author puts it, when I was born, my parents only knew German as their only language and since I was born in England, we could not speak well with other family members as they had a German accent....
10 Pages (2500 words) Assignment

Corporate Social Responsibility in Business Activity

hellip; Corporate Social responsibility (CSR) has evolved as a significant activity for businesses, both nationally as well as internationally.... CSR has been recognized as that responsibility of business houses that are relevant for acting in a socially responsible way.... The concept of CSR is linked to the process of business decision making related to ethical values, respect for people, legal compliance, environment, and community.... CSR is that aspect of the business which induces a company for going further than it is demanded by law....
20 Pages (5000 words) Essay

Corporate Social Responsibility and Business

The author of the present research paper "Corporate Social responsibility and Business" highlights that corporate social responsibility entails the way organizations manage their business processes to achieve a positive impact on society.... Business and corporate social responsibility are inseparable.... Thus corporate social responsibility can be simply defined as the capacity of a company to build protractible livelihoods....
6 Pages (1500 words) Research Paper

How Companies Demonstrate Social Responsibility

Corporate social responsibility is an important but "evolving" concept and thus while it may be easier to define it; it is certainly difficult to explain the motives of a company behind adoption of this strategy.... Corporate social responsibility, while it may be immensely critical, doesn't always come with a serious concern for better image in the country.... Social responsibility has also become a buzzword because of the availability of large variety of similar goods....
12 Pages (3000 words) Essay

Corporate Social Responsibility in Business

The writer of the current essay attempts to represent a discussion regarding the several questions about the corporate social responsibility and the business strategies.... hellip; Is it possible to successfully inculcate corporate social responsibility into firm strategy convincingly?... Is Corporate Social responsibility a realistic possibility that takes place in company or is it a public relations gimmick for “window dressing”....
3 Pages (750 words) Essay

Business Ethics and Corporate Social Responsibility

This research is being carried out to critically assess the similarities and differences in the terms 'Business ethics' and Corporate Social responsibility.... However, Corporate Social responsibility (CSR) and business ethics are two business features which have distinct characteristics, some of which are similar and some of which are mutually exclusive in nature.... Corporate Social responsibility (CSR) refers to the duty or obligation of a company towards the people, societies, communities, and environment that may be affected by the activities of the business....
11 Pages (2750 words) Essay

Corporate Social Responsibility & Business Ethics

In this study “Corporate Social responsibility & Business Ethics” the discussion will be focused upon the public and the private sectors of the UK economy, in their successful business management practices regarding the structure and culture together with effective methods of managing....
8 Pages (2000 words) Assignment

Business Ethics: Corporate Social Responsibility

"Corporate Social responsibility" paper carries out a critical analysis of the different perspectives of corporate social responsibility, highlighting strategies used by companies in the modern-day.... nbsp;… Friedman seems to have developed a strong argument against corporate social responsibility.... However, according to the Kew Garden Principles, every organization has a minimum responsibility for preventing and correcting social injury....
10 Pages (2500 words) Coursework
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.
Contact Us