Responsibility of business Essay - 550 Words

Rethinking social responsibility of business (Essay Sample) Content: Name:Tutor:Course:Date: Social Responsibility of Business Corporations Social responsibility is the ethically desirable behavior of entities to prioritize stakeholders interests beyond the pure economic or the profit motive. These include the entity's employees, investors, suppliers, communities and the environment in which the business operates. An active holistic involvement of an entity in the stakeholders investment is not only socially desirable but also grows to see the business rise in goodwill and create the companys public confidence. Social responsibility ranges from maintaining good employee relations and ensuring their safety standards, job security and reasonable wages for services offered, environmental responsibility, human rights consideration to invest in community outreach services such as facilitation of grants and donations for charity purposes. It should however be noted that a business involvement in social responsibility is not a legal requireme nt but an ethically accepted norm. Ethical norms are embedded in social responsibility. Conceptually, where businesses want to maintain high levels of competitiveness in a vast growing and competitive business environment, where profit maximization is highly pursued, the issue of giving back to the stakeholders should not be overlooked. A corporations success is immensely contributed by the stakeholders who are social beings, among other factors. It is therefore imperative for businesses to develop a strategic plan and implementing relevant policies to see to it that its stakeholder interest are taken into consideration in making sure that proper balance is maintained so that no party becomes disadvantaged.In the article, Rethinking Social Responsibility of Business, we see John Mackey, Friedman and T.J Rodgers engaged in hot exchanges and got signals crossed as each tries to sharply lay out the role of business to its stakeholders. Mackey takes the lead and argues that the custom ers should be prioritized above the investors and that profit making should be used as a bridge to achieve customer satisfaction. Friedman comes out and criticizes Mackeys arguments and defines corporations social responsibility to be increasing its profits. On the other hand, Rodgers sharply points out that profit maximization should be prioritized before the stakeholders interests.My view concerning the trios debate is that corporate bodies need to strike a balance in its struggle to cater for all its stakeholders interests in order to ensure that both the business objectives and its responsibility to its stakeholders are maximized proportionately. What is undesirable is where a business sits to enjoy prosperity and thrive in a society without looking back to reward the facilitators of its success. The investors would be thrilled to enjoy viable returns from a corporation they invest in. However, there are stakeholders whom without the free will of a corporation to extend a hand to them cannot demand any social gains from the corporation. These include the environment in which a corporation operates, the communities hosting the corporation and the customers whom after revealing their tastes and preferences to the corporation, cease to have an influence on the use of its resources.In conclusion, integration of sound ethical practices and socially responsible behavior into the business system will do to them more of good than harm in the long-run. It would also be prudent for corporations to recognize the need for social responsibility not only because it is ethically desirable, but to see it as an inner calling. John Mackey for instance had his corporation actively involved in social responsibility from an inner drive.ReferencesAjang, S, Derek, C, Betrand, N. Complying with Corporate Social Responsibility Demands in a Contemporary Context (The Case of Multinational Corporations). 16 Feb 2010, Web 25 Feb 2011.  HYPERLINK "h...

William Shakespeare s A Great British Author - 1029 Words

A Great British Author William Shakespeare was one of the greatest poets, playwright, and actor. He composed numerous plays, sonnets, and poems. Shakespeare was born in Stratford. His precise birthday is not known, but it is thought to be April 23, because according to church records, he was baptized on April 26, 1564. During this time babies were typically baptized when they were 3 days old. Shakespeare s father was John Shakespeare, who was a glove maker and a tradesman. His mother was Mary Arden. Shakespeare was married to Anne Hathaway on November 1582. Shakespeare was 18 at the time of the wedding and Anne was 26. Their first child, Susanna was born 6 months after the wedding in 1583. In 1585 they had fraternal twins, A son, Hamnet and a daughter named Judith. Hamnet passed away when he was 11 years old, possibly from bubonic plague. Many believe that the play Hamlet was about Hamnet Shakespeare’s son. After 3 years of marriage, Shakespeare moved to London. His wife Anne and children stayed behind in Stratford. One of my favorite Shakespeare plays is Hamlet. The story develops with the late King Hamlet appearing to his child, requesting retaliation on his sibling, the King Claudius, which is an occasion prone to irritate the Crown Prince. Over the span of the show, Hamlet perseveres through numerous trials of his will and cognise compelling him to reinforce his feelings and the strategies by which he will execute them. Yet, through itShow MoreRelatedCompare And Contrast Different Literature Periods1452 Words   |  6 PagesLiterature is considering as a human creation is differing from the other because of the changing in the society and language development in every period. This essay will demonstrate the relation between the literature and social events, and how authors affected and contributed to form those periods, also I will try to compare two different literature periods. 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Changes and Activities for Fairfax Media Company,...

The principal activities of Fairfax Media for the financial year are stated in the Leading The Change: Annual Report 2013. â€Å"Publishing of news, information and entertainment, advertising sales in newspaper, magazine and digital formats, and radio broadcasting† (Fairfax Media Limited, 2013 Pg.25). These are all principal activities of the business while in the Media industry, Fairfax Media’s principal activities do differ from its close competitors. An example of such a competitor in the media industry is APN News Media Ltd. Principal activities of APN News Media Ltd include, â€Å"Printing and publishing newspapers, magazines, directories and general printing, radio broadcasting, specialist transit and static outdoor advertising† (Smh.com.au, 2014). Both companies respectively being in the media industry have relatively similar primary activities however do differ as aspects of their primary activities focus do focus on different aspects. 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Factor to Determine the Breakeven Point-Free-Samples for Students

Question: Determine break even in the Service Industry describe how the service Industry projects its profit and loss. How does it work out the income it needs to make? Answer: Breakeven refers of the point of sales where all the cost has been recovered without any profit. So it can be said that breakeven it the point of sales quantity (in units) or revenue (amount) that is essential to need the variable and fixed expenses of the company. Any quantity below this point will lead to loss. The profit at breakeven sales is always zero (Horngren, 2009). The formula to calculate the breakeven is: Fixed Cost/Contribution margin ratio So it is essential to have information on sales revenue, variable cost and fixed cost incurred in any company. There are different categories of revenue and cost associated according to the type of industry. So it can be said that profit and loss is the deciding factor to determine the breakeven point. In service industry there are revenue generated through sales of service supplies as it is not in case of manufacturing industries where the sales of goods is the deciding factor. So the main items of the sales revenue in case of service industry are gross amount received to provide such services and any other incomes as a part of business activities (Coombs, Hobbs and Jenkins, 2005). Cost of goods sold or expenses can be divided into two parts variable and fixed. Variable expenses can be raw material used to render such services, labour implied to provide such services, shipping cost, and sales commission. Fixed expenses can be salaries paid to employees, rent, telephone expenses and utilities expenses. So breakeven for service industry will be same as above formula but it is beneficial to calculate the breakeven in amount not in number in number of services rendered. References Coombs, H., Hobbs, D. and Jenkins, E. 2005. Management Accounting: Principles and Applications. SAGE. Horngren, C. T. 2009. Cost Accounting: A Managerial Emphasis. Pearson Education India.