Role of Business in Today Society-Free-Samples for Students

Question: Discuss about the role of business in todays society. Answer: The role of business in the 21st century In the modern world, the goal of business organisations is to maximise the competitive advantage in order to remain afloat in the market. The manner in which the business organisations develop it in order to gain a competitive advantage is by either making profit or by maintaining sustainability in the environment (Bocken et al., 2014). In the light of this statement, I can say that most organisations are focused on maintaining sustainability in the business rather than profit. This is normally seen among the organisations that indulge in the manufacturing of products. The triple bottom line approach can be calculated in order to understand the manner in which the business has evolved in the 21st century. This policy includes the analysis of the social, environmental and financial control of an organisation. This refers to either profit or loss of a business (Boons Ldeke-Freund, 2013). Thus, I can conclude that the capability and understanding of the resources of an organisation drive it to maintain sustainability in the modern world. Unlike earlier days, sustainability is as important in business as profit-making objective. Figure: Triple Bottom Line approach (Source: Boons Ldeke-Freund, 2013) Meaning of ethical, socially responsible and sustainable business The term ethical means maintaining the moral principles that exist in the society (Shaw Barry, 2015). This includes refraining from any behaviour that may be responsible for hurting a person or spurring an unprecedented situation. In my opinion, business needs to be ethical in order to maintain the trust of the employees and ensure that every employee feels that they are responsible for making a difference within the organisation. According to DesJardins and McCall (2014), the responsibility of a business organisation refers to having a duty to be performed or promise to fulfil to a society. Socially responsible business refers to the duties that need to be fulfilled by an organisation towards the society. I am of the opinion that this includes maintaining a clean environment, providing employment opportunities and maintain a sustainable business. Hence, I can say that sustainable business refers to the strategy that is adopted by an organisation in order to reduce the negative impact on an environment. These businesses strive to achieve the triple bottom line approach in order to maintain sustainability and gain a competitive advantage. It also maintains certain policies and rules that help in the growth of the business. Ethics in a business context Business ethics refers to the examination of moral principles and problems that may arise in a business organisation. As stated by Tai Chuang (2014) these ethical issues arise from statements made by individuals, organisations and the law of a country. I am of the view that every business needs to maintain certain ethical principles in order to ensure the loyalty of the employees. These rules are formed by the organisations keeping in mind the culture of the business and the legal requirements of a country. Some of the ethical considerations related to business include: To ensure that no racial statements or comments are hurled at individuals those belong to a minor section of a country. This is considered as a serious offence to the people as most people may be offended by the racial attacks on the people of the regions. To ensure that laws related to legal marketing are followed. This means that a business organisation needs to ensure that the legal laws related to performing business in a society are followed. In my opinion, this is one of the most important considerations that every business needs to make. The fact that without such considerations a business cannot succeed is important to understand for the managers. Business strategy and the role of social responsibility In order to maintain a successful business, organisations need to formulate certain strategies that can help in maintaining a competitive advantage. These strategies include improving the supply chain so that an organisation can compete in the long-run. The manner in which a manufacturing organisation distributes its products is one of the most important factors that can help a business organisation gain success. I think that apart from this, business organisations need to maintain a fair trade practice. According to Carroll (2015), businesses that maintain fair trade practice can have an advantage with the respective Governments. This can help in proper import and export of goods and services. However, maintaining labour standards is considered to be another role that business needs to play in order to be socially responsible. I think that a business organisation needs to treat the employees equally in order to derive the best results from the employees. Organisations need to maintain rules such as paying minimum wage, considering the safety and security of the employees along with abstaining from any unethical behaviour in order to gain a competitive advantage. Thus, I can conclude that maintaining the interests of the society as well as the employees are necessary strategies that business organisations need to formulate. Sustainability as a business imperative In order to maintain sustainability business organisations need to undergo certain changes that affect the working of the organisation. However, adopting these changes is met with certain challenges and issues that prevent organisations from undertaking these approaches. In the opinion of Boons et al., (2013) business organisations need to seek opportunities in order to improve the competitive advantage it may have in the market. In this regard, some of the issues faced by business organisations include excessive interdependence on the economic, social and environmental systems. This is because these factors are unstable and can cause problems among the business organisations. Maintaining a single strategy based on the stability of these factors can create problems among an organisation. Hence, I can conclude by agreeing with the statement made by Manning (2018) stating that every business organisation needs to analyze the variable factors such as environmental, economic, and political in order to formulate strategies. Apart from this, change from one process to another can also be considered as a huge challenge as the managers need to convince the employees about the need for change. References Bocken, N. M. P., Short, S. W., Rana, P., Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes.Journal of cleaner production,65, 42-56. Boons, F., Ldeke-Freund, F. (2013). Business models for sustainable innovation: state-of-the-art and steps towards a research agenda.Journal of Cleaner Production,45, 9-19. Boons, F., Montalvo, C., Quist, J., Wagner, M. (2013). Sustainable innovation, business models and economic performance: an overview.Journal of Cleaner Production,45, 1-8. Carroll, A. B. (2015). Corporate social responsibility.Organizational dynamics,44(2), 87-96. DesJardins, J. R., McCall, J. J. (2014).Contemporary issues in business ethics. Cengage Learning. Manning, L. (2018). Corporate social responsibility. InFood Ethics Education(pp. 121-146). Springer, Cham. Shaw, W. H., Barry, V. (2015).Moral issues in business. Cengage Learning. Tai, F. M., Chuang, S. H. (2014). Corporate social responsibility.Ibusiness,6(03), 117