Last Updated 10 Aug 2020

What is the Business of Business?

Category business
Essay type Research
Words 350 (1 pages)
Views 175

It is a matter of fact that nowadays many organizations are becoming less socially conscience, because their only aim is to create shareholder value. Nevertheless, the number of proponents of social responsibility is growing, though it isn’t enough to change strategic thinking of the companies. Apparently, companies have to mitigate social impact and take it into consideration during strategy implementation. For example, pharmaceutical sector during last decades is faced with social pressures because of excessive prices. It is the evidence that pharmaceutical companies pay little attention to social responsibilities.

Furthermore, they don’t involve social issues into strategic planning thinking that social responsibility will recast them. The present situation is outrageous and actually companies have to build social issues into strategy, because it is social responsibility that reflects the performance of the company and its popularity among customers.

Some companies don’t realize that ignoring social issues they become more vulnerable to attacks and thus social pressure will be able to affect their corporate profitability. Companies mustn’t consider social responsibility as “irritating distractions”, because social issues are powerful as they are able to alter fundamentally the strategic future of the companies. (Davis 2005)

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Despite Indian success in automotive industry and a burgeoning middle class, areas that require significant improvements are still present. They are public health, infrastructure and education. It is apparent that improvements in biotechnology sectors aren’t enough to create employment opportunities which will foster social and economic development. Public health has to be improved, because it is holding India back. Public health lacks clean water, improved infrastructure, modern sanitary facilities, control of infectious disease and the immunization of the population.

Problems with infrastructure are connected with terrible flooding in Mumbai. Without these improvements no social development is possible. The next area is education and illiteracy problem. Without improvements in educational programs economic success will be delayed for many decades. Nowadays India requires significant improvement in higher education, because it is unable to meet the demands for IT specialists, engineers, chemists, etc. (Gupta 2005)

References

Davis, Jan. (2005). What is the Business of Business? McKinsey Quarterly, 3, 104-113.

Gupta, Rajat. (2005). Fulfilling India’s Promise. McKinsey Quarterly, Special Edition, 4-5.

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