How should a for-profit corporation balance its business needs with the needs of its customers.
Glen Ennis
How should a for-profit corporation balance its business needs with the needs of its customers.
Mostly, business is been established with the purpose and intentions of generating money from it in other to help solve our financial problems. Generally, the main purpose and aim of every for-profit corporation is to make profit more than they invested in the business. For-profit organizations care less about satisfying the desires of their customers (Bowman, 2018).
They focus more of satisfying the corporation needs and the needs of its stakeholders. They can decide to keep every profit they generate from the business to themselves or re-invest it. For a for-profit organization to balance its needs with the need of their customers, they need to work towards meeting the needs of their customers while still keeping to the mission statement of the corporation. For-profit corporations need to understand what their customers require from them in other for them to properly understand how they can meet up with their demands (Drucker, 2016). When corporations understand the perfect way to balance the needs of their customers with the need of the corporation, they will always remain in the lime light of the business.
Lives depend on products created by some companies. Do these companies have a greater responsibility to work towards benefiting the consumer more than themselves?Yes, when lives depend on a product for survival, it is necessary for the company that is producing these products to think of benefit more of their consumers more than the organization. This is to the fact that these products might be considered consumable and when it is not properly worked on, it might likely cause harm to the people consuming it (Astley & Fombrun, 2017). Taking into consideration a grocery store, they operate with the intentions of supplying their consumers with consumable products such as fruits, vegetables, etc. and when they are not supplying healthy products to their customers, it is more likely to cause health issues to their customers. If this kind of corporation focuses more on just meeting the demands of the organization, they are more likely to lose the focus of meeting up with the demands of their customers. Proverbs 13:4 says “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty (ESV).”Look at the issue from a Biblical worldview. How would you respond if you were running such a company?
Philippians 2:3-4 says “Do nothing from rivalry or conceit, but in humility count others more significant than yourselves. Let each of you look not only to his own interests, but also to the interest of others (ESV).” Even the bible stated the importance of putting the well-being of others into consideration when making decisions. I will always ensure that I am on the right side and will always remain fair when managing such organization (Chandler, 2016). I will think of benefiting my consumers more than the corporation as I know that this act will bring about the good name and reputation of the organization.
References
Astley, W.G. and Fombrun, C.J. (2017) ‘Collective strategy: Social ecology of organizational environments’, Academy of Management Review, vol. 8, no. 4, pp. 576–87.Bowman, E.H. (2018) ‘Epistomology, corporate strategy, and academe’, Sloan Management Review, vol. 15, no. 2, p. 47.
Chandler, A.D. (2016) Strategy and Structure, Cambridge, MA, MIT Press.Drucker, R.F. (2016) Management: Tasks, Responsibilities, Practices, New York, NY: Harper & Row, p. 104.
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