This website uses cookies to ensure you have the best experience. Learn more

Social Responsibly Of Business Argument Essay

1288 words - 6 pages

Social Responsibly of Business Argument
PHI 103: Informal Logic
November 3, 2014

In Milton Friedman’s article, “The Social Responsibility of Business is to Increase its Profits”, published in The New York Time Magazine back in 1970 Friedman proposes the argument that a corporations social responsibility is to increase profits. “Milton Friedman’s article entitled The Social Responsibility of Business is to Increase its Profit is one of the most often used counter arguments for people who would eschew the idea that a corporation should consider more than just shareholders.” (College of Law) While creating a very debatable argument Friedman has opened my eyes to a topic ...view middle of the document...

While Friedman’s argument can be very useful and has some well though points it is hard for me to agree with such tactics. One of which being the conclusion he stated in both The New York Times and his book Capitalism and Freedom, “there is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”.(Friedman) It is a very reasonable argument that profit should be the large priority of a corporation but my concern or question is, is it not possible to exercise social responsibility and still obtain optimal profits?
I would like to propose a counter argument that it very possible to do both and by doing so it would leave the shareholders and the customers as well both pleased and satisfied. If a corporation’s social responsibility is strictly profit then the image of that company portrayed would not be one of goodwill. Of course profit is a very important factor but the tactics used to obtain these profits can make or break a corporation. One particular conflict that arises with Friedman’s argument is that different geographical regions of companies require different sales tactics. Although a tactics used to increase profits in one region may work there it could destroy another regions profit if implemented.
I am a firm believer in customer relations and quite often corporate can create difficult obstacles to build these relationships. I see things like this every day. I know in my particular line of work customers never forget when a company bends over backwards to help resolve a problem or issue. For example, my company has a rental fleet of portable air conditioners and a couple weeks ago a local schools air conditioner for a particular room went out. It just so happened that they had a very important meeting in that room the next evening and it created a very large and urgent problem for them. Although this school had not done much business with us at all we were eager to build this relationship with them. So I and another coworker delivered eight of these portable air conditioners to the school installed them and uninstalled them free of charge. While we could have made a few grand off of the rental units’ sale we decided that this was our chance to build a relationship and possibly open a door for future sales. In Friedman’s eyes this would have went against his argument that profit comes first. Yet not even a week later we began to see multiple purchase orders from this school well over the amount of renting out a few portable units. Not only were we able to provide for our community but in return we were able to build a new relationship that could...

Other Papers Like Social Responsibly of Business Argument

Importance Of Ethics And Social Responsibility In The Business World

1388 words - 6 pages IntroductionStrategic ethics and social responsibility are two of the most important, yet perhaps most misunderstood concerns in the world of business today. By their very nature, these fields are controversial, and there is no universally accepted approach for solving their questions. On the other hand, government is encouraging organizational accountability for ethical conduct, and organisations are being asked to prevent and control

The Legal, Social, and Econimc Environment of a Business

608 words - 3 pages really like the help I am receiving and have received thus far from AIU on-line. Response to (legal, social, economic): Bolander states "A business operates within a legal framework that, for the most part, works. This legal framework has a long history and many reams of laws and regulations that will make your head spin. At some point, most companies will have to deal with some sort of legal issue related to their business. Don’t be afraid of

Describe the Social Implications of Business Ethics Facing a Tesco in Its Different Areas of Activity

1396 words - 6 pages Describe the social implications of business ethics facing a selected business in its different areas of activity For this task I am going to use Tesco plc. The social implications for Tesco direct to the actions of the organisation having consequences on society and there are many areas of activity that the business does that have implications on society. Finance Tesco plc. has many subsidiaries one of these is Tesco bank which is a private

Describe how the political, social and legal factors affect the business activities of the organisations

1495 words - 6 pages Describe how the political, social and legal factors affect the business activities of the organisations. There are many aspects of life that affect a business’s way of running, from looking at the political, social, and legal aspects we will be able to see just how each any every subject matter differently and how that affects the business. The social side of life refers to the changes in lifestyle, behaviour, attitudes and different

Describe How Political, Legal and Social Factors Are Impacting Upon the Business Activities of the Selected Organisations and Their Stakeholders

1857 words - 8 pages P6 - Describe how political, legal and social factors are impacting upon the business activities of the selected organisations and their stakeholders All businesses and corporations will face external factors that impact the business activities and stakeholders of a business. These factors of changes can be political, legal, and social within the business environment. Politics is a process by which groups of people make collective decisions

Social Implications Of Business Ethics

532 words - 3 pages Hello, here at BP we strive to attain oil in the cleanest form possible, alongside taking full responsibility of our actions and the effects that we have on the local communities. We are aware that things in the past may have not gone the way we planned but we are forever in debt to the local communities that we damaged and the lives lost. We now have various precautions set in place to minimalize the risks and in general the negatives that

Impacts Of Social Networking In The Academic Performance Of Business Students

1382 words - 6 pages within the school compound, the structure of their classroom, availability of instructional facilities and accessories. It is believed that a well planned school will gear up expected outcomes of education that will facilitate good social, political and economic emancipation, effective teaching and learning process and academic performance of the students.           Relating this study to international occurrences are the assertions of Williams

The Next Nigga

583 words - 3 pages ethically and responsibly it leads to entire organization. This ethics are more than just a word used to enhance the image of corporation also a very foundation of success, it should applied at the very moment of a firm opens its doors. The term business ethics has always help controversial connotation that is why the researcher seeks answer for business conflict on its ups and down. Believers like Cameron Mclean says that a business trying to

Hilton Hotel Csr and Three Myths

1332 words - 6 pages companies. It is run by CEO Christopher J. Nassetta. According to the Hilton’s official web site the mission of their strategic giving is to harness their passion and expertise to address the social, economic and sustainability issues that impact Hilton’s business and are important to the communities where we work and live. OVERVIEW OF THE CASE There are two cases that are enough to critically evaluate Hiltons CSR behavior. The first is as

Mgt 498 Ethics

955 words - 4 pages Business Ethics MGT/498 Business Ethics This paper will discuss the ethical practices within the business. In the recent years, many businesses have taken a closer look at how the business ethics can either hinder the business or assist them in the growth or sustainability of the business. Examining the different variables of how ethics places into the business’s social responsibilities, and their sustainably organizational strategy

Internship Essay

818 words - 4 pages effects of private interest and public welfare in an organization. Moreover, its importance can be highlighted by understanding how it is constantly used nowadays to help establish clear boundaries between the interests of the different stakeholders existing in a particular firm. In the current competitive business environment, CSR enables employees to treat every one of corporate counterparts responsibly in order to grow and make profits. In the

Related Essays

Social Responsibility Of Business Essay

2386 words - 10 pages Seminar Paper Social Responsibility of Business Social Responsibility of Business Name= Bisweswar Chakraborty BBA, 4th Semester, 2nd year * Introduction :- * Social Responsibility :- Social responsibility is an ethical theory that an entity, be it an

Hydrofracking Social Context Of Business

2655 words - 11 pages largest projects are drilling of their oil and natural gas assets in North America, Southeast Asia, and an offshore drilling location in the North Sea3. Their business strategy focuses on three defined components: establishing safe long term growth from its shale operations in Southeast Asia and North America, maintaining their current high-impact exploration as the forefront of international business, and operating at maximum efficiency to

Role Of Social Media In Business

607 words - 3 pages Nowadays social media plays a vital role in all business and marketing circles. Social media marketing is the best platform to promote your site through social media channels (for example Flickr, Twitter, Facebook) and you will get more number of visitors and huge amount of traffic. And also without spending huge amount of money you can generate more number of visitors and returning visitors. Social media is the best way to promote your business

Legal, Social, And Economic Environments Of Business

993 words - 4 pages Legal, Social, and Economic Environments of Business Johnathon L. Olive American InterContinental University Online Abstract Johnathon Olive, the writer—was given a scenario to write about using the different types of businesses. He made a management decision regarding which business type he believed would be the most likely to succeed and why based on the scenario. He also listed