BUSINESS ETHICS- BUSINESSES PURPOSE IS ONLY PROFIT?

Name
CourseInstructor
Date
The purpose of a business
Although the main and primary goal of a business is to maximize the profits of the shareholders in the business, the business has to ensure social responsibility. It’s through social responsibility like customer satisfaction, good focus on employees and other third parties like the government that the primary goal can effectively be achieved. It’s, therefore, essential for the business managers to balance the interest of the stakeholders of a company with the interest of tether partners like the environment and the society in general so as to achieve the maximization of profits.
Established businesses give significant interest to customer satisfaction. Achieving customer satisfaction varies in a number of ways depending on the kind of business one is involved in. For example, Whole Food Market Inc. strives to achieve this through the providence of quality foods to its customers who form the major revenue base for the company. The company has reflected this on its mission statement where an emphasis on food quality is its primary objective. Customer satisfaction can also be achieved through fair pricing where the customers do not feel they are paying more for a given product. Having an employee focus is important as another goal of a business is important in that the employees if effectively remunerated and treated fairly as a part of the business will ensure maximum productivity hence achievement of the profit maximization goal.

Moreover, the business in its effort of ensuring corporate social responsibility must ensure it participates in environmental and social initiatives like cleaning, taking part in community activities and funding them. The move ensures they have a hold of its customer base hence maximization of profits. Ensuring the balance of customer and employee focus with profit maximization focus therefore if effectively managed will make the business, in the long run, be a going concern.