Business In Society Essay

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The Role of Business in Society The purpose of this paper is to provide an overview of the role of business in society, concept of ethical leadership and the reasons leaders in businesses must utilize critical thinking, management decision-making, motivation and the requirement of followers in order to lead effectively. A business’ effect on a society is an important thing to consider, because a community can create an encouraging reputation, attract new customers and encourage customer loyalty to businesses. Every business is distinct in its own way whether it serves a specific functional market or relies on an owner's enthusiasm and special skills. However, all businesses have some of the same basic needs and limitations. Businesses are the growth medium of the economy. The primary role of business in the economy is to perform as a channel for economic development. The economy depends upon the employment provided by businesses and the goods and services in which they produce. In general, businesses pay taxes in which the government functions on these taxes collected. Therefore, businesses are an essential part of the economy. Businesses require people’s trust and acceptance. By doing so, businesses must serve people and not just the economy. The roles of social responsibility and technology in the marketing function means through social responsibility a business must be connected with the people and settings in which it serves. Being socially responsible means a business shows interest in its customers. Social responsibility and the evolution of technology have had a noteworthy influence on marketing. The technology growth has transformed businesses. In doing so, it has altered the stability of power from producers to con... ... middle of paper ... ...ue-oriented relationships between businesses and the society that they serve. Marketing should be an exhilarating and worthwhile part of running a business. In order for businesses to get its full potential, leaders must spend time working on the business rather than working in the business. I feel that the connections should be entwined. Businesses should have a close relationship. An exemplary leader must create a culture that allows healthy relationships to thrive. Relationships form the basis of a network of trust among others. This trust fosters critical thinking, high expectations of everyone involved and a focus on improvement. Allowing stakeholders and the society to feel that they contribute to the achievement of organizational goals and participation in the decision making process to a degree provide desired commitment and trust to businesses.

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