Question

What do you personally believe that businesses and other participants in economic markets should do in order to make a positive contribution to society? Why? From a societal perspective, how can we distinguish between "good" strategy and "bad" strategy? Can you give some specific examples of each?

Answer 1

I personally feel the most important contribution that businesses and other participants in the economic markets can provide to the society is in the form of employment. These bodies must employ from the local area, rather than individuals from distant localities or even other countries..This would ensure the society of the near around area is financially stable and thus maintaining economic peace in the region. Also, this would contribute towards upliftment of the society and ensure economic balance is maintained.

Secondly, these businesses must ensure they exhibit eco-friendly perspectives, i.e. ensure their wastes do not harm the surrounding environment, make use of eco-friendly products, use proper means to dispose wastes, etc. Thus, ensuring health and safety of the community around. In fact they must take initiatives towards restoring eco-balance.

From a societal perspective, a "good" strategy is one which benefits the community, causes economic stability and enriches the society, i.e. provides economic and social balance. For example, strategy to recruit local residents, or use advanced technologies to appropriately dispose wastes, or use recyclable products, etc. A "bad" strategy on the other hand may include a strategy which may prove to be beneficial for the business, but is not for the surrounding community. For example, a company using robots in their manufacturing plant, save on costs and defects are minimized or eliminated. However, this causes unemployment to rise in the region. Therefore this would be terme as a bad strategy from a societal perspective..