Reflection paper on Friedman and Almedar Essay Example | Topics and Well Written Essays - 500 words

Reflection paper on Friedman and Almedar - Essay Example Such businesses do not only focus on the profit levels but also on other factors that affect the people they serve and the community around the business. These businesses are inclined to the social responsibility while ensuring satisfaction of their market with the services and products that are offered. Therefore, such businesses observe their social responsibility as well as their profitability. Since stakeholders are only moved by profitability of a business, the business should always make sure to implement strategies that balance between social responsibility and profit maximization. Though this seems as an indulging activity, the management should focus on making a positive mark to both the community and the shareholders. This is by making a continuous increase in profits of the business. For example, the business should increase its participation in the market through diversification and expansion strategies. Increasing the market concentration increases the performance of a business. For example, investing in other untapped markets ensures a business creates more demand for its products. As such, the business will record an increase in sales and thus possibility of increased profits. However, the business should have a focus on the social responsibility. For example, selling tobacco is an acceptable activity in the market. Therefore, selling the tobacco to other marke ts is an acceptable market behavior. This will be a successful activity since the tobacco selling will increase the overall sales in the business. As such, the business will be observing its stakeholders’ responsibility of making a positive approach to business decision making. The business will benefit with each introduction of its products to new markets. Therefore, the business will be regarded as a responsible entity that makes profits while benefiting the community. Though introduction of a product to a new market justifies the activities of a new business, it should