In his 1970 article that appeared on the New York Times, American economist Milton Friedman discussed the social responsibility of business organizations. His argument was straightforward: the social responsibility of a business is to increase its profits. Note that he first presented this argument in hi book “Capitalism and Freedom” published in 1962. The Stakeholder […]
Tag Archives: Business
Criticisms of Corporate Social Responsibility
A number of business organizations and trade or industry associations across the globe have now embraced the importance of corporate social responsibility or CSR. By definition, a CSR is a concept pertaining to policies and practices directed toward the creation and realization of value for a broad range of stakeholders. Based on the socioeconomic model […]
Difference Between Marketing and Sales
Both marketing and sales are important and related components of a business operation aimed at bringing goods or services to the consumers. However, despite having the same goal and some overlaps, as well as the necessity of close integration between the two, marketing and sales are inherently different in terms of their core principles and […]
Distributive Bargaining vs. Integrative Negotiation
Distributive bargaining and integrative bargaining are two primary types of strategy used in negotiation or conflict resolution. Take note that these two strategies are inherently different from one another in terms of principles, approach or the involved processes, as well as negotiation outcomes The Difference Between Distributive Bargaining and Integrative Negotiation Distributive bargaining is a […]
The Pros and Cons of Big Data
Big Data is not just a fad or a buzz terminology. The rate at which societies in developed and developing countries generate data has become a goldmine for organizations seeking to use large data sets to understand their audience and improve their performance. This article concisely discusses the pros or advantages, as well as the […]
What is a White Paper: Definition and Application
Definitions of a White Paper A white paper is a type of nonfiction literature or more appropriately, an authoritative report prepared by a government agency or a non-government entity to inform target readers about a complex issue and explain their position on the matter. The term “white paper” originated with the government of the United […]
What is the Purpose of After-Sales Service?
After-Sales service is an example of a sales promotion activity. By definition, it includes all business activities geared toward customer satisfaction beyond the point of sales. The Purposes and Benefits of After-Sales Service Below are the six major purposes and corresponding benefits of after-sales services: • To build and maintain a relationship with the customers: […]
Drawbacks and Risks of Crowdfunding
Crowdfunding has several benefits that correspond to numerous applications. However, this alternative type of funding has disadvantages or more specifically, drawbacks and risks. Disadvantages and Criticisms: Drawbacks and Risks of Crowdfunding • Projects need to be compelling enough to gain public interest and draw funding from the crowd. Fund seekers need to provide a viable […]
Crowdfunding: Applications and Benefits
Despite criticisms and risks, the advantages or benefits of crowdfunding has brought forth numerous applications and corresponding gains to both fund seekers and funders. The Applications of Crowdfunding Crowdfunding has been applied for various purposes. Take note of the following: • An alternative financing option that serves as a source of initial capital for startup […]
TIPS: How to Achieve Competitive Advantage?
How can a business outcompete its competitors? What are the ways a business can achieve a competitive advantage? What are the sources of competitive advantage? Examples of How Businesses Create or Achieve and Maintain a Competitive Advantage 1. Technology and Innovation: Businesses achieves competitive advantage through technology and innovation because such can improve their operations […]
