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The changing role of Business Corporation has been selected which was the topic from week 10. The business organisations have started to participate in different activities such as education, human rights protection, social security and public health. This changing nature of the business is criticised by various economist, as for them these activities do not contribute to the economic character in a universal society (Flammer, 2013). These additional responsibilities taken by the companies, show an increased participation in international corporate regulation and in the construction of universal public goods. The business organisation is taking a role of the government. They are engaging in self-regulation so that it can fill the global gaps in the legal guidelines, which will result in peace and stability in the society (Scherer, Palazzo, and Trittin, 2015). Traditionally the main and only responsibility of the business firm was to maximize its profit and the role of the government was to deliver public goods. But now the business is taking new responsibilities which is beyond the business boundaries. It is a fact that current business organisations seem to be very powerful, hence they have ability to do great good or pose as a threat to in an economy. In an international economy, it is dangerous for business leaders to go beyond national, radical, cultural, religious and social gaps, in their judgements and activities. Specifically, during the international trades and multicultural ventures (Serafeim, 2013).
The first activity involves answering few questions in relation with the principles of UN Global Compact. The group has to answer some questions according to the allotted principle. The principle which was assigned “the effective abolition of child labour”.
For the child it is difficult to express and control their emotions. Thus, if the child labour is effectively abolished the child can expand their emotional intelligence by interacting with the same age group, going to school and playing with his friends. This will help the child to enhance his emotions and handle their relationships effectively and empathetically.
Capability to work and relate effectively in different cultures (Bellace, 2014). Hence if the child labour is effectively abolished, the child will receive education and will able to understand different culture and will able to relate with it.
Being diverse is not a problem. The children who work from a small age feel different as they do not get a chance for education like the other children. This might hamper their mental and physical health. Hence abolishing child labour will help the child to gain perspective and not fell different and bad about themselves.
It has been stated to take a close look around the room and spot a brand which was recognisable. The brand chosen is a famous mobile brand, Apple. The activity is relevant, interesting and less time consuming as it took around half an hour to find relevant solution. The topics higher purpose is said to look beyond generation of profit and the value of the shareholders. Hence the activity seems to be very relevant as it orders to select a brand and identify higher purpose for the society (Tansim, 2018).
The higher purpose of the company is to make a significant contribution to the world, by creating devices that will be a challenge for the minds of advanced human being. Its current mission is to empower man and make computing accessible to everyone. This will help change the thinking pattern, learning outcome, working knowledge and communication skill. For them the utmost things are to advance people by giving them capability for the things which was difficult in the first place (Mackey, and Sisodia, 2013).
There were so many brands for us to choose, hence this created a confusion for the group to select a particular brand and discuss about it.
This activity is related to the previous one, as it states to name the stakeholders of Apple company. Apple being a most popular brand worldwide has many stakeholders, as its national and international expansion has made it a popular stock in the corporate market. There are many stakeholders who are former or current executives of the company. the most important shareholders are Arthur Levinson, Chairman of the Board; Tim Cook, Chief Executive Officer; Craig Federighi, Senior VP of Software Engineering; Jeffrey Williams, Chief Operating Officer; Bruce Sewell, Senior VP of Legal and Global Security; Eddy CueSenior Vice President – Internet Software and Services; Scott Forstall, Senior Vice President iOS Software; Jonathan Ive, Senior Vice President – Industrial Design; Bob Mansfield, Senior Vice President – Hardware Engineering; Peter Oppenheimer; Senior Vice President and – Chief Financial Officer; Philip W. Schiller ,Senior Vice President – Worldwide Marketing. The stakeholders also consist of consumers, suppliers, program developers, lender and apple employees (Park, Williams, Walker, Butcher et.al 2015).
As the stakeholders is said to own a piece of the company, their input in every business decision have a financial accountability. If the shareholders feel neglected or forgotten, it might hamper the producibility of the company. They will feel unwanted and might demand an undesirable change in any matter. This will affect the schedule, timings or impact the price structure. This will also lead to decrease in the share of the company (Antognelli, and Vizzari, 2017).
This activity is very closely related to the topic as it tells us to not neglect the impact of stakeholders in a company. There were no barriers in the activity and it took around 15-20 minutes to come up with the solution for this particular activity.
The other three tenants of Conscious Capitalism other than Higher Purpose are the Stakeholder Orientations; Conscious Leadership; and Conscious Culture.
Apple being one of the most innovative and profitable manufacturers needs to properly maintain the balance between the internal and external stakeholders. In order to create harmony and smoothly run the business, it is successfully making innovations and legalizing it rapidly. For the profit of external shareholders, it is creating fresh new product in the market, and to unify the internal shareholders. This combination of legitimizing innovations and building a better ecosystem helped Apple fulfil the demand of both its external and internal stakeholders. Built on company’s capability to hold and grow customers base, it upgraded the rate of iPods and MP3 players. This was done to keep the important and critical shareholder, the customers, so that they are loyal to the company. They are also investing in new and innovative areas to attract new customers and also keep the handler experience consistence with the prior generation products for the present customers (Tansim, 2018).
For the internal stakeholders the common point that they all share is that they need high quality products that will continue to earn high gross margins and will be profitable over time. Credits as a shareholder demands for their invoices to be paid on time; customers need innovative models and new products that will redefine the market. It is difficult for the management of the company to keep creating new products and remain true to its core value a well. For the employees as a stakeholder they demand autonomy and purpose in their work and even wants to be aware of the new technology used by the seniors (Park, Williams, Walker, Butcher et.al 2015). The suppliers and the stakeholders need to feel welcome and correct communication is required with them so that they do not feel neglected. Hence to ensure trust and coordination among all the stakeholders of the company, Apple tries to fulfil everyone’s requirement, in order to function better without any clashes. Hence this ensure that other than Higher Purpose, the company also has the other three tenets of Conscious Capitalism. This activity took time as everyone had many things to say about different products.
Hence, after going through all the activities and reading about the company and analysing the strategies it has undertaken. It can be concluded that the company is under Cell one category which is Profitable and Virtuous.
Antognelli, S. and Vizzari, M., 2017. Landscape liveability spatial assessment integrating ecosystem and urban services with their perceived importance by stakeholders. Ecological indicators, 72, pp.703-725 https://www.sciencedirect.com/science/article/abs/pii/S1470160X16304769
Bellace, J.R., 2014. Hoisted on their own petard? Business and human rights. Journal of Industrial Relations, 56(3), pp.442-457. https://journals.sagepub.com/doi/abs/10.1177/0022185614523162
Flammer, C., 2013. Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), pp.758-781. https://journals.aom.org/doi/abs/10.5465/amj.2011.0744
Mackey, J. and Sisodia, R., 2013. Conscious capitalism, with a new preface by the authors: Liberating the heroic spiri t of business. Harvard Business Review Press. https://books.google.co.in/books?hl=en&lr=&id=BryKAgAAQBAJ&oi=fnd&pg=PR4&dq=Mackey,+J.+and+Sisodia,+R.,+2013.+Conscious+capitalism,+with+a+new+preface+by+the+authors:+Liberating+the+heroic+spiri+t+of+business.+Harvard+Business+Review+Press.&ots=ffu3ygaA0X&sig=kk9PUEvCHyCEFn1lP3jf3ow8gr0#v=onepage&q&f=false
Park, N.M., Williams, T.A., Walker, J.T.S., Butcher, M.R., Turner, J.A., Botha, N., Vereijssen, J. and Taylor, N.M., 2015. Enhancing innovation and technology transfer in the New Zealand apple industry learnings from Apple Futures. New Zealand Plant Protection, 68, pp.291-298. http://journal.nzpps.org/index.php/nzpp/article/view/5825
Scherer, A.G., Palazzo, G. and Trittin, H., 2015. The changing role of business in global society: Implications for governance, democracy, and the theory of the Firm. In Transnational corporations and transnational governance (pp. 355-387). Palgrave Macmillan, London. https://link.springer.com/chapter/10.1057/9781137467690_13
Serafeim, G., 2013. The role of the corporation in society: An alternative view and opportunities for future research. Available at SSRN 2270579. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2270579
Tansim, M., 2018. An Organizational Analysis on Apple. European Journal of Business and Management, 10(11). https://pdfs.semanticscholar.org/43e8/06c4c4e68f14b1d3463c8763613213ba4321.pdf
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