Legal Issues in Business
Student’s Name
Institutional Affiliation
Course Name
Instructor’s Name
Submission Date
Legal Issues in Business
Balancing Consumer Needs and Business
Every for-profit corporation is always considering to maximize its profits. If companies are not generating sufficient revenue to cover their expenses, they will finally fail. Nevertheless, all companies need to ensure that they mind their customers when making and marketing their services and products. The customers play a big part in companies’ success since it is the customers’ purchases that contribute to business profits. Focusing on stakeholder value is bad for the brands and bad for the businesses (Light, 2017). Exploiting customers to satisfy stakeholders is death-wish management. Forsaking customer needs hurts both the consumer and business. Corporations should not choose between their customers and their business, but they should balance their customers’ needs and business needs by understanding that customer and stakeholder values are related (Light, 2017). When companies content their consumers, they develop loyalty to the business and become supporters that create new customers. Apart from customers and shareholders, anyone supporting or investing in the company must also be valued.
Responsibility of Company to Customers
When the services and products that an industry vend are pharmaceuticals that help persons live healthy lives, the problems regarding price and products become more complex. Although the firm expects to make some profits from its products and services, they must also expect the product or service to improve their customers’ lives. Businesses should build procedures to incorporate human rights, ethical aspects, social, and environmental into business strategy and operations in collaboration with stakeholders (Arıkan & Güner, 2018). The key purpose of creating these products is to earn profits and help customers who need the product to operate daily or live. As a representative activity signifying a company’s contentment of an economic duty past the profit pursuit, CSR has an optimistic influence on customer behavioral intentions and attitudes concerning a brand or company (Arıkan & Güner, 2018). Pharmaceutical companies are dedicated to ensuring that customers and patients get the best experience with the products by helping them with clinical services and training.
Biblical Worldview
Viewing through the Biblical worldviews, if I am running a firm that generated products that save or enhances lives, I can make it the greatest duty for the business to make customers the top priority when generating products. The Bible says that people should not merely look out for their own interests but also the welfares of others. God expects people to be helping other people who are in difficult situations and not to do it for personal gain (Philippians 2:4, NIV). This action is expected of us as persons, and as companies as well (Josserand, Schmitt & Borzillo, 2017). Everything that companies do must always be for the honor of God, inclusive of how we run our businesses.
References
Arıkan, E., & Güner, S. (2018). The impact of corporate social responsibility, service quality, and customer-company identification on customers. Procedia – Social and Behavioral Sciences, 99, 304-313.
https://doi.org/10.1016/j.sbspro.2013.10.498
Josserand, E., Schmitt, A., & Borzillo, S. (2017). Balancing present needs and future options: How employees leverage social networks with clients. Journal of Business Strategy, 38(1), 14-21. https://doi.org/10.1108/jbs-01-2016-0003
Light, L. (2017, June 13). Companies need to balance customer and shareholder satisfaction. Retrieved from http://www.nydailynews.com/life-style/companies-balance-customer-shareholder-satisfaction-article-1.3243643