What Are the Fundamental Purposes of Business and the Responsibilities of Strategic Leaders?
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What Are the Fundamental Purposes of Business and the Responsibilities of Strategic Leaders?
Milton Friedman, a noted free-market economist, suggested in 1970 that the sole purpose of business is to generate profit for shareholders.
Peter Drucker, a leading management specialist, said during his decades of management consulting, that “the purpose of business is to create and keep a customer.”
Norman Wolfe (2010) wrote that “business is a complex living system that directs the flow of energy, and transforms it into desired results.” (p. 1)
A fundamental basis for successful strategy, whether at the economy level or the company level, is understanding the purpose of an organization. Confusion over the means/ends relationships within a strategic thinking context can lead to devastation at all levels of the organization. In this Assignment reflect upon various points of view that relate to the purpose of business, and to defend a point of view that you are assigned.
***Assigned point of view: The primary purpose of business is to solve people’s problems. The primary responsibility of senior leaders is to create and maintain an environment of meaning and purpose so that the organization’s people can create value for a broad range of stakeholders.
Order instructions: a well-written response to support the point of view that your Instructor assigned to you.
Be sure to make as strong of an argument as you can to support your view, relying on the assigned and other resources you have chosen from the MBA Program:
use one or more of the following references: https://services.hbsp.harvard.edu/services/proxy/content/28623611/28636588/25c4d3aed2a194f16a5fc5c648c74c98
https://class.waldenu.edu/bbcswebdav/institution/USW1/201620_02/MS_WMBA/WMBA_6990/readings/USW1_WMBA_6990_The%20Living%20Organization.pdf
https://services.hbsp.harvard.edu/services/proxy/content/28623611/28636584/3d4000793c465ea85d06bfa58c6bad00