Josiah Wedgewood - Free Essay Example

Sample details Pages: 5 Words: 1400 Downloads: 8 Date added: 2017/09/24 Category Advertising Essay Type Argumentative essay Tags: Ambition Essay Success Essay Did you like this example? JOSIAH WEDGEWOOD September 17th, 2010 Josiah Wedgwood was an 18th century potter and entrepreneur whose company, Wedgwood Bentley, rose to success and fame in the mid 1700’s, despite having very little start-up capital and very few connections to break into the earthenware market. How was he able to succeed as an entrepreneur, where so many others had failed? Josiah was an innovative visionary, one who always seemed to be one step ahead of the competition, one who could see the outlined horizon rather than just the hand in front of the face. His reasons for success were not only his drive and ambition, but his innovative marketing strategies such as celebrity endorsements among the aristocrats and nobles, display rooms for his wares, â€Å"inertia selling†, and brand marketing. These and his ability to manage his company’s growth, had helped lead to his juggernaut business in the pottery industry in the 18th century, one that has continued to this day . According to Koehn, â€Å"he [Josiah Wedgwood] recognized that rising incomes in eighteenth-century Britain meant that many men and women now had more money to spend on nonessential goods such as china. He also saw that large numbers of people directed their spending toward social emulation. †(Brand New, pg. 3. ) Social emulation refers to the desire of lower classes to copy all mannerisms of the class directly above them. In recognizing this shifting consumer want (social emulation), Josiah was able to attract interest in his wares through various innovative selling, manufacturing and distribution procedures, and create a market need that only he could fill. One of his most important selling points was getting his wares to have a certain â€Å"celebrity status†, as is seen with many of today’s products, such as sports idols in Gatorade and sports apparel ads. Josiah even set the future trend for the countless celebrities nowadays, who have their own mak eup and perfume line(s) named after them. One example in Koehn’s Brand New was when, â€Å"Josiah suggested calling a set of flowerpots after the Duchess of Devonshire. These and other techniques, he said, ‘complete our notoriety to the whole Island’ and help greatly in the sale of goods both useful and ornamental, by showing that’ we are employ’d in a much higher scale than other Manufacturers. ’ (Brand New, 35. ) Knowing that the middle class would want to look and feel like they belonged to the upper class of aristocrats and nobles, Josiah planned his sales strategy towards this emulation trend, so that the middle class were able to see the quality, beauty and usefulness of his wares, and feel like they were royalty. Another famous example of Wedgwoods’ products reaching â€Å"celebrity† status was when Catherine the Great of Russia commissioned Josiah to make a china set consisting of 952 pieces. Each piece was meticu lously hand painted, using both old (i. e. expedited manufacturing processes) and new (i. e. hand-painted scenes on the china) industrial practices. The china set was presented in a showroom, displaying Josiah’s eye-appealing wares to London’s upper class. This and other showrooms became an integral part in creating the market need for both ornamental or luxury goods, which at the time only he could fill, and also to expand his customer base, domestic and later, foreign. (Brand New, 11-12) Josiah saw the importance of having these celebrity endorsements, knowing they would give his products a certain prestige among the upper class and desirability among the middle class. On the other hand, the display rooms would give potential customers a chance to look, see, and feel his wares, before they made a purchasing decision. Wedgwood was targeting the upper and middle classes with his celebrity endorsements, but what were the purposes of his showrooms? According to Koe hn, â€Å"He [Josiah] envisioned a distinct selling environment from that found in many other shops. Most eighteenth-century merchants did not devote great time or money to displaying goods†¦Wedgwood, by contrast, wanted facilities for retailing as well as premises large enough to show various table and dessert services completely set out. Such displays, as he wrote Bentley, would both attract and entertain female consumers. (Brand New, 30. ) Clearly Wedgwood saw a potential female market for his wares. Traditionally, women are the fashioners of the house, and appreciate the novel and the decorative to add beauty to their homes. Josiah most likely realized this after his marriage to Sarah Wedgwood. According to Koehn, â€Å"She [Sarah Wedgwood] helped with his experimental work, discussed commercial finances, and advised him on pottery design, helping him anticipate what women buyers wanted. Sarah suggested, for example, that he decorate the lids of transfer-printed teapots a nd sugar owls, which had previously been plain. †(Brand New, 28. ) Wedgwood greatly respected his wife and listened to her regarding his female consumers. He realized that the husbands of his female customers would listen to their spouses, much like he did, which could lead to purchase of his wares. Wedgwood paved the way for most modern day retailers, such as automobile dealerships who use showrooms to display their most eye-pleasing, highest quality cars, or furniture retailers who have fully furnished rooms to try and sell a bedroom set, kitchenette, etc. These showrooms allowed potential Wedgwood customers to examine his wares at their own pace, letting them compare different products until they found the perfect vase, china set, etc. These showrooms had other possible underlying advantages such as, the opportunity for newly acquired salesmen to train themselves and become accustomed to what Josiah’s wares could offer people. Lastly, these showrooms could provide an after-the-sale customer service. For example, in Brand New, â€Å"Wedgwood’s customers received free shipping anywhere in England and compensation for damage that occurred in transport. They also received a satisfaction-or-money-back guarantee, the first recorded example of such product support. †(Brand New, 35-36. ) Advantages of this kind of customer service include convenience and confidence. Customers who bought Josiah’s pottery knew that they wouldn’t have to travel long distances by horse to get his wares because he was willing to absorb the transportation costs and bring the product directly to the customer. Customers could also be confident that when they purchased a Wedgwood product it would arrive to them in great condition, and if any damages did occur, they would be fully reimbursed. Josiah created further convenience for his customers by participating in one of the earliest recorded examples of â€Å"inertia selling†. Koehn d escribes â€Å"inertia selling† as, â€Å"marketing to selected customers by shipping them unsolicited goods and offering them the opportunity either to purchase the items at set prices or return them to the manufacturer at no cost to themselves. †(Brand New, 32. ) Wedgwood once again set the trend for modern day mail-order book, record, and video clubs (i. e. Columbia House), many of whom use â€Å"inertia selling† in combination with a sales catalogue. According to Athineos, â€Å"Wedgwood wasn’t shy. He was the first pottery manufacturer to impress his own name in clay on the bottom of his pots. †(Forbes, 360-363) This created brand equity for Wedgwood Bentley and further increased the confidence of his customers because with Josiah’s name engraved, customers always knew what they were getting: Wedgwood’s skillfully crafted wares, of the highest quality and most aesthetic beauty. It also built awareness in his target markets (n obility and the middle classes), creating a certain prestige and brand loyalty among them. In conclusion, Josiah Wedgwood was one of the world’s finest entrepreneurs and innovators. His celebrity endorsements, although costly in time and money, proved to be invaluable in propelling Wedgwood Bentley to the top of the upper class market, which in turn led to his dominance among the middle class market (who had the desire to socially emulate the upper class) and set the trend for many of the celebrity endorsements we view today. His innovative marketing practices such as, display rooms and his various selling techniques (i. . â€Å"inertia selling†), are still seen today through companies like auto dealerships and book/video clubs such as Columbia House. His marketing strategy was impressive when you think about the limited amount of start-up capital and few business connections he had. It is quite a feat to manage such a high scale operation, especially during a time when transportation was limited to horse and boat, no fax-machines or telephones were available, and the technology we have in today’s manufacturing plants wasn’t present. Don’t waste time! Our writers will create an original "Josiah Wedgewood" essay for you Create order

Essay on Bryons Childe Harolds Pilgrimage the Byronic...

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Essay about Elie Wiesel’s “The Perils of Indifference” Speech

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Essay on Pfizer Macroeconomic Forecast - 1715 Words

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Challenges of Canadian Pharmaceutical-Free-Samples for Students

Question: Write an Essay on Challenges of Canadian Pharmaceutical Policy. Answer: Canadian pharmaceutical policy involves both provincial and federal levels of Government. The federal Government is involved in the manufacturers intellectual property rights, initial approval, prescription drugs labeling and looking after the competitive nature of the overall market. The provincial government on the other hand has jurisdiction and responsibility of the healthcare facilities funding, including the pharmaceuticals (Daw Morgan, 2012). The federal government regulates the prices of drugs, but does not buy the drugs. The provincial government has no power over market pricing and competitiveness (Ridic, Gleason Ridic, 2012). However, one issue that is associated with pharmaceutical policies is the non-disclosure of payments to doctors by the drug or pharmaceutical companies (Stamatakis, Weiler Ioannidis, 2013). A lack of transparency was observed, when the pharmaceutical companies made payment disclosures. It is necessary for the federal government to take immediate responsibility of the issue and ask the companies to provide a list of the doctors who received payments from the drug companies and what were the amounts paid. This policy research essay will provide information about Canadian pharmaceutical policies and provide analysis of the above mentioned issue. This essay at first determine the history of the policy challenge, provide an overview of the current policies and provides recommendations from the research carried out. Pharmaceutical or drug companies develop relationships with physicians, doctors and other healthcare workers in order to generate business through them by utilization of a variety of processes (Bending, 2015). These include giving gifts, personal services, entertainment and even payments. These activities have a significant potential for generation of abuse and fraud (Mackey Liang, 2012). Moreover, the companies do not disclose these payments made to the doctors. Patients also remain in the dark about the illegal payments of pharmaceutical companies to doctors. This results in prescribing drugs by the doctors that are highly expensive and sometimes are not associated with proper approvals by the FDA (Choi, 2015). This affects the patients monetarily as well as unapproved drugs may cause harm to the patients in the long run. Moreover, a non-disclosure of such payments is considered unethical and also prevents the involvements of patients in clinical trials. There are a number of evidences that can be unearthed from the past regarding physician payments that are not disclosed by pharmaceutical companies. Both companies as well as medical practitioners believe that development of relationship between the medical professionals and pharmaceutical companies will help in the development of academic research. These academic research can later be translated into drug development (Board, 2012). However, various malpractices are carried out, where the drug companies pay the medical professionals like doctors but do not disclose these payments to the government and the public in general. A certain level of transparency is to be maintained so that the public also come to know about the dealings between these organizations. Previously, such events have taken place and are described here. In 1976, in Canada, there were reports of high costs related to pharmaceutical industry. Moreover, there were reports of pharmaceutical companies spending large amo unts of money not only on research but also on promotional activities, which included undisclosed payments to physicians. Various Canadian pharmaceutical companies who had provided payments to doctors included AbbVie Corp, GSK Canada, Merck Canada, Novartis Pharmaceutical Canada, Eli Lilly Canada, among others (A Almeman, 2017). Various psychiatrists like Charles Nemeroff and Alan Scatzberg were charged for taking undisclosed payments from various pharmaceutical companies. In April, 2011, Johnson and Johnson were charged of bribing doctors in Poland, Greece and Romania to buy the drugs manufactured by them. They spent 7.6 million dollars on providing travel grants for doctors. The company earned 3.5 million dollars profit from product sales through bribery (Www.sec.gov, 2017). Other incidents that occurred in the past include Eli Lilly, who was charged in 2012 of paying government officials in order to increase sales in China, Poland, Brazil and Russia. Others include Pfizer, charged for carrying out illegal payments in various Asian and European countries. In 2014, Endo Pharmaceuticals were charged for mis-promotion of Lidoderm, which is a local anesthetic. GlaxoSmithKline was also charged for selling drugs not approved by the FDA (Www.ipsen.com, 2017) Past approaches that were carried out to rectify the challenge faced in the health sectors included restriction of interactions between doctors and representatives of the pharmaceutical companies. Moreover, payments if made would have to be disclosed to the Government and reported. The aim of the approach was to prevent the pharmaceutical industry to modulate the prescribing behaviors of the doctors. In the 1960s, there were various debates regarding the appropriateness in the relationships of the pharmaceutical companies and doctors. In 1991, American Medical Association (AMA) issued various rules and guidelines regarding undisclosed payments and gifts that are given to clinicians, physicians and doctors by the pharmaceutical companies (Breault, Shenson Dugdale, 2015). From that time onwards, attention was paid to pharmaceutical marketing methods as a result of the rise of marketing strategies and increased drug prices. According to the AMA, gifts valued below 100 dollars are allow ed if they provide patient benefit and associated with a doctors practice. Moreover, meals can be funded to doctors by pharmaceutical companies if it is modest and is carried out in association with an educational or academic component (DuBois et al., 2012). The guidelines effective from 2009, also prevent non-educational or practice associated gifts like pens to be given to clinicians, physicians and doctors. However, the guidelines permitted the pharmaceutical companies to provide meals, educational gifts and drug samples which are less than 100 dollars to the doctors. The Association of American Medical Colleges (AAMC) endorsed policies that describe the public disclosure of relationships between pharmaceutical companies and doctors (Reddi, 2013). However, the limitations associated with these policies are that the AMA ethics guidelines are not followed by majority of the doctors. Moreover, according to the guidelines, the physicians can receive gifts that are worth less than 100 dollars. However, small value gifts can also influence the behavior practice of the physicians. Thus, the Government has to play an essential role in reducing such promotional marketing strategies used by the pharmaceutical companies. Improvements of payment transparency between clinicians and pharmaceutical companies have been a focus for the Government. The approaches used can be defined as disclosure of physician payments and gifts, ban on physician gifts, Limiting the sale of prescribing data for marketing purpose, licensing of pharmaceutical sales representatives and public funding of academic detailing programs(Patwardhan, 2016). Various state lawmakers have proposed numerous laws, which can be applied for reducing the effects of gifts or payments made by pharmaceutical organizations in the physicians practices. Thus, Government regulations provide a legal enforcement credibility that forces the pharmaceutical companies to comply with the Government regulations. However, there are limitations like the regulated organizations can find loopholes in the law and can flout them by challenging the validity of such enforcements. Current approaches that were carried out to rectify the challenge includes the involvement of the Securities and Exchange Commission, where the pharmaceutical companies involved in bribing doctors were asked to give detailed accounts of the payments made to the respective doctors. This information was asked to be provided in the company website. This will enable the public to view the dealings made between the pharmaceutical companies and the healthcare members like doctors, general practitioners, among others. In 2012, the Australian Competition and Consumer Commission (ACCC) demanded Medicines Australia to include payment disclosures involving doctors and pharmaceutical companies (Www.accc.gov.au, 2017). The respective transparency principle was applicable to all the therapeutic companies. Moreover, it also included the health professionals like clinicians, doctors, among others. Other approaches involve those made by the United States, like the US Physician Payment Sunshine Act, w hich requires various pharmaceutical companies to provide details of all the payments to the Centre for Medicare and Medical Services (CMS) (Www.ama-assn.org, 2017). Moreover, apart from payments, other transfers of high value like gifts or travel grants were also included. All the data collected were eventually be reported to the public to maintain transparency in the dealings of the pharmaceutical world. In Ontario Canada, the Government is planning to enforce rules and regulations that would force the pharmaceutical companies to disclose the payments made by them to the doctors. Other approaches of the current world include fines and criminal penalties, inclusion of tax policies, among others (Www.cbc.ca, 2017). Such a proposed legislation will enable the public including the patients to get proper information that would empower them to make better decisions regarding healthcare. It also enables patients to either accept or reject a prescribed drug and also change doctors if need ed. Moreover, a central online database will enable any person to view the dealings between medical organizations and pharmaceutical companies. Some regulatory strategies towards undisclosed payments involve command and control, self regulation, market enhancing and incentives control, disclosures and liabilities and rights laws. These help to either determine the offenders or impose penalties one caught. Command and control implies to criminal sanctions and states that such unofficial payments by pharmaceutical organizations to doctors and other healthcare facilities, are not acceptable and severe penalties are liable to be enforced if discovered. The relevance of the strategy towards healthcare sector involves standards of behaviour and other codes of conduct, which is to be followed to avoid criminal penalties. However, the limitation of this strategy is that the penalties function only when the incentives are sufficient and the enforcing of such strategy depends on the independence of the regulator. The next strategy is self-regulation, which involves regulations by professional medical associations. The relevance of thi s strategy is that the medical association itself designs some standards or codes of conduct which is to be followed by all members of that medical association. However, the limitations involve that the incentive should be high enough to implement possible penalties (Www.researchgate.net, 2017). Another strategy is the market enhancing and incentives controls, which provide appreciation and inducements when regulations and general codes of conducts are followed. are followed. This helps to legalize private practice by doctors. Legalization of private practice is one way of increasing competition in the health sectors as it provides a wide range of options for the patients to choose from. Moreover, it also opens up new income sources for the practitioners. This practice in turn will increase the benefits of the doctors and thereby prevent acceptance of unofficial payments. This strategy, however, has limited scope because the attention of the doctors will be shifted from the benefits of the public health sector to private practices for their own benefits. However, such a strategy can be applied to those health facilities, where the competitions are very weak (Mahmoud Mahmoud, 2016). The most important strategy is disclosure, which involves identifying the offenders involved in carrying out undisclosed payments. This puts pressure on the offenders as it affects the reputations of both the pharmaceutical companies and the doctors. Policy makers if disclose the names of the hospitals that are the best and worst with respect to following a code of conduct, those who are the worst will feel the pressure to improve their standards. It will also help to generate list of healthcare facilities like hospitals taking undisclosed payments. The importance of this approach is that public surveys can help to determine the amount of money paid and to whom and the necessary reasons for the payment. However, there are limitations of this strategy, which includes the acceptance of the public that payments are not beneficial. The public may think that good payments may increase their access to better doctors, or chance of getting good health facilities, which in turn can give rise to unofficial payments to doctors by patients themselves (Loewenstein, Sah Cain, 2012). Lastly, the right and liabilities law provides a standard code of law protected consumer or patient rights. This may in turn help to limit the requirements of unofficial payments. Thus, customer rights can be maintained by imposing civil action or criminal prosecution against those who do not follow the legal system. However, limitations of such a strategy involves that such a strategy places the responsibility of the regulation on an individual and not the organization in general. Moreover, in order to avoid getting criminally prosecuted, private settlements of unofficial payments will be more attractive (Jahangiri Aryankhesal, 2017). There are various means to obtain data regarding the pharmaceutical policy issues. The data was gathered by traditional means, which included interviews with patients, healthcare facility members like general practitioners, doctors, clinicians and also the pharmaceutical company representatives. Moreover, other means include government websites, which provide information about the amount of money paid by pharmaceutical organizations to healthcare workers like doctors. The pharmaceutical company websites also give information about how much money they have paid to the doctors. Moreover, by searching a doctors name, the websites provide information about the nature of the payments. The websites break down the payments into consulting fees, travel and stay expenses, research fees, foods, beverages and grants. Moreover, data can be obtained from government reports, news articles, literature reviews, and journal articles. Proper analysis of the data obtained from various resources revealed that a close relationship exists between doctors and pharmaceutical industries. These relationships are mainly based on finances. However, such payments are usually not official and are not disclosed. However, in the recent times, disclosures of these payments are carried out. These financial collaborations encompass research funding to personal investments, direct physician payments like travel grants, gifts, meals, among others. The organizations should remain transparent in order to provide the information about such dealings to the general public. Moreover, such malpractices reduce the credibility of both the medical organizations as well as that of the pharmaceutical companies. Various strategies have been implied by the Government, however, the companies find out various loop holes in the policies and guidelines thereby protecting themselves from criminal prosecutions. In the current age, drug companies who ar e found to be involved in such activities were charged. Moreover, recent reforms force the drug companies to disclose the payments in their annual reports or the websites. Such undisclosed payments are a type of marketing strategy that the companies adapt in order to make the physicians favor the prescription of the drugs made by the company. However, this may cause the patients to buy certain drugs, which are very expensive even though other cheaper and effective options are available in the market (Kalotra, 2014). Moreover, some companies try to promote the drugs, which have not been clinically approved by organizations like the FDA. These may have serious implications as use of such drugs may lead to serious health consequences concerning the health of patients. Such mal practices when discovered not only tarnishes the reputations of the companies and the medical organization but also the doctors in general. It also decreases the faith of the public including the patients in the healthcare system. The patients pay a huge amount of money, in not only doctor consultations and treatments but also to buy medicines, which are prescribed by doctors. It is necessary for bringing about new policies by the Governments as well as the medical organizations that define a series of code of conducts to be followed by the companies and the hospitals. A breach of such conduct should entitle to criminal prosecutions and legal actions. The Ontario Government has taken such a drastic step, where they have said that a bill will be generated that will require public disclosure of unofficial payments made to healthcare employees like doctors by the pharmaceutical companies. Thus, it can be concluded that curbing of financial dealings between companies and healthcare sectors are essential in order to prevent wastage of large amounts of money in promotional strategies. Such reforms may also help to decrease the costs of drugs in the future, which are at an ever-rising stage. References A Almeman, A. (2017).Direct-To-Physician Advertising and Antibiotic Utilization in Upper Respiratory Tract Infection: A Critical Analysis. Retrieved 2 November 2017, from https://www.omicsonline.org/direct-to-physician-advertising-and-antibiotic-utilization-in-upper-respiratory-tract-infection-a-critical-analysis-2153-2435.php?aid=16347view=mobile Bending, Z. J. (2015). Reconceptualising the doctorpatient relationship: Recognising the role of trust in contemporary health care.Journal of bioethical inquiry,12(2), 189-202. Board, E. S. C. (2012). Relations between professional medical associations and healthcare industry, concerning scientific communication and continuing medical education: a policy statement from the European Society of Cardiology.Revista Portuguesa de Cardiologia (English Edition),31(7), 529-538. Breault, J. L., Shenson, D., Dugdale, L. S. (2015). Ethics of physician relationships with industry.Hospital Medicine Clinics,4(4), 565-580. Choi, R. (2015). Increasing Transparency of Clinical Trial Data in the United States and the European Union.Wash. U. Global Stud. L. Rev.,14, 521. Daw, J. R., Morgan, S. G. (2012). Stitching the gaps in the Canadian public drug coverage patchwork? A review of provincial pharmacare policy changes from 2000 to 2010.Health Policy,104(1), 19-26. DuBois, J. M., Anderson, E. E., Carroll, K., Gibb, T., Kraus, E., Rubbelke, T., Vasher, M. (2012). Environmental factors contributing to wrongdoing in medicine: A criterion-based review of studies and cases.Ethics behavior,22(3), 163-188. Jahangiri, R., Aryankhesal, A. (2017). Factors Influencing on Informal Payments in Healthcare Systems: A Systematic Review.Medical Ethics Journal,11(40), 73-92. Kalotra, A. (2014). MARKETING STRATEGIES OF DIFFERENT PHARMACEUTICAL COMPANIES.Journal of Drug Delivery and Therapeutics,4(2), 64-71. Loewenstein, G., Sah, S., Cain, D. M. (2012). The unintended consequences of conflict of interest disclosure.Jama,307(7), 669-670. Mackey, T. K., Liang, B. A. (2012). Transparency in Physician-Industry Relationships: State and Federal Efforts.AJSP: Reviews Reports,17(4), 144-147. Mahmoud, M. A., Mahmoud, M. A. (2016). Consumer trust and physician prescription of branded medicines: an exploratory study.International Journal of Pharmaceutical and Healthcare Marketing,10(3), 285-301. Patwardhan, A. R. (2016). Physicians-Pharmaceutical Sales Representatives Interactions and Conflict of Interest: Challenges and Solutions.INQUIRY: The Journal of Health Care Organization, Provision, and Financing,53, 0046958016667597. Reddi, A. (2013). New guidelines for the disclosure of academic-industry financial ties and modeling professionalism during medical education.JAMA pediatrics,167(12), 1091-1092. Ridic, G., Gleason, S., Ridic, O. (2012). Comparisons of health care systems in the United States, Germany and Canada.Materia socio-medica,24(2), 112. Stamatakis, E., Weiler, R., Ioannidis, J. (2013). Undue industry influences that distort healthcare research, strategy, expenditure and practice: a review.European journal of clinical investigation,43(5), 469-475. Www.accc.gov.au. (2017).ACCC proposes to strengthen new individual reporting in pharmaceutical code.Australian Competition and Consumer Commission. Retrieved 2 November 2017, from https://www.accc.gov.au/media-release/accc-proposes-to-strengthen-new-individual-reporting-in-pharmaceutical-code Www.ama-assn.org. (2017).Physician Financial Transparency Reports | Sunshine Act | AMA.Ama-assn.org. Retrieved 2 November 2017, from https://www.ama-assn.org/practice-management/physician-financial-transparency-reports-sunshine-act Www.cbc.ca. (2017).Ontario bill would require disclosure of pharmaceutical payments to health professionals.CBC News. Retrieved 2 November 2017, from https://www.cbc.ca/news/canada/toronto/ontario-bill-would-require-disclosure-of-pharmaceutical-payments-to-health-professionals-1.4308278 Www.ipsen.com. (2017).Cite a Website - Cite This For Me.Ipsen.com. Retrieved 2 November 2017, from https://www.ipsen.com/wp-content/uploads/2016/04/IPSEN_DDR_2015_VA.pdf Www.researchgate.net. (2017). Retrieved 2 November 2017, from https://www.researchgate.net/publication/286517835 Www.sec.gov. (2017).SEC Charges Johnson Johnson With Foreign Bribery.Sec.gov. Retrieved 2 November 2017, from https://www.sec.gov/news/press/2011/2011-87.htm

Debate On Corporate Social Responsibility †MyAssignmenthelp.com

Question: Discuss about the Debate On Corporate Social Responsibility. Answer: The term corporate social responsibility may be defined as the duty that every organization has towards the welfare of the society. Every employers and managers should take into consideration about the long term interest of the company as well as the relationship shred by the company with the society. Often a new concept that has come into the recent modern method of doing business is considering the term of sustainability (Tai Chuang 2014). A socially responsible organization will outperform their rivals by concentrating more on the societys problems and thereby seeing them as opportunities for profit building and thereby helping the nation as well. In spite if a large number of benefits observed when an organization adopts corporate social responsibility, there are critics who speak against it positive aspects (Suliman et al. 2016). The following essay will mainly describe an argument for and against the topic which would be following by deriving the right conclusion form the disc ussion for benefit of the nation. Critics who like to oppose the topic state that business enterprises mainly have the reasonability to develop strategies for economic viability of the operations. They state that the responsibility of the government is to look after the interest of the activities going on in the society. They believe that not the organizations but the government should take the job of social responsibility in hands and realize the burden off the business enterprises. Such critics also suggest that the entire concept is a relative thing and therefore it is not suitable to spend time, finance and man power on the concept (Clapp and Rowlands 2014). The various questions that they arise to deter the main concept of the CSR are like what would be the proper measures of social responsibility and what would b the right extent of the business to engage itself in it. They also remain confuse about how much resources should be allocated for it, who would be set as the one with the main interest from this. Seve ral questions are often opened to subjective considerations which often make the task of implementing social corporate responsibility as the difficult task. Thirdly, when any type of social benefit program is incorporated, if initial cost exceeds the benefits the entire program, it might not be taken by the organizations even in short run. Often the mangers that are taken in the company by judging their aptitudes in management of teams, sales or services, may bring benefit to the productivity, of the organization and therefore they may be of great benefit to the organization (Salib et al. 2015). However, it might happen that such an expert manager may not handle social problems well. Often many unwilling countries take part in sub-optimal utilization of resources. By this statement it is meant that organizations who just engage themselves in corporate social responsibility without the real motive of doing well for the society usually allocate scarce resources for utilization of meet ing the social goals. This ultimately hampers the very purpose of the existence of the organization. The most negative factor aspect about the social corporate responsibility is that often high resources are required for implementing programs which are actually compensated by the organizations by increasing the prices of goods and their services (McWilliams 2014). Moreover they also try to meet the excess of the expenditure for the corporate social responsibility by decreasing the wage of the workers which results in job dissatisfaction, unrest in workplace and strong negative feelings of the workplace. It also leads to another big issues if the employers try to act ethically by keeping the price of the products same as before or by correctly paying the amounts of the salary to the workers. The main issue is all these affect the profits of the organization as a huge portion of the profit is spent on maintaining the programs for corporate social responsibility. A very good example can be provided here. In the year 2007, food retailer Woolworth could not see the face of profit. In the year, initially they had established a project called the Fresh Food Future program helping in enhancing the sustainability of the Australian agriculture. They helped to safeguard Australias; food security. They had to spend huge amount of money for this implementation. Of the A$9m (4.8m), which is spent in the five years to complete the fiscal year 2013, two thirds were invested into 180 farm for adoption of the innovative farming technologies. The others are spent for the investment in developing talent and leadership in agricultural so that the aging force can be circumvented (Hombert et al. 2014). Therefore it can be seen here that the organization could not manage the profit level it should have done as the maintenance of the goals of CSR lead to huge flow of resources (Cheng et al. 2014). Another Indian brand called the Oil and natural Gas corporation was to be supposed to pay 660crores for their CSR initiatives but failed to pay it. They paid 495 crores. They could not spend the allocated amount as most of their projects were in the transition phase. Therefore as the total amount could not be paid, their attempt to provide a full proof social development plan lacked completion and better outcomes. In order to support corporate social responsibility, several points can also be jotted down. Often worker force forms unions through unity and thereby demand for their protection of the rights form business and enterprises. In order to get support from the employees, organizations need to discharge responsibilities towards the employees. Nowadays, consumers are intelligent and they only buy products that they want to buy. They can never buys whichever product is offered to him but only takes them which he wants himself. Organizations that cannot satisfy them are closed. The sovereignty enjoyed by the consumers has made the organizations provide importance to social responsiveness (Korschun et al. 2014). Although this may lead to short term expenditure but in long term they bring in long run profitability properly fulfilling social obligations. Secondly, it is also seen that companies who care for the society become some of the powerful institutions of the society. Their acceptance by the society may become denied if they ignore any sort of social problems. Therefore very business organizations should assume social responsibility in the long run to avoid any sort of self destruction. When organizations have good managers, they can motivate the workers with increase in the level of educate and understanding of the business so that they can understand a good fact. The fact is that the organizations itself is the creations of the society and this will help the workers to e motivated for cause of social good. Such managers can rightly match up with the public expectations voluntarily setting an following standards or moral and social responsibility (Zentes et al. 2017). They can ensure that paying of taxes to the government, far wages to the workers, dividends to the shareholders and quality goods to the consumers and so on. Another reason which states the importance of CSR by organizations is to avoid any legal obligations. Government plays a direct part by influen cing through the organizations and advice them about what to do and what not to do. Different examples include central pollution board of a nation looks over the pollution done by organization, another laws look over the investor protection, others about the employees health or so. Non compliance with them may lead the organizations to heavy penalties. In order to avoid hem, organizations can take up activities to meet the social requirement and thereby can meet up the social concerns (Takkar et al. 2015). Moreover business are the creations of the society and therefore they also have a duty to protect their creator by proper flow of finances and allocation of resources in the best interests if the society. Growing professionalisms are contributing to social orientation of the business. Increasing of the professionalisms is making the managers develop knowledge about the formal management education and qualification. Such managers also get specialized in planning, organizing, leadin g and controlling through their knowledge. They also contribute to the code of ethics established by recognized body (Lins et al. 2017). This ethics of profession is helping managers to social value development which makes them concerned about society. Such managers in good business help in anticipating the developments and accordingly act in accordance with the currently conceived social responsibilities so that the future targets can be achieved. Many issues in the present society are created by business of today and therefore it becomes their duty to correct them. An organization which has gained huge name for their CSR is Sony Australia (Serves and Toamayo 2017). They have gone beyond their limits and have produced many important programs like a science venture for budding children, campaigned to raise awareness of the sustainable development goals, green 2020, diversity and inclusion that regarded values, developed projects for forest conservation in Sumatra. Therefore coming to the conclusion, it is evident that corporate social responsibility should be performed by every organization existing in the society as they have taken birth form the society and for the society. This would help the organization to compensate for the different harms they are doing to the environment starting form pollution to destruction of the greens and many others. Although many arguably produce negative points but the positive aspects have better outcomes for the society than the negative aspects. A share from the companys profit for overcoming the harms to nature and also protecting the likes and sovereignty of the customers, the social responsibility program will help in establishing a balance which will be enjoyed by both organizations and the consumers as a whole. References: Cheng, B., Ioannou, I. and Serafeim, G., 2014. Corporate social responsibility and access to finance.Strategic Management Journal,35(1), pp.1-23. Clapp, J. and Rowlands, I.H., 2014. Corporate social responsibility.The Essential Guide to Global Environmental Governance. Routledge: London, pp.42-44. Hombert, J., Thesmar, D., Tahoun, A., Piotroski, J.D., Zhang, T., Lim, J., Minton, B.A. and Weisbach, M.S., 2014. Using the firm-level corporate social responsibility (CSR) ratings of Kinder, Lydenberg, Domini, we find that firms score higher on CSR when they have Democratic rather than Republican founders, CEOs, and directors, and when they are headquartered in Democratic rather than Republican-leaning states. Democratic-leaning firms spend $20 million more on CSR than Republican-leaning firms ($80 million more...Journal of Financial Economics,111(1), pp.158-180. Korschun, D., Bhattacharya, C.B. and Swain, S.D., 2014. Corporate social responsibility, customer orientation, and the job performance of frontline employees.Journal of Marketing,78(3), pp.20-37. Lins, K.V., Servaes, H. and Tamayo, A., 2017. Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis.The Journal of Finance. McWilliams, A., 2014.Economics of Corporate Social Responsibility. Edward Elgar Publishing. Salib, J., Sun, D., Wu, J., Wen, X. and Huang, C.C., 2015. Corporate Social Responsibility. Servaes, H. and Tamayo, A., 2013. The impact of corporate social responsibility on firm value: The role of customer awareness.Management Science,59(5), pp.1045-1061. Suliman, A.M., Al-Khatib, H.T. and Thomas, S.E., 2016. Corporate Social Responsibility.Corporate Social Performance: Reflecting on the Past and Investing in the Future, p.15. Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility.Ibusiness,6(03), p.117. Takkar, K., 2015. Corporate social responsibility.International Journal of Research in Economics and Social Sciences,5(8), pp.297-302. Zentes, J., Morschett, D. and Schramm-Klein, H., 2017. Corporate social responsibility. InStrategic Retail Management(pp. 207-226). Springer Fachmedien Wiesbaden.