Introduction on Business Society Strategy
Business Assignment Help are affected through variety of factors and elements. All these aspects have positive relationship with the organizational performance and drives them tin different ways (Cheng and et .al., 2007). Here in this report the relationship between the business and society has been explained in very articulate manner. Further with the help of this report the role of public policy in corporate strategy is also clear. The construction of concrete and firm corporate strategy helps the business organization to improve their profitability and sustainability. In last the ethical responsibilities of organizations towards the society has been taken into special consideration.
Task 1: Understand the relationship between business and society?
Business is one of the most dominant and influencing aspects of the society. Without business it is impossible to ensure the growth and development of the society. Business involves activities which have its impact at society and there are millions of businesses which are benefitting the common people and serving them by fulfilling their requirements (Buciuniene and Kazlauskaite, 2012).
Society comprises of common people or mankind who are residing collectively and creates different community and culture. The term society and business both are inter-related and inter linked. Without each other’s support both business and society can perform their task effectively. The impact of business activities can be realized on the societal activities and various social aspects has direct relationship with the business growth and success (Adams, 2013). The decision making process of the organizations are completely dependent on the societal aspects and values that how they are behaving and what are the implications of social changes.
Task 2: Role of public policy in corporate strategy?
Corporate strategy planning is combination of various strategies which can help the organizations to achieve their goals within the stipulated period of time and the organization can improve their business operations. There are various elements which plays a major role in the formulation of corporate strategy and can help in design most appropriate and suitable business plans and policies. For the same purpose the organizations are required to understand the expediency of public policy (Chapple and Moon, 2005).
It deals with the course of actions which ensures the eradication public issues and challenges. All the actions and steps taken by government, with respect to elimination or addressing the severe public issues lie under the category of public policy. Public policies are mainly framed by the incumbencies that may be located at international level, national level or any other statutory body. The main motto of public policies is to ensure the safeguard of population or common people.
The role of public policy in corporate strategy is very immense as it helps in putting the necessary restrictions on corporations and can help in avoiding the fraudulent business activities (Du and Sen, 2010). Sometimes business entities can cross their limitations and can take the undue advantage of their power and can exercise it in wrong manner but public policies can prevent them to go against the public benefits and harm the society people. Public policy has various elements which are sufficient with a view of monitoring the business activities and can provide directions to corporate strategies. It is to acknowledge that the organizational policies generally revolves around the public policies and is completely based on the actions taken by local or international government.
The construction of this report has provided the better knowledge about the fact that how business and society are connected to each other and how they are interdependent. The major learning of this report is that without the proper assessment of public policy none of the business organization can create their corporate strategies. International or national government interventions are required to be handled in painstaking manner in order to provide firmness to the corporate strategies. Moreover the thorough analysis of this study is useful in understanding the ethical responsibilities (advertisement, disclosure of fact, proper remuneration etc.) of business organizations towards society.
- Bueble, E., 2009. Corporate social responsibility: CSR communication. GRIN Verlag.
- Chapple, W. and Moon, J., 2005. Corporate Social Responsibility (CSR) in Asia A Seven-Country Study of CSR Web Site Reporting. Business & Society. 44(4).pp. 415-441.
- Cheng, P., and et .al., 2007. Organizational change in stakeholder business systems: the role of institutions. Journal of Organizational Change Management. 19(3). pp.383 – 392.
- Du, S. and Sen, S., 2010. Maximizing Business Returns to Corporate Social Responsibility (CSR): The Role of CSR Communication. International Journal of Management Reviews. 12(1).pp. 8-19.