Quiz 17: Managing Corporate Social

Business

Some of the dreadful diseases were avoided by most of the pharmaceutical firms, as they focused on markets and products which could bring profits. Most of them argue that the pharmaceutical firms strategically ignored the smaller-scale diseases, as there are other diseases that may have an adverse effect on the people. So, it can be said that deciding on dreadful diseases and having the vaccine at hand when confronting is one of the leading strategic challenges for the pharmaceutical firms to overcome. Dr. MGC, Director-general of WHO criticize that "profit driven" pharmaceutical firms do not invest in the markets that does not pay. The CEO of a leading pharmaceutical firm was against the statement. The CEO argues that it is true that every business wants to make profit, but it is also the responsibility of the pharmaceutical firm to find the ways and develop vaccines to treat a particular disease in every country. So, a decision has to be made on diseases which are more dreadful, as the firms may have limited resources, equipment or expenditures needed for R D. So, it might be a strategic move for most of the pharmaceutical firms to decide on diseases that needs to be eradicated.

The court decided this outcome on the basis of the following 'An organization is organized and carried on primarily for profits of the stockholders". This decision was correct at that as the bottom line of the business used to be profits of stockholders. Today as well this is one of the bottom lines of the triple bottom line concept; also companies are required to fulfill social and environmental obligations as well. Thus, today also the aim of the organization is to make profits but when making profits they should also take care of the society and environment. They should be accountable for any loss to society and environment and should make profit after considering these costs. Thus, today as well with the awake of CSR organizations are aimed at making profit by keeping a balance between society and environment i.e. their activities should not harm society and environment. Decision will remain the same today as well but with the only difference that they will be held accountable today for any loss to society and environment.

China is considered as a developing economy as GDP and growth rate is quite higher in comparison to other developing economies, this show that economy will see a sustained growth in future. From the number of researches conducted recently the Chinese market is expected to be a marketplace for premium cars as this is expected to grow at a rate of 12%. Entering into Chinese premium car market using green technology will help an organization to attain competitive advantage. There has been seen a changing trend in the demands of consumer. Earlier the premium car owners used to purchase it as a status symbol however the new generation has a different perspective. Thus to trap the market the organization should consider the local requirements of the consumers in Chinese market. Organic foods can also be introduced in Chinese market.

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