Dear researchers,
Let's discuss business goals in the context of human needs. I am introducing the theme below. Your ideas/commentaries/thoughts are welcome.
Human needs to be understood as a coexistence of 'material' and 'consciousness'. There can be different names for these two as per the different philosophies, ideologies, religions, beliefs, etc. The needs of both 'material' and 'consciousness' are to be identified. Nagraj (2011) suggests that the needs of the 'material' are limited and temporary, while those of 'consciousness' are unlimited and continuous. In order to achieve the ultimate human goal of 'continuous happiness', both these needs need to be addressed. Businesses have to appreciate the consumer as a human. Once they can think on these lines, there is some possibility for 'holistic value' to be generated (Sharma and Mahendru, 2017). Holistic value addition makes sure that there is value being added to the individuals, families, society and nature.
Business is identified in part through consumerism, meeting and forming individual needs, and creating them through normal business processes or technological development in often novel areas. Business that develops within the framework of ideologies and religion (for example) functions within paradigms of power, thereby acting through politics.
This is a very interesting approach. We defined, in line with Pellegrino (2014), the "outcomes" of social enterprises as "sociotechnical artefacts" generated in time, space and matter. I believe two issues need to be integrated into our own frameworks:
1- The fact that the nature of CSR is changing from a purely profit maximizing, or at least "not profit minimizing" approach of corporate giving to
a. bringing together CSR and innovation and b. strategy and social engagement
in order to generate/keep a competitive advantage (Maxfield, 2008).
2- The fact that we always interpret technologies in a social context (Suomi, 2002).
These both point out to the evolutionary theories of the firm and the economy, and I believe both can be, or need to be interpreted within the holistic approach.
Emphasizing the humanity of the consumer and working to augment the value of the consumer's spirituality, family, and society represent highly ethical business practices. I agree with you that they should be adopted by businesses worldwide. The largest question for me is how one would enforce a mandate that businesses adopt them.
Good to read your inputs, @stanley, @Burak and @Kirk...
My further argument is that businesses can ill-afford to view 'societal good' in isolation from the 'business good'. What is good for individuals, families, society and nature, is also good for the businesses. The researchers' and practitioners' challenge is to develop a framework describing how and how far does a business need to plan for actualizing this holistic strategy. This is the largest scope for economic research in the coming times, I feel....
Will be good to hear further commentary on this relevant point....
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