1
Final Project
Name
Institution
Course
Professor
Date
, 2
Part A
1. Interrelationships between business and society
Businesses do not exist in isolation. Instead, they exist in a system of interrelated parts
that include the government and the society. Each part of the system wields a significant
influence on the other parts and the systems as a whole (Carroll & Brown, 2022). This influence
can be intended or unintended. Stakeholders form a critical part of the interrelationships between
the different parts of the system. This part evaluates the interrelationships between each of these
parts and stakeholders influence business.
During the reading and journaling activities, my understanding for the interrelationships
between businesses and the society was enhanced. One of the major influences of business on the
society is through corporate social responsibility. Businesses fulfill their social responsibilities
through using renewable energy sources, recycling waste products, and providing equal
employment opportunities (Carroll & Brown, 2022). They also host and finance charity events
that champion social and community causes. For instance, McDonalds donated $5 million in
2022 to the Red Cross in response to the humanitarian crisis from the Russia-Ukraine war
(McDonalds, 2022). Such causes lead to better outcomes for the society.
Businesses also engage in philanthropic activities. Through these activities businesses
give back to the community. By donating to communities, corporations create a sense of
community. They also create their visibility in the society thereby cultivating the feeling that
they too are part of the community (Carroll & Brown, 2022). For instance, some corporations
sponsor free health camps where sick members of the community receive critical treatment for
free. Such activities alleviate suffering the society. Other corporations sponsor cleaning
initiatives that lead to cleaner living spaces for the community and their employees.
, 3
Businesses encourage economic development in the communities where they are located.
For instance, businesses employ people living in their vicinity thereby enhancing their quality of
life. They also help develop other businesses by buying their products as raw materials
(Muratovski, 2015). Other local businesses provide the businesses with services necessary for its
operations. In a nutshell, businesses thrive in communities where other businesses thrive.
Businesses also encourage entrepreneurship. As indicated above, a business opens up
opportunities. Often, entrepreneurs set up shop near businesses to offer complementary services
to existing businesses (Carroll & Brown, 2022). Consequently, these businesses provide
employment opportunities for the community leading to higher living standards. Members of the
society growing up in a community with businesses also become entrepreneurial. For instance,
children who grow up in towns where entrepreneurship is supported also become
entrepreneurial.
The society also significantly influences business. Social factors that influence businesses
form their social environment. Businesses must to utilize and adapt to their social environments
for optimal outcomes (Carroll & Brown, 2022). They must keenly follow changes in the societal
beliefs, values and practices to remain relevant in their markets. For instance, communities in the
United States are keen to reduce greenhouse gases emissions. Consequently, car manufacturers
are shifting to the production of hybrid or electrical vehicles to meet the demand for cars that use
clean energy.
Businesses that fail to adopt to social preferences are likely to experience significant
decreases in their sales volumes. For instance, an increase in the number vegetarian consumers
has led to a decrease in the number of customers who dine in regular restaurants (Muratovski,
2015). Sometimes, the changes in customer preferences may be very radical that businesses
Final Project
Name
Institution
Course
Professor
Date
, 2
Part A
1. Interrelationships between business and society
Businesses do not exist in isolation. Instead, they exist in a system of interrelated parts
that include the government and the society. Each part of the system wields a significant
influence on the other parts and the systems as a whole (Carroll & Brown, 2022). This influence
can be intended or unintended. Stakeholders form a critical part of the interrelationships between
the different parts of the system. This part evaluates the interrelationships between each of these
parts and stakeholders influence business.
During the reading and journaling activities, my understanding for the interrelationships
between businesses and the society was enhanced. One of the major influences of business on the
society is through corporate social responsibility. Businesses fulfill their social responsibilities
through using renewable energy sources, recycling waste products, and providing equal
employment opportunities (Carroll & Brown, 2022). They also host and finance charity events
that champion social and community causes. For instance, McDonalds donated $5 million in
2022 to the Red Cross in response to the humanitarian crisis from the Russia-Ukraine war
(McDonalds, 2022). Such causes lead to better outcomes for the society.
Businesses also engage in philanthropic activities. Through these activities businesses
give back to the community. By donating to communities, corporations create a sense of
community. They also create their visibility in the society thereby cultivating the feeling that
they too are part of the community (Carroll & Brown, 2022). For instance, some corporations
sponsor free health camps where sick members of the community receive critical treatment for
free. Such activities alleviate suffering the society. Other corporations sponsor cleaning
initiatives that lead to cleaner living spaces for the community and their employees.
, 3
Businesses encourage economic development in the communities where they are located.
For instance, businesses employ people living in their vicinity thereby enhancing their quality of
life. They also help develop other businesses by buying their products as raw materials
(Muratovski, 2015). Other local businesses provide the businesses with services necessary for its
operations. In a nutshell, businesses thrive in communities where other businesses thrive.
Businesses also encourage entrepreneurship. As indicated above, a business opens up
opportunities. Often, entrepreneurs set up shop near businesses to offer complementary services
to existing businesses (Carroll & Brown, 2022). Consequently, these businesses provide
employment opportunities for the community leading to higher living standards. Members of the
society growing up in a community with businesses also become entrepreneurial. For instance,
children who grow up in towns where entrepreneurship is supported also become
entrepreneurial.
The society also significantly influences business. Social factors that influence businesses
form their social environment. Businesses must to utilize and adapt to their social environments
for optimal outcomes (Carroll & Brown, 2022). They must keenly follow changes in the societal
beliefs, values and practices to remain relevant in their markets. For instance, communities in the
United States are keen to reduce greenhouse gases emissions. Consequently, car manufacturers
are shifting to the production of hybrid or electrical vehicles to meet the demand for cars that use
clean energy.
Businesses that fail to adopt to social preferences are likely to experience significant
decreases in their sales volumes. For instance, an increase in the number vegetarian consumers
has led to a decrease in the number of customers who dine in regular restaurants (Muratovski,
2015). Sometimes, the changes in customer preferences may be very radical that businesses
