Role of Business Firms

Does this goal still apply to our understanding of the role of business firms in society? Provide examples to support your understanding.

According to Milton Friedman, the main role of business firms is make profits and to provide returns to the shareholders who invested their money into the business. Hence, a business should not indulge in social activities such as helping the needy in the society (Martin et al, 2009). This goal does not therefore apply to the business role of firms in the society. Writers who offer management essay help at Edudorm essay writing service notes that this is so because, for any business to be able to win the hearts of many consumers, it needs to provide assistance to the society. Moreover, providing support to the society acts as a way of creating the awareness of the brand to most people and thus making them to buy the product. Most successful companies, either support the needy or offer financial assistance to different cooperation in a bid to win new markets for their products.

Does government or society have a role to play in expanding the Friedman discussion?

The government and the society do not have a role to play in expanding the given discussion, simply because, firms have the right to support the society (Martin et al, 2009). When firms support the society, they are working according to the dictates of the law, thus they do not break the law. This consequently means that, the society and the government cannot play any role of business firms in expanding Friedman’s goals of firms. Experts who offer strategic management assignment help at Edudorm essay writing service indicates that a firm needs to create a good relationship with the society, and by so doing, it ensures that it attracts new customers, hence increasing productivity and returns in the company. The government and society should only work hard in making sure that in the role of business firms, the firms provide support to the society and not to provide services without supporting the society. This will assist in creating good relations between the society and firms in the world.

Reference

Martin, J. D., Petty, J. W., Wallace, J. S., & Coutts. (2009). Value-based management with corporate social responsibility. New York: Oxford University Press.