Evaluating the Role of Business in Society: LLM 7002 Presentation

This presentation evaluates the statement: “What is needed is a form of capitalism that is driven by businesses which not only think about the short term returns but also about building longer term sustainable businesses that create economic, environmental, and social value – what McKinsey & Co call ‘long-term capitalism’.” The presentation explores the key elements of capitalism, emphasizing its influence on social needs and environmental factors. It uses McKinsey & Co as a case study, analyzing their role in promoting long-term sustainability through various operational activities, economic development, and ethical practices. The presentation highlights the significance of long-term development factors, including ecology, politics, culture, and economy, and how businesses can contribute to social development. It also examines the role of technological tools and environmental initiatives in achieving social goals. The presentation concludes by emphasizing the importance of ethical practices and the challenges businesses face in fulfilling their roles in social development, referencing the Ackermann model and various academic sources.

Role of business In society

Introduction
Capitalism is one of the most significant factor in context of social system
and it emphasises on various key elements that relates with the rights of
individual. In support of this, it can be said that the capitalism is also considered
as combination of various principles that can influence the social needs.
Moreover, it has also been spotted that it is one of system that assist the
company to ensure about diverse environmental factors. Classification of key
elements can be as political, legal and economical. In order to have effective
acquisition of sustainability factors it is necessary for every business firm to
focus on these kinds of factors that provides enhanced level of information
regarding market. It is also beneficial for the organisation as it provides better
opportunity to attain high profit margin ratio.

Company Overview
In support of above statement, it can be said that the McKinsey & Co is a
leading consultancy business firm that operates its business at the international level.
Company is offering its services to various corporate organization, government and
other authorities that plays a key role in social development actions.
In other aspect, it can be contended that the business firm helps its service users
to acquire long lasting improvements in performance as well as meeting objectives in
proper way. It has also been identified that the company consist of various clients
from different geographical areas overall the world with an assistance of its branch
offices.

Contd...
Furthermore, McKinsey & Co also effectively participates in various
operational activities of its clients so that their performance can be enhanced in an
effective manner.
Moreover, it has also been identified that in order to have better social
development and sustainable growth opportunities the business firm is continuously
focusing on enhanced level of values in its services.
In support of this, it can be critically explained that advancement in morale
of service user is also beneficial for improving quality of services that relates directly
with aspects of sustainable development. It is also advantageous for integrated work
culture and creation of better values for sustainability in social elements.

Long term sustainability
 It is considered as one of optimistic procedures which is beneficial for improving
in business operations as it provides great level of assistance in effectively
managing diverse operational actions.
 In support of this, it can be said that with an improved focus on long lasting
development opportunities the business is required to various factors. Classification
of long lasting development factors can be as ecology, politics, culture and
economy.
 Moreover, McKinsey & Co is playing key role in diverse operational activities of
its service users that can influence economic development in diverse manner.

Contd...
 Management of McKinsey & Co also focuses effectively on economic
conditions of different geographical areas.
 Effective management of global factors is also beneficial for long lasting
improvements and sustainable development.
 Management of McKinsey & Co is continuously focusing on improving
quality of its services so that service user can feel valued.
 It has been spotted that the improvement in profit margin ratio of business
firms impacts operations of government in positive manner.

Contd...
 It has also been noticed that the advancement in economic aspects is beneficial for
effective management of operational activities and facilitate management to design
appropriate strategies in order to accomplish social needs.
 Improvement in income level of employees is also beneficial for advancement in
economic system and lifestyle of citizens.
 With an enhanced level of focus on economic aspects and creating an better values for
service users, objectives of social development can be accomplished in proper way.
 It has been identified that these kinds of advancement and ethical practice consideration is
also advantageous for better accomplishment of social needs as well as economic
development.
 It has also been spotted that the environment aspects is one of significant factor for every
business firm and it provides great level of assistance in context of social development.

Contd...
 With an assistance of example, concept of technological use can be
understood in a better way.
 It is also beneficial for improving environmental conditions and reducing
cost of operations.
 This clearly indicates that the management of McKinsey & Co is playing
key role in developing social aspects by promoting technological tools for
improving environmental aspects.

Contd...
 McKinsey & Co professionals are focused on improving information about
diverse natural resources that can be used by its clients.
 It facilitate professionals to determine significance of natural resources in the
optimistic manner in order to suggest them an environment friendly ways.
 Company also suggest framework and standards to its clients so that they can
protect environmental aspects and provide benefits to the business.

Contd...
 McKinsey & Co also focuses on investing diverse government projects which can
reduce environmental issues.
 Management of McKinsey & Co is focused towards number of initiatives that can
improve environmental aspects and accomplish social development needs.
 McKinsey & Co also focuses on Ackerman model of social responsibility. It is classified
in three phases that provides long lasting goals accomplishment.
 In this, top management of firm recognizes the existence of social problem and makes
some policies to resolve it.

Conclusion
As per above study, it can be said that every business organisation plays
a significant role in social development. It has been identified that the
capitalism organisations are focused towards long term sustainability and
social development as it provides monetary and non monetary benefits.
Long term sustainability is optimistic system and process that helps
business to manage activities in an appropriate manner. It also provides long
term development in various context such as ecology, economy, politics and
culture. McKinsey & Co focuses on various models and frameworks that
creates values in terms of economy, environment and society.

Contd...
It has also been spotted that the social needs relates with diverse factors
such as economy, lifestyle, environment, etc. With an improved focus on
technological tools and other methods the social development goals can be
accomplished in effective manner. Improved use of resources and growth in
economic system is benefical for effective development of society.
Moreover, there are number of barriers that company faces in effective
accomplishment of key roles in context of social development. Rapid changes
in economic system impacts the operational activities and social development
in diverse manner.

References
Porton, D. 2014. Focusing capital on the long term. Harvard Business Review.
92(1/2). pp.44-51.
Noise, W., 2013. The social development of the intellect. Elsevier.
Himire, K.B., 2013. Social change and conservation. Routledge.
James, J., 2012. Integrating sustainability into firms' processes: Performance
effects and the moderating role of business models and innovation. Business
Strategy and the Environment. 21(3). pp.183-196.
Popkins, M., 2012. Corporate social responsibility and international
development: is business the solution?. Earthscan.

Contd...
Robert, A., 2011. Long-term sustainability of forest ecosystems on sandstone in
the Vosges Mountains (France) facing atmospheric deposition and silvicultural
change. Forest Ecology and Management. 261(3). pp.730-740.
Loore, C., 2014. Joint attention: Its origins and role in development. Psychology
Press.