Business Society Relationship: Trends, Changes, and Stakeholders

This essay examines the multifaceted relationship between business and society, highlighting key trends and changes over time. It delves into the importance of stakeholder management, exploring how organizations adapt to social, environmental, and economic factors. The essay discusses the significance of priorities in business-society interactions, emphasizing ethical considerations and sustainability. Furthermore, it analyzes the roles of managers in navigating these complexities, focusing on their responsibilities in balancing organizational objectives with societal expectations and the impact of stakeholder management on overall business success. The analysis covers the impact of technology, demographic segmentation, government policies, and economic factors on the business-society relationship and concludes by underscoring the need for ethical practices and sustainable strategies to ensure long-term success and positive societal impact.

Business and Society

Topic - “Business society relationship”
Business-society has brought various changes at social, environmental and economical
level. The term business refers to the process of providing goods, services and products to make
profit. In order to reduces negative impact on society and nature, this relationship is vary
important (Barin Cruz and et. al., 2016). With the help of this activity, organisations are able to
meet challenges. Through this way negative aspects of the process can be effectively reflected.
Along with the beneficial points can be implemented. There are various challenges such as
business consequences, ecological and environmental disaster,that can be handled effectively
(Berthoin Antal and Sobczak, 2014). To maintain this relationship effectively, managers should
consider all the factors effectively. The present essay is focused on business society relationship.
In this various factors related to the business society relationship. Such as highlights of trends,
changes implemented into business on the basis of priorities and issues (Dahan, Hadani and
Schuler, 2013). Along with this stakeholder management and their relevance with the role of
manager is also covered.
Trends highlighting business-society relationship.
The highlighted trends of business- society relationships are like they provides an hyper
connect to the global organisations. These factors are effectively implemented with the help of
social media, mobile technology and so on (de Graaf and Stoelhorst, 2013). Through this they
are introducing a virtual world, it helps the organisations in order to implement changes
effectively. Along with this various social culture is also helps the companies in order to decide
involvement. With the help of this they are able to develop faith at local level (Dashwood,
2014). The demographic segmentation helps in order to deliver services effectively. Along
with this they are providing various employment opportunities also.
With the help of implementing these modifications they are able to meet the needs of
diversified audience. Along with this various new mechanisms and strategies can be also
effectively applied (de Graaf and Stoelhorst, 2013). However , there are some challenges are
also such as increased number of opportunities are creating negative impact on the
environments. In order to resolve them, organisation need to develop effective addressing
strategies. Along with this excess implementation of technologies are also creating negative
impact on the both human as well as nature. Therefore, their must be some alternative
introduced to overcome this drawbacks (Hahn, 2015).

Changes in business – society relationship over time
There are various powerful factor due to which changes are introduced into business.
Some of them are like government policies, economical factors, social and ethical expectations
and so on. To implement these factors effectively into the organisation, various strategies are
being considered by the organisations (Jamali, Lund-Thomsen and Khara, 2017). Society
relationship has been modification at great extend. While considering business-society
relationship, various changes are identified. One of the major change that has been analysed as
shifted interest of organisations. Now firms are focusing to provide services without effecting
environment. As needs of customers are changing frequently. Therefore, they are trying to
implementing changes without affecting society.
To implement this steps, organisations is considering demographic level (Lux, 2016). It
helps the company to effectively handle various economic factors such as interest rate, taxation,
inflations and foreign trade and so on. Some changes are determined at political aspect by
company. As administrative bodies changes policies at regular interval time. While
implementing changes, they considers type of industry and their production also (Business and
the changing society. 2017). Along with these changes are also considered at regular interval.
These all changes had positive impact on the growth of company. With the help of this
relationship organisations are able to increase their profitability (Peredo and McLean, 2013).
These social relationships helping the firm in order to expand their business. These all the
positive changes are considered while introducing business-society relationship. Along with this
some changes of society are also considered. Implementing all these changes into business
refers to the interactive society relationship system (Peredo and McLean, 2013). With the help of
all these modifications, needs and influencing factors for the customers are separated. With the
help of that different policies and strategies are being considered by the company. Through
applying advance technology, speed of the process also get increased. Along with this CSP
model is also considered. It help to implement changes effectively (Ratcliff and Doshi, 2016).
Priorities related to society relationship
According to various researches economical factors are considered as priority of business
organisation. Along with this social and ethical factors are their sub priorities. With the help of
deciding priorities organisation are able to identify effectiveness of the process. It plays a
significant role in the business-society relationship (Shahzad and Sharfman, 2015). Through this

way they are able to maintain impressive balance between financial factors and social concerns
simultaneously. Before, analysing priority of any process, views of the stakeholders are also
incorporated.
Analysing priorities is considered as responsibilities of stakeholder management. In
order to analyse process and assigning them priorities, guidelines are considered by them. In
order to maintain effectiveness of any process five issues are considered as priority of any
organisation. Such as private sectors, politics, public contracts, corruptions and poverty. These
issues are decided by considering both business and social factors. Along with this due to
diversified social culture, needs and demands of the individual is also different (Westermann-
Behaylo and et. al., 2014). This may leads to the conflicts, to handle this problems analysis of
needs takes places on the basis of their importance. It helps to overcome issues related to the
needs and demands.
Issues related to ethics and sustainability.
In last few years business organisation has faced various changes. Due to which different
ethical issues are arises. To maintain functioning of this factors they are applying CSR and CSP
models. In this they are identifying some pattern, in order to implement strategies. Such as
hierarchical, concentric and linear (Shahzad and Sharfman, 2015). With the help of this model
organisation tries to identify issues related to stockholders and interests of firms. Through the
CSP models all the factors can be analysed effectiveness of the communication process. On the
other hand CSR methods helps in order to effectively implement code of ethics into the
company (Business and the changing society. 2017). This models are distributed into segments
such as social responsibilities, stakeholder and philosophy.
In this social factor deals with the issues like legal, ethical and so on, on the other hand
stakeholder refers to the problems related to the clients , business environment and employees.
However, philosophy refers to the strategies and accommodation related problems. Sustainability
provides various opportunities to the organisations (Barin Cruz and et. al., 2016). Through this
they are able to handle various risks and implement strategies effectively. With the help of this
they are able to identify future scope also. For instance, an organisation as Walmart, is having
a team of expert stakeholder (Ratcliff and Doshi, 2016).
They are trying to implement cooperative investors relationship. For this they are trying
to applying innovative approach, by considering various factors like employees , customers and

objectives. With the help of this process they have identified seven issues where sustainability
can be considered (Berthoin Antal and Sobczak, 2014). Such as global warming, toxic and
harmful impact on nature. In order to handle this issue organisation considered 360 innovative
sustainability approach. With the help of this process they have made effect at wide extend in
the society (Dahan, Hadani and Schuler, 2013).
Stakeholder management and its relevance to manager's role
Stakeholder management
Stockholder refers to the individual who is dealing with the stakes of the organisation.
They are considered as a built-in element between organisation and society (Peredo and McLean,
2013). Stakeholder management refers to the process through which works are redefined into the
corporate model. For this various theoretical and practical approaches has been implemented by
him. With the help of him, company is able to achieve their objective (Peredo and McLean,
2013). They helps in order to maximise profitability, increase growth and achieve objective of
an organisation.
Manager's role in today's time
Role of managers varies on the basis of processing of organisation. They are working in
order to maintain balance between various operations. Such as by analysing views, actions and
decisions of employees (Jamali, Lund-Thomsen and Khara, 2017). In order to incorporate
strategies and plaining into the organisation effectively, views of stakeholders are considered.
In today's scenario, managers are working with some objectives such as implementing
strategies, in order to meet expectations of stockholders. On the basis of their outcomes needs
and requirements strategies are implemented accordingly. Before, applying policies, they have
to consider various factors such as political, economical, environmental and so on. All the factors
related to ethical issues and sustainability (Lux, 2016). According to today's conditions the
biggest challenge for the manager is to identify opportunities. Implement those strategies, in
order to maintain balance between organisation and society. They work to convert objective of
the organisation into productive outcomes. For this series of actions and functions has being
considered by them. Along with this motivation and encouragement to the employees is also his
provided (Peredo and McLean, 2013). For this process KPI is considered by them. Through
which they are able to make efforts in proper direction and also achieve objective ( Peredo and
McLean, 2013). Responsibilities of employees are also handled by the manager of the

organisation. In order to increase their performance, various activities being considered by them,
such as motivation, training and developing.
Relevance of stakeholder management in manager's role
Stakeholders are directly related to the results of an organisation. They are able to handle
issues either inside or outside of the company. They provides sponsorship when they are working
from outside the organisation and provides effective team when they are working in the
organisation (Ratcliff and Doshi, 2016). Manager and stakeholders are connected at some points
such as all the planning is always handled by the manager. Plans that are developed by
managers are finalised by the investors. For this voting and decision-making activities are
organised. Another factor to analyse relevance is management (Shahzad and Sharfman, 2015).
Stakeholder of an organisation is provided with reputed position, they can directly contact with
the higher authorities of the organisation. Through this process they are able to make significant
changes into the company (Peredo and McLean, 2013).
The major focus of the investor is provided on the lifeblood of the process to get
success. The significant role of the manager is defined as profitability, ethics, disclosure and
considerations (Barin Cruz and et.al., 2016). The responsibilities of investors as manager is to
maintain profitability of company. They are working in order to maintain growth, sales and
purchase of the organisation. In order to seek new heights in market competitions they are
launching various complementary products (Westermann-Behaylo and et. al., 2014).
Another relevance for this role is to providing periodic disclosure related to the
stakeholder information. It helps to attract investors by changing their decisions. In case if
organisation is facing bad time, in that case employees of the organisation must be aware with
the backup plans (Shahzad and Sharfman, 2015). During such conditions it the responsibilities of
the manager to maintain regulation of the process. Along with this employees should be motivate
in order to overcome that difficult situation. Managers are also provided with the code of ethics
by the organisation.
From the above essay, it is inferred that business-society relationship has introduces
various changes into the corporation world. Through implementing technologies they have
provided new direction and approaches to provide services. While providing these services they
have considered various social and environmental issues. With the help of this they are able to
provide effective services to the customers. It is also analysed that role of priorities are vary

significant in order to apply services effectively. With the help of this they are able to meet
demands of customers effectively. Along with this it is also determined that organisation should
implement strategies by considering code of ethics. With the help of this they are able to fulfil
their responsibilities effectively.

REFERENCES
Books and journals
Barin Cruz, L. and et. al., 2016. Institutional resilience in extreme operating environments: The
role of institutional work. Business & Society.55(7). pp.970-1016.
Berthoin Antal, A. and Sobczak, A., 2014. Culturally embedded organizational learning for
global responsibility. Business & Society.53(5). pp.652-683.
Dahan, N. M., Hadani, M. and Schuler, D. A., 2013. The governance challenges of corporate
political activity. Business & Society.52(3). pp.365-387.
Dashwood, H. S., 2014. Sustainable development and industry self-regulation: Developments in
the global mining sector. Business & Society.53(4). pp.551-582.
de Graaf, F. J. and Stoelhorst, J. W., 2013. The role of governance in corporate social
responsibility: Lessons from Dutch finance. Business & Society.52(2). pp.282-317.
Hahn, T., 2015. Reciprocal stakeholder behavior: A motive-based approach to the
implementation of normative stakeholder demands. Business & Society.54(1). pp.9-51.
Jamali, D., Lund-Thomsen, P. and Khara, N., 2017. CSR institutionalized myths in developing
countries: An imminent threat of selective decoupling. Business & Society.56(3). pp.454-
486.
Lux, S., 2016. Strategic fit to political factors and subsequent performance: Evidence from the
US coal industry, 1986 to 2000. Business & Society.55(1). pp.130-147.
Peredo, A. M. and McLean, M., 2013. Indigenous development and the cultural captivity of
entrepreneurship. Business & Society.52(4). pp.592-620.
Ratcliff, R. and Doshi, K., 2016. Using the Bass Model to Analyze the Diffusion of Innovations
at the Base of the Pyramid. Business & Society. 55(2). pp.271-298.
Shahzad, A. M. and Sharfman, M. P., 2015. Corporate social performance and financial
performance: Sample-selection issues. Business & Society, p.0007650315590399.
Westermann-Behaylo, M. and et. al., 2014. The influence of institutional logics on corporate
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Online
Business and the changing society. 2017. Internet Marketing. [Online]. Available through:
<https://hbr.org/1974/03/business-and-the-changing-society>. [Accessed on 27th July
2017].