Profit vs. Purpose: Exploring Business Objectives and Practices

This essay delves into the central question of whether profit should be the sole purpose of a business. It argues that while profit maximization is crucial for business survival, it shouldn't be the only objective. The essay emphasizes the importance of customer service, highlighting its role in retaining clients and boosting revenue. Furthermore, it stresses the significance of employee satisfaction, asserting that satisfied employees are vital for organizational growth and profitability. The essay also addresses challenges such as conflict management and hygiene issues, proposing solutions based on Herzberg's theory and the development of leadership qualities. The arguments are supported by references to various academic sources and online resources, providing a comprehensive analysis of the multifaceted purpose of business.

SHOULD PROFIT BE THE
ONLY PURPOSE OF
BUSINESS

TABLE OF CONTENTS
SHOULD PROFIT BE THE ONLY PURPOSE OF BUSINESS...................................................1
REFERENCES................................................................................................................................2

TITLE OF THE ESSAY
should profit be the only purpose of business
Reason of this topic
It is true that in order to run successful business with the motive of long term perceptive,
profit maximisation is the important purpose which will save money from getting failure of
business but there are some purpose too (Edward, 2014). It is also true that profit maximisation is
not only the sole objective of business infect it has to achieve some other economic and social
objective as well. Business must have to earn profit but not to ignore:
Three key sources
Customer service:
Effective customer service helps enterprise to retain clients and increase revenue of the
business. It is also true that business exist only to serve customers. Therefore, to keep customer
happy is must be the primary objective of the business.
To improve and maintain goodwill:
Business must have to balance both profit-making activities by which society gets
benefited (Tideman, 2017). It is the another objective of business which specify positive
relationship of business with the society.
Employee satisfaction:
Another purpose of the business is to satisfy employee because they are the only one
which helps in earning profitability for enterprise. Business must have to look upon economic
and social well being of its employee as they are the pillars in order to achieve the growth.
Source evaluation
In order to CRAAP test, employee satisfaction is one of the key source under which
mainly helps in analysing that businesses must have to develop effective employee retention
practises. In the views of Hague (2018) it is analysed that nowadays employee mainly leave
companies because of no effective safety and retention practises.
Thesis statement
 To identify employee satisfaction practises in regards with business purpose
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Main arguments
According to the views of Bajpai (2019) It is necessary that entities must have effective
employee retention practises by which better organisational performance will get generated.
Motivation is the factor which needs to regularly develop by the leaders of organisation so that
employee will able to improve the skills which required in meeting organisational goals.
However, Kaliannan and Adjovu (2015) stated that in the current era employee
engagement is still under the stage of transitional where many employee complaint that entities
did not fulfil their basic needs in terms of pay scale and security. Thus, purpose of organisation
must have to fulfil the expectations of the consumers so that they generate their best efforts in
order to meet growth of the company.
Challenges and solutions
Main challenge which identified in the organisation regarding employee satisfaction is
poor conflict management skills and another issue is regarding the Hygiene issue.
Therefore, in order to solve such issues in organisation, management of the entities must
have to follow guidelines of the Herzberg theory under which in order to satisfy hygiene issue
certain rules and strategies are given by the author. In order to solve conflict management skills
proper leadership qualities needs to be developed in leaders of the organisation.
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REFERENCES
Books and Journals
Tideman, S.G., 2017. Shared purpose in business. In Business as an Instrument for Societal
Change (pp. 114-138). Routledge.
Hague, D., 2018. Pricing in business. Routledge.
Online
Edward, R., 2014. Is Profit The Purpose of Business. [Online]. Available through
<https://ideas.darden.virginia.edu/is-profit-the-purpose-of-business>
Bajpai, J., 2019. Employee satisfaction and role of motivation: a study of super-speciality
hospital. [Online]. Available through
<http://www.jaypeejournals.com/eJournals/ShowText.aspx?
ID=8740&Type=FREE&TYP=TOP&IID=675&Value=34&isPDF=YES>
Kaliannan, M., and Adjovu, S. N., 2015. Effective Employee Engagement and Organisational
success: A case study. [Online]. Available through
<https://www.sciencedirect.com/science/article/pii/S1877042815003870>
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