Business Purpose, Stakeholder Theory, and Economic Systems

This report explores the purpose of business, emphasizing its role in providing products and services to customers and serving the interests of stakeholders. It highlights the importance of ethical practices, economic systems, and the pursuit of profit and market share. The report underscores the significance of employee involvement, effective communication, and adaptability to market changes. The references provided include sources on corporate governance and stakeholder theory, supporting the discussion on business objectives and management.

What is the Purpose of the
Business

Table of Contents
Main Body.......................................................................................................................................1
REFERENCES................................................................................................................................2

Main Body
Business is an organisation where people work together to achieve the desire goals and
objectives. The main purpose of the business is to offer products and services to the customers
and it should be valued to them. In addition to this, the purpose of business is to serve the interest
of hue number of stakeholders of the company. The intention of business is lawful and it is the
practising the art of being respectful (Jones, Wicks and Freeman, 2017). It is economic system
where product and services are exchanges for money. Businessman starts the business with the
main intention to raise the profit and increase the market share of the company or business in the
market. Moreover, its is also important for the businessman to run the business for the smooth
functioning that they should have to encourage or boost each and every member of the company
to make contributions. It is because, by the involvement and participation of each members, there
will be more ideas and thoughts that will be very effective for the business to reach there goals
and objectives. On the other hand, the purpose of the business can be executed if all employees
of the company will listen to there peers instead of doing arguments. Listening is very essential
for the smooth functioning of the business (Allen, 2017). Moreover, the most important thing to
run the business and to achieve the desire goal is that businessman should always be prepared for
the changes according to the needs and demand of the market. The entire purpose of business is
achieved if businesses accept changes rather than resisting.
1

REFERENCES
Books and Journals:
Allen, W.T., 2017. Our schizophrenic conception of the business corporation. In Corporate
Governance (pp. 79-99). Gower.
Jones, T.M., Wicks, A.C. and Freeman, R.E., 2017. Stakeholder theory: The state of the art. The
Blackwell guide to business ethics, pp.17-37.
2