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¶ … Conscious Capitalism John Mackey refers to six independent stakeholders that have an interest in any business: customers, employees, suppliers, investors, larger communities, and the entrepreneur(s) that founded the business. These constituents voluntarily exchange with business to create value for themselves and others. In a capitalistic market if customers are unhappy with the prices, services or selection they are free to take their business elsewhere. Employees are free to look for employment elsewhere if they are dissatisfied with some aspect of their work. Suppliers are free to seek alternative outlets to sell their products if they want better terms or different product placement than the business is willing to give. Investors who are unhappy with economic returns are free to sell their interests and invest elsewhere. All of these constituents exchange voluntarily for mutual benefit and are free to exit the relationship at any time. The larger community benefits if a business is a good citizen, a responsible member...
The entrepreneur(s) that founded the company have a vested interest in seeing their vision of the purpose of the enterprise realized.
Mackey asserts that the purpose of business is more than to maximums profits. There are a multitude of individual reasons other than this on which a company may have been originally founded. In any case the ultimate purpose of business is to better the lives and conditions of the people they come in contact with either directly or indirectly. If this is accomplished all stakeholders will benefit in the long run. Mackey believes that the truly great companies have a deeper more transcendent purpose which is highly energizing to all the various stakeholders. He categorizes these purposes into four groups "The Good," "The True," "The Beautiful," and "The Heroic."
"The Good" manifests itself through service to others. It is based on genuine empathy which leads to development, growth, and expression of…
Happy customers, for example, mean that the business can continue benefiting from their patronage. According to Mackey, team members are required to ensure that customers are happy. This can only occur when the happiness of team members is also ensured. For this reason, Mackey's company takes various measures to ensure that team members experience the highest possible level of job satisfaction. Value can be created for investors when customers
Prepare a response that explains the value of conscious capitalism and servant leadership and how it can be used to identify potential deficiencies. Include supporting citations to strengthen your claims.Conscious capitalism is now a much higher strategic imperative for firms looking to grow and become dominate within their respective fields. For one employees and society is now becoming much more socially conscious. They demand higher responsibility of the part of
FAIR TRADE AND CONSCIOUS CAPITALISM 1Fair Trade and Conscious CapitalismHow does fair trade support the philosophy and practices of conscious capitalism?Conscious capitalism is a business philosophy founded by the co-CEO of Whole Foods Market Inc., John Mackey, which calls for balancing between virtue and profits in conducting business (North Eastern University, 2021). The philosophy of conscious capitalism is that businesses should pursue profits in an ethical manner that protects social
The Ethics of LululemonThe Canadian apparel company Lululemon is a large, publicly traded organization that is primarily known for selling relatively upscale athleticwear. Its clothing is priced higher than, for example, comparable clothing that might be found at Target or Old Navy. The fact that it is particularly well known for its yoga gear has raised ethical questions regarding the anti-corporate, anti-capitalist ethos of yoga. Lululemon attempts to uncomfortably straddle
Peer Discussion Like many people, I have purchased Fair Trade coffee at Starbucks, and also clothing that advertises itself as Fair Trade. Fair Trade purchases do make consumers feel better about the sourcing of goods like coffee and textiles which may be of problematic origin. I agree that conscious capitalism is what many of us are aiming for, which enables us to use our purchasing power by obtaining goods from
Capitalism Is Moral Questioning the Morality of Capitalism: Moral, Immoral, or Amoral? "To trade by means of money is the code of the men of good will. Money rests on the axiom that every man is the owner of his mind and his effort. Money allows no power to prescribe the value of your effort except by the voluntary choice of the man who willing to trade you his effort in return.