Traditional marketing practice is facing unprecedented challenges. The unsustainability of resource use, the increasing inequity of the market, and the continuous decline in societal trust pose a threat “marketing as usual.” Capitalism is at a crossroads and scholars, practitioners and policymakers are being called to rethink their purpose and assumptions in light of major societal and environmental changes. As current thinking is based on the exchange paradigm, people largely informed it by economics. Therefore it draws substantively from neo-classical theories of human beings. A “homo economicus” fulfill his or her stable and predictable interests. He or she is amoral, values short-term gratification, and often acts opportunistically to further personal gain. Such a strategy and marketing organization are largely based on this, and, in turn, are blamed for creating negative externalities. This means the time for changes has come.
The nature of this concept
Those types of affairs must be inspired by and performed in tandem with human nature if we are to avoid our damaging reductionist views of the world. Business with humanity in mind is a multidimensional concept because every person has its cognition of it. The founder of the basis of its theory was John Hopkins Carey School. This credo signifies the shift in culture.
For a long time, already contemporary culture designates the constant making money, the income, the contracts, the loss, and embodies the typical image of the Wolf from Wall Street. Business with humanity in mind tries to focus on the humanistic approach. Corporations count on people to need and consume the products and services in order to have a profit. They have come to realize that humanity is not mutually exclusive. Relying only on financial sphere may lead to detrimental consequences for society at large, as proofed by the U.S. financial crisis of the 2000’s. Focusing on consumers only with no regard for the finances can also cause the ruination if a country has no opportunity to support its people financially. This credo is fitting because affairs are eager to try a different way, as evidenced by the growth of social entrepreneurs and other businesses that care about the greater good.
The Agents of Business with Humanity in Mind
Students of John Hopkins Carey School have a tough challenge. They have to change the world, and make it believe that the financial sphere is “by people” and “for people.” But first of all, they have to believe in it themselves. As the students of Carey School are from varied social backgrounds, origins, cultures and come in with their own moral compass, so it may be quite difficult to change their principles and morals to one that embodies the consensus of the greater good. But if they succeed in this, they will become pioneers of the next generation business with humanity in mind.
Criticism of Business with Humanity in Mind
Everything sounds great and even better, but some people criticize the theory. Firstly, the real world is evil. The scourge is deep inside the human nature; no one is going to turn the money making in good thing while it is a business. The aforementioned sphere is like the politics – dirty stuff, and money rule the world.
Secondly, why the notion of business comes before the humanity? And why humanity is just in mind and does not take the direct participation in the concept of the central topic of this essay? Maybe humanity is just an afterthought. There is an opinion that this credo should morph into one that more clearly defines its mission. Something like: “Money and people working together, humanity living and making it better,” which may reflect a complete culture not just keeping people “in mind” but actively include them into all endeavors.
We need to set the new business culture. Carey School tries to teach us that we are one human race in which everything we do matters – especially in that sphere. Business with humanity in mind is a mechanism that puts culture moving forward as the top priority. Citizens should be embraced by doing so, create a better world.
As Dean Bernard T. Ferrari – the member of the Carey School states, “Our goal is to produce relevant, practical, translatable research that has a beneficial impact on people’s lives today and tomorrow.” Part of Carey School’s mission statement states, “We create and share knowledge that shapes practices while educating leaders who will grow economies and societies, and are exemplary citizens.”
One of the principal goals of business with humanity in mind essay is to develop creative leaders who gain first-hand knowledge in building sustainable businesses in developing markets. Plus, students are acknowledgeable in assessing the commercial potential of technological innovations and scientific discoveries. Business with humanity in mind is unique in that it focuses on commercialization and entrepreneurship as a means to meet societal needs; i.e., by creating a successful financial model people can bring the technology to market for medical, scientific and humanitarian purposes.
And the third element involves immersing leaders in real-world, street-level social entrepreneurship. Working with area residents, stakeholders, and institutions, they identify neighborhood strengths and weaknesses and develop strategies to capitalize on the former and address the latter.
Business with humanity in mind essay is dedicated to the mission of developing new knowledge and educating the new generation of leaders to build great societies and economies. It teaches simple students how to be creative leaders who are able to solve tomorrow’s challenges and contemporary problems.
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