How should a for-profit corporation balance its business needs with the needs of its customers?
Strategically, the goals of a for-profit corporation are the need to obtain the maximum amount of profit, however, the insertion of the needs of customers into that strategy has the potential to expand profit margins. The ability to emphasize the needs of the customer as a component of the businesses strategic goals can offer exponential growth for the business while enhancing customer satisfaction. Therefore, businesses must forge a relationship with customers and both must work towards maintaining a relationship of trust and ethical behavior among each other. A key component of maintaining this ethical behavior, both parties must abide by and adhere to regulatory and statutory standards. As stated in Ecclesiastes 4:12 “Though one may be overpowered, two can defend themselves. A cord of three strands is not quickly broken” (NIV). The expressed meaning of the text is referencing the strength in numbers or the power of building a strong complementary relationship that bonds business needs, customer needs, and ethical judgement. Accordingly, one can interpret that in order to establish a balance between corporations and customers, there should be balance through enforcement of ethical judgment on the part of both the business and customer.
According to Gobble, customer experience is fundamental in driving business innovation and remains underutilized (2015, p. 60). Consequently, equating the importance of customer needs to the process of business innovation. Thus, making the impact of a fruitful relationship a critical element in sustaining the profit for businesses. Strategically businesses need to take a holistic approach in forging the relationship that serves as a benefit for both parties by assuming the most possible ethical approach to business as possible. However, to make ethical approach work, businesses must take precautions ensuring customers reciprocate the ethical judgement. For example, Apple can pass the benefits of innovation to customers as long as patent laws and standards are being upheld and the distribution of counterfeit products are not being produced and sold for a cheaper price. An industry leader, such as, Apple spends millions of dollars on research and development on new and innovative products for consumers, leading to an obvious interest in intellectual property law.
Industry leaders define the need to protect intellectual property as a critical performance specification that helps distinguish the organization from the competition. Companies are forced to safeguard patents and pursue legal action against violations of these patents by the competition. Accordingly, the benefits of upheld patent law convert to the discovery or advancement of products and services for consumers.
Do companies whose mission is primarily to create products on which lives depend have a greater responsibility to tip the balance toward the consumer more than toward themselves?
According to Luke 12:48 “But the one who does not know and does things deserving punishment will be beaten with few blows. From everyone who has been given much, much will be demanded; and from the one who has been entrusted with much, much more will be asked” (NIV). The demonstration of being a wise custodian of the master’s possession is properly fitting in reference to the responsibility of companies whose mission is primarily to create products in which other lives depend. Simply because access has been granted to have more than others does not absolve a company from improving or benefiting others. Accordingly, the blessing that has been bestowed upon the company should be proportioned to help benefit the consumer, by which the product what ultimately designed to address the need. Thus, the company has been entrusted with this knowledge, talent, wealth and other beneficial attributes to benefit others.
Kubasek, Browne, Herron, Dhooge, and Barkacs (2016) expressed the dilemma faced by inventors to protect inventions through patent or trade secret law, while trade secret can offer enduring protection a patent can offer 20 years of exclusive rights (2016, p 180). Thus, providing a vehicle for a substantial return on investment for the inventor. According to Kaplan, “with the purchase of any service, we determined cost was an intrinsic component of quality rather than a separate element” (2012, p. 305). Consequently, the inventor spends millions, if not billions, on research and development of new products. The recoupment of these funds is critical for the company to continue to exist. In the field of healthcare, it is imperative for a company to expedite the process of meeting customers’ needs while gaining the profits to continue research and develop of the next substantial development in the market.
If you were running such a company, looking through the lens of a Biblical worldview, how would you respond?
As a business leader it is essential to have the proper guide and leadership role model. Good leaders follow the guidance and example of demonstrated leaders. King David was a leader that possessed many leadership traits from a young age. One key trait was his ability to find a solution to an identified problem through pray and guidance. With the emergence of technology and the ease of global communication the need for a solution-oriented leader is now more critical than ever. Problem identification is the first step in the problem-solving model, which makes this trait essential for leaders to possess. Additionally, King David, was a fair and just leader that distributed the spoils of victory throughout the kingdom. Hence, making it only right to provide a service to the customer, however, not at an inflated cost. Business expenses must be allocated; however, price inflation should not be an option. Finally, as a business leader a decision must be made, not all decisions will yield the expected result. However, as a leader it is essential to learn from previous mishaps and failures.
Gobble, M. M. (2015). Innovating Experience. Research Technology Management, 58(4), 60–62.
Kaplan, G. S. (2012). Managing to Customer Specifications. Journal of Healthcare Management, 57(5), 304–306. Retrieved from http://ezproxy.liberty.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true& db=rzh&AN=108100113&site=ehost-live&scope=site.
Kubasek, N. K., Browne, M. N., Barkacs, L., Herron, D., & Dhooge, L. (2016). Biblical worldview edition of dynamic business law. N. J. Kippenhan (Ed.). New York, NY: McGraw Hill Education.
Explanation & Answer
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Running head: INTELLECTUAL PROPERTIES ANALYSIS
Intellectual properties Analysis
INTELLECTUAL PROPERTIES ANALYSIS
Intellectual properties Analysis
How should a for-profit corporation balance its business needs with the needs of its
When starting up a business, the main aim is to make profit. However, there are specific issues
that come along the operation of the business that may challenge its operation and therefore the
need to have a clear way of operation. One of the major factors is the issue of satisfying
customer needs while maintaining a profitable business. When the issue of customer satisfaction
comes in, the organization gets a chance to increase the profit margins. One thing to note that the
needs of the customers must be met for any organization to make profits. If the customers are not
satisfied with the services or the products from the company, the profit margin will be low since
their buying habits will be poor (Chen, 2019). The management of any organization should take
the issue of customer satisfaction as part of its business strategies to ensure all the objectives are
met and therefore more profit margin. The needs of the customers should be seen as a fore front
determinant of the business operation. If the customers are not satisfied with the kind of services
bring offered, there is need to come up with a better operating plan. The customers have a role to
play in the business success in that they give feedback based on the kind of services they get
from the company. Any organization should strive to create a good relationship with the
customers who will define the best operational processes for the company. Feedback serves as
the core determinant of the business operation to define what to keep doing and...