Managing for the future Essay Example | Topics and Well Written Essays - 5000 words

Managing for the future - Essay Example During the time of the eminent economist, concepts such as ethical decision making, corporate social responsibility (CSR) were at the budding stage, hence, most of the economists including Milton Friedman ignored the role of social responsibility for business. Over the last few decades, the importance of ethics has been increased among corporate world. Modern research scholars such as Jain (2009) and Tett (2009) criticised the immaturity in terms of ethical understanding among business leaders as the root cause behind the global crisis. The concepts like corporate social responsibility (CSR) is pretty much new for companies in emerging market and as a result, many of them are still struggling with implementation of a holistic CSR framework which can ensure social well being and environment sustainability. Visser (2010) and Velasquez (2000) argued that concept of corporate governance is generally misunderstood by business leaders because they believe that corporate governance is all a bout structure which is not correct. In such context, modern research scholars such as Waller and Conaway (2011) pointed out three important future challenges for organizations such as, 1-deploying CSR activities in comprehensive manner in most of its business verticals, 2-taking the strong leadership role by expanding business in cross cultural and country manner and 3- managing crisis in efficient manner in order to ensure smooth flow of operation. Issaksson and Jorgensen (2010) argued that companies need to work closely with their stakeholders in order to balance the environment sustainability activities and profit pooling activities. According to these research scholars, the profit-greedy mentality of organizations cannot help it to achieve sustainable growth because modern organization has to consider the effect of its operation in external environment. Du, Bhattacharya and Sen (2010) defined CSR as a commitment from corporate to ensure well being of social members and help the society to achieve inclusive growth. It is evident from the above mentioned definition that it is responsibility of companies to improve social life of people by using internal resources and good practices. Waddock (2008) even argued that companies can enhance their brand image by engaging in CSR activities which can help the company to fulfil ethical, social and environmental requirements. The researcher has selected Starbucks in order to understand how the above mentioned three factors such as CSR, globalization and crisis and catastrophe management can impact business environment of the company. After analyzing the business environment and its previous challenges for Starbucks, the study will predict future business path for the company. At first, the researcher will try to understand the business matrix of Starbucks. Starbucks-Business Matrix and Capabilities Starbucks Corporation was founded by Jerry Baldwin, Gordon Bowker and Zev Siegl during the year 1971 and the company is headquartered Seattle, Washington, U.S (Starbucks, 2012). Till date, Starbucks has established more than