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Essay / Research Paper Abstract
This 3 page paper compares and contrasts the utilitarian and the stakeholder approaches to business’s looking at the major characteristics of each approach and the way it impacts on business. The bibliography cites 3 sources
Page Count:
3 pages (~225 words per page)
File: TS14_TEutilstake.rtf
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Unformatted sample text from the term paper:
that have some similarities are the utilitarian approach ands the stakeholder approach. Looking at each of these may lead to an understanding of each approach.
Utilitarianism is the doctrine which was developed by Jeremy Bentham and John Stuart Mill. The basis of this doctrine is that the value of any item or
service is determined only by its usefulness. In adopting this philosophy a business should pursue actions which would cause the greatest benefit, or good, to the largest number of citizens.
In utilitarianism the greatest benefit is seen as the actions which result in the greatest happiness, which by any interpretation is a controversial definition of the greatest good. This can
be seen as a framework that can guide a business and its management in the goals that should be targeted as well as the way that those goals are pursued
(Mintzberg et al, 2008). There are some interesting implications for this approach, especially when considering the interests of the shareholders. In a
short term view it may be argued that this is an approach that may b good for society, with business seeking to undertake the action that make them most people
happy. Those considered in the equation will include the customers the employees, management, shareholders, local residents, suppliers and anyone else who is impacted by their services, goods or operations. The
problem with a utilitarian view is that the goals and desires of the different groups are the different needs; the shareholders are investing to make a profit, but they are
only in a minority. Employees are likely to want high wages and good working condition, customers want to have low prices, quality and choice and there may also be consideration
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