BUSINESS ETHICS ESSAY Being marked on quality of communication, demonstrated kno
ID: 365741 • Letter: B
Question
BUSINESS ETHICS ESSAY
Being marked on quality of communication, demonstrated knowledge and reasoning
Explain the following passage:
“Under the proper assumptions profit maximization is indeed efficient in the sense that it can achieve as high a level of satisfaction as possible for any one consumer without using more resources than society is endowed with.”
Do you agree with this statement? What are its implications? What are the limitations of this position? Use concrete examples to support your position.
MINIMUM 5 paragraph answer
Explanation / Answer
In every business customer is considered to the the main asset. Satisfaction of customer and their mouh of word is the finest outcome for every business to survive .Profit maximisation comes with customer satisfaction because it drives business to new level with adding more business from existing customer and adding new customer.
Many business such as hotel business their core competency os to provide customer satisfaction. Eg: Hilton.Marriot. they strive business based on customer satisfaction and mouth of words. They do tieups with corporates and enhance their business through high profile service Management.
Efficiency in customer management is equivalent to profit maximisation in service industry.ain every ethical business profit can be maximised with the help of customer relationship management which identifies customer requirement, their trend, increasing demand and satisfying their requirements.
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