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May 2, 2013

Pursuing Shared Value

by uvapreston

Past class discussions have touched on the concept of shared value as a business model integrated approach toward a company’s attempts to benefit society.  This ethos goes beyond disjointed and sometimes seemingly self-righteous corporate social responsibility initiatives that do not connect with a company’s true purpose.  According to an article on Brandchannel, the high human toll of the recent factory accident in Bangladesh has highlighted the substantial but often unclear ties between companies in the developed world and their developing world suppliers and manufacturers.  The piece acknowledges attempts on the part of various companies to either deflect or accept responsibility for those impacted, while indicating that the electronic interconnectedness of the world makes it harder for a company to dodge accusations in light of such incidents, or avoid the larger conversation about acceptable and just practices within business relationships between developed and developing world entities.  Shared value practices have the potential to bring the former side positive social presence at home and abroad as well as engaged and willing business partners, while the latter stands to benefit developmentally through improved economic conditions and quality of life.  Some however, may see the cost of delivering shared value as incompatible with certain financial metric benchmarks.  Nevertheless, the long term benefits of such practices may ultimately prove more valuable when considered holistically from a monetary and non-monetary perspective as mutually beneficial, growing enterprise relationships emerge.  To read more in depth about reaction to the factory incident, please follow the URL below:

http://www.brandchannel.com/home/post/2013/04/30/Bangladesh-Factory-Collapse-Update-043013.aspx#continue

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