Summary of the article Essay Example | Topics and Well Written Essays - 250 words - 1

Summary of the article - Essay Example Consequently, shared value has been used to balance economic and societal progresses. Global firms with large turnovers have adopted the approach with the aim of acquiring competitive advantages. Products have been reconceived and redefined through innovations to ensure safe and pollution-free societies while maximizing profits (Porter and Kramer, 2011). The principle of shared value should be employed by all firms by changing decisions and business opportunities. Shared value may cause an increase in internal company costs. It has enhanced competitiveness with an aim of advancing social and economic conditions in environments where firms operate. Corporate responsibility programs have been because of external pressure from the society (Porter and Kramer, 2011). However, social needs may also indirectly define markets due to the costs incurred in conserving various societies. It has also affected productivity levels in companies due to the strategies being adopted. Competitive advantage also depends on societal needs such as employee conditions and environment impacts. As a result, social entrepreneurs have come up with innovations that include social and environmental-friendly