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In one paragraph, What does Porter's shared value strategy talk about?
in Business & Entrepreneurship by Platinum (109k points) | 23 views

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Porter's shared value strategy, as articulated by Michael E. Porter and Mark R. Kramer, emphasizes the connection between societal and economic progress, arguing that the competitiveness of a company and the health of the communities around it are mutually dependent.

This concept challenges the traditional notion of business success being solely about profit maximization, advocating instead for creating economic value in a way that also creates value for society by addressing its needs and challenges. By redefining the purpose of the corporation to pursue shared value, rather than just profit, companies can drive innovation, productivity, and growth while simultaneously tackling societal issues like environmental degradation, health problems, and inequality.

 

This approach suggests that businesses can achieve sustainable success and a competitive advantage by integrating social good into their core strategies, operations, and relationships with stakeholders.
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