Can businesses accomplish their foremost goal of profit maximization by advancing social and economic conditions in the societies in which they operate?  An interesting blog by Rachel Chan discusses the positive societal and economic impacts of the Annual Suit Drive held by Moores Clothing for Men. Moores has created shared value by collecting gently used professional attire from donors to help unemployed individuals look professional for their job interviews and beyond.

Moores has created an opportunity for individuals to help transform their society. As an incentive, Moores offers a 50% discount to its donors on all its products. This stratagem can motivate individuals to donate their professional attires and change the lives of those affected by poverty and unemployment. But how will this help Moores, as a firm, reach its goal of profit maximization?

As mentioned by Rachel, Moores can increase its demand by alluring donors, who were not its customers initially, through its attractive discounts. Also, the firm can gain a positive publicity through its socially-conscious activities.

This strategy can also give Moores a competitive advantage over its competitors, since individuals would appreciate the virtuous approach; the donors would get benefits of discounts; and the brand image of the firm would gain positive recognition. If this shared-value strategy is a success for profit maximization, then this remarkable trend could be pursued by other firms, which would then result in an efficient economic and societal progression.

Work Cited

Chan, Rachel. “Sharing Suits.” Web log post. UBC Blogs. N.p., n.d. Web. 1 Nov. 2014.

“Men Show Some Skin To Help Fight Joblessness.” Moores Clothing for Men. N.p., n.d. Web. 1 Nov. 2014.

Tonge, Garrett. “Moores Canadian Suit Drive 2014 – GTONGE1.” GTONGE1. N.p., 2 July 2014. Web. 02 Nov. 2014.