Companies can profit by aligning financial goals with social aims: study
International research involving Monash University, specifically Professor Tracey Danaher from the Monash Business School Department of Marketing, has demonstrated that businesses can achieve financial success by integrating social profit orientation into their core mission. This approach involves addressing critical global issues such as climate change, poverty, and healthcare, thereby fostering societal well-being alongside generating profit.
The study, published in the Journal of Marketing, highlights that organisations with a social profit orientation benefit from enhanced reputation, trust, and stakeholder relationships, which positively impact financial performance.
The research includes examples like the Children's Cancer Institute's ZERO Childhood Cancer precision medicine program, which aims to provide personalised treatment options for children with cancer in Australia.
Read the full article in Monash News
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