‘Social profit orientation’ can help companies and nonprofits alike do more good in the world

By Leonard L. Berry, Professor of Marketing; Senior Fellow, Institute for Healthcare Improvement, Texas A&M University
Lerzan Aksoy, Dean of the Gabelli School of Business, Chair and Professor of Marketing, Fordham University
Tracey Danaher, Professor of Marketing, Monash University

Economist Milton Friedman’s influential maxim, that a company’s sole obligation is to maximize profits, is outdated. Many companies have voluntarily integrated social concerns into their business operations through corporate social responsibility, or CSR, policies for years.

More recently, some companies have broadened their notion of what’s required of them beyond…

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