GMAT Essay Topic 616 - "The goal of business should not be to make as big a profit as possible. Instead, business should also concern itself with the well-being of the public." Discuss the extent to which you agree or disagree with the opinion expressed above. Support your point of view with reasons and/or examples from your own experience, observations, or reading.
The extend to which business should concern for the goal of business and the well-being of the pubic involves the conflicts between the costs and reputation of a company.In my view,company`s profits take precedence over the good reputation. In the first place,company even can not survive wi...
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The letter from the partner of a small clothing retail chain indicates that they should purchase a retail space in Palm Grove rather than in Sandida Heights since the real estate prices in Sandida Heights have been rising steadily for several years, and the price of space in Sandida Heights must now be overvalued and thus surpass that in Palm Grove. Though the conclusion seems persuasive at the first glance, further reflections reveal that the claim is based on assumptions for which there is no clear evidence. Hence the suggestion from the partner is not well-reasoned and contains several flaws.
First, the rise in the price doesn't necessarily lead to an overpriced real estate. It could be that the real estate in Sandida Heights was once way underpriced several years ago. As a result, the rise of the price is just reflecting the market's favor.
Second, the price of retail space is by no means the only decisive factors of the retail chain's financial interest. The clothes retailing chain should take into consideration who its target customers are and whether people in a place would favor their products. Therefore, it is rather reckless for the partner to rely merely on the real estate price to make a decision.
Finally, the reason underlying the rise of the real estate price in Sandida Heights might be a merit not considered by the author. For example, the economic environment might have prospered substantially over the past several years, and the price of the real estate roar as a result. Consequently, the chain might gain more financial interest in the prospered market than in market in Palm Grove. Without convincing explanation of this circumstance, one is left with the impression that the claim is more of a wishful thinking rather than substantive evidence.
In summary, the claim made by the partner is flawed and therefore unconvincing. It could be considerably strengthen if the author clearly took the factors mentioned above into account. Only with credible evidence and stronger reasoning could the partner conclude that to purchase a retail space in Palm Grove would benefit them financially.