- Businessman | 1967 -
A social contract is the way out of this dilemma for corporations that want to lead in the 21st century by showing consumers how seriously they take customer loyalty and goodwill.
Simon Mainwaring
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Greed has increasingly become a virtue among Wall Street bankers and corporate CEOs in the U.S. Nowhere else in the world do CEOs insist on receiving compensation as high compared to what their employees earn.
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Gluttony might be innocuous were it not for the fact that gluttons tend to disregard whether their self-serving behaviors harm anyone else. We don't need to look far and wide to find examples of gluttonous behavior, as they are numerous throughout the history of capitalism.
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Often motivated by a desire to maintain the existing status quo, sloth almost cost the U.S. its auto industry, as it refused for decades to build fuel-efficient cars to compete with Japanese, Korean and European imports.
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A world in which government is burdened by historic debt, philanthropy has limited resources, and the private sector is only interested in its own personal gain is simply unsustainable.
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If capitalism is to remain a healthy, vibrant economic system, corporations must participate in taking care of the society and the environment in which they live.
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The private sector must play a role in ensuring the prosperity and health of the people who comprise its market. It is time for the private sector to become a proactive partner contributing to the efforts of governments and philanthropies.
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More than ever before, consumers have the ability to unify their voices and coalesce their buying power to influence corporate behaviors.
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The most impactful way consumers can assert their power is to become mindful shoppers, giving their dollars only to socially responsible companies. In today's world of social media and smart phones, this is easy to do.
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Since most corporate competitors have the same problems with sustainability and social reputation, it's worth trying to solve them together.
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Corporations often partner with government after natural disasters, as many companies did in the aftermath of Hurricane Katrina in 2005. As a rule, however, long-term civic/corporate partnerships are still rare .But this need not remain the status quo, as many opportunities are available for such partnerships.
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Done correctly, everyone from individual speakers to large organizations can inspire citizens and customers to spread a message using their own social channels, and in so doing, inspire countless supporters to build their reputation, profits and social impact.
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