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Essay / Whole Foods Market Core Values - 1567
Forty-three years ago, Milton Friedman's famous article, "The Social Responsibility of Business is to Increase Profits," was published in the New York Times Magazine. The main argument of his writings is well summarized in his title. Friedman's view, according to which "there is one and only one social responsibility of business: to use its resources and engage in activities intended to increase its profits..." (M. Freidman, 1973), is the orthodox point of view in the modern business world. Nonetheless, John Mackey, co-founder and CEO of the world's largest natural and organic supermarket, Whole Foods Market, publicly disagreed with Friedman. He states that “the enlightened company should try to create value for all of its constituents” (J. Mackey, 2005). Mackey started Whole Foods Market thirty-four years ago. Its philosophy, “creating value for all its stakeholders” (J. Mackey, 2005), anchored the foundation of the company. “Profit is the means, not the end” (J. Mackey, 2005). The soul of a company is any aspect that key stakeholders consider essential, enduring and distinctive. These identities are generally provided by the founders of companies at the very beginning: at the entrepreneurial stage. Whole Foods Market, with Mackey's strong stakeholder belief, has been working on a counterculture business paradigm from the beginning. Devoted to creating value for six of its most important stakeholders, including customers, team members (employees), investors, vendors, communities and the environment (J. Mackey, 2005), Whole Foods Market's philosophy is graphically represented in the opposite column of ownership. Five years after starting the company, five core values of Whole Foods Market were developed by John Mackey and a group of 60 volunteers...... middle of paper ......and. Harvard Business School Publication. Mackey, J. (October 2005). Rethinking corporate social responsibility. Journal of Reason, 10, 15-17. Whole Foods Market. History of the whole foods market. Accessed February 26, 2014, from http://www.wholefoodsmarket.com/company-info/whole-foods-market-historyWhole Foods Market. Declaration of Interdependence. Accessed February 28, 2014, from http://www.wholefoodsmarket.com/mission-values/core-values/declaration-interdependenceWhole Foods Market. Why we're a great place to work. Retrieved February 27, 2014, from http://www.wholefoodsmarket.com/careers/why-were-great-place-work-workZellner, W. (December 6, 1998). Peace, love and results: how ex-hippie John Mackey built a natural foods empire. Retrieved February 26, 2014 from http://www.businessweek.com/stories/1998-12-06/john-mackeys-empire-peace-love-and-the-bottom-line