The goal of which management approach is to create sustainable economic development and improve quality of life for all stakeholders?

The goal of ecocentric management is to prioritize sustainable economic development while simultaneously enhancing the quality of life for all stakeholders involved. This management approach emphasizes the interconnection between ecological health and economic activities, recognizing that long-term success requires a balance between social, environmental, and economic outcomes.

Ecocentric management advocates for operational practices that not only focus on profit-making but also consider the environmental impact of business decisions. By promoting practices that are sustainable, businesses can contribute to the well-being of their communities and preserve natural resources for future generations. This holistic view encourages organizations to consider the broader implications of their actions, leading to more responsible and ethical management that benefits all stakeholders, including employees, customers, communities, and the environment.

In contrast, traditional management often emphasizes hierarchical structures and profit maximization without necessarily considering environmental or social impacts. Profit-oriented management focuses primarily on financial gains, while market-driven management tends to prioritize consumer demands above other considerations, which may not align with sustainable or ethical practices. Thus, ecocentric management stands out for its commitment to creating a positive, sustainable impact on society as a whole.