Goodwill Importance

I strongly agree that a good reputation is an unmeasurable asset which is not easy to acquire and can have its long lasting benefits in future once acheived as it creates its own space in the market . Many companies today are into the market place race to reach to the top . This has resulted into a healthy competition among the companies for acquiring more profit and revenue . However , this can be acheived if the companies sell their product with the claimed design and features to the general population to acheive a good reputation in the market . Good reputation not only includes to selling the products as claimed by them but also includes providing best services and maintaining their manufacturing standards . Furthermore , this will have an impact on the companies revenue which ultimately will result into impacting countries economy . However , building a strong position in the market place is not easy as it requires strong business strategies along with a courage to take a risk to setup the business . For example , Tata Group of companies have created their place in the market against their rivalry companies like Reliance group by providing the better quality of products within the same price range as compared to Reliance group . On the other hand , Goodwill can sometimes result into declining economy of a country . Once a good reputation is build , it is very difficult to sustain that position for a long run and this can result into inflation problem to manage to maintain the position . Thus , thereby resulting into decrease in economy of the country along with bankruptcy problem from the company . For example , many international companies which were famous for their products have fallen into a hole of bankruptcy during lockdown in India resulting into decline in economy of country . Thus , according to my opinion , I believe that goodwill is an invaluable asset which if acquired can result into the betterment of country by increasing their economy .

It is hard to acquire a intangible asset like goodwill. It takes years to inculcate goodwill, but once acquired, its benefits can last for years and generations. This passage agrees to the above statement owing to the good testimony that one can built in the society and be a source of inspiration for all age groups. Developing a attribute like goodwill is difficult to gain and it takes long time to develop. But once acquired its benefit namely a good testimony in the society can last for years. It is said that a good name is to be choosen than great riches, which is actually ture because every individual needs a good name in society to live peacufully. For instance, consider the like of DR. B.R. Ambedkar, who belongs to a backward community and has faced much embarssment and hardship. Through hardwork and goodwill, he excelled in studies and has helped many people of his community. People still remember him for all the work he has done. Acquiring a character like goodwill is hard to achieve and it consumes large amount of time but it is worth when we consider its long term benefits like a person with goodwill acting as a source of inspiration for all age groups. Being an inspiration adds purpose to life and gives happiness when one is able give hope to others. For example, consider the exmaple of the fictional character the Santa Clause, who was a rich person. He wanted to develop good behaviour in children and he was able to do it by rewarding children only when they dispaly good behviour throughout the year. His story inspire children to develop good charcter and have generous heart towards others. In conclusion, building a good testimonry in the society and acting as a source of inspiration for all age groups serve as the benefits that can last for years when on aquires goodwill.

Goodwill is an untouchable asset that is hard to obtain and takes years to generate, However once obtained, its advantages can last for genrations and years. In my opinion, I strongly believe that goodwill is a asset which benefits lasts for years and generations. To begin with, Goodwill can be said as a intangible achievement and value of a person or business gained over the time period because of the various services or products they offer to their customers. In other words, it is a kind of non physical strength that has been build by serving during the past years. For instance, Apple a technology based company which deals in range of modern tech products from smartphones to wrist watches. Furthermore, they have been in the market for years now and has build their own legacy and image in the economy that is what is said as goodwill. Once a business, person or a company acquires goodwill and positive reputation in the economy. They get to enjoy various benefits such as they enjoy new innovations and manipulating the prices of their products and services because of the goodwill they have. Moreover, once the goodwill is acquired, it will kept on going and serves the coming generations in profitable terms. However, maintaing goodwill is as tough as achieving it. Therefore, once acquired one has to work hard to grow and maintain it. Simultaneously, enjoying the other perks of having it such as customer believe, trust and market value. In conclusion, Goodwill is intangible that takes time and hard work to achieve but once obtained it can pave the way for the next level of growth that can last for generations if maintained.

Lets understand what is goodwill. Goodwill is the reputatiion, respect and admiration eraned by a company through the years of its functioning. Though it can be calculated in terms of money but it has no physical form. It is intangble in nature which means we cannot touch or feel it. I agree that goodwill is an intangible asset which is difficult to acquire and takes years to earn, but once earned, its benefits can be enjoyed for years and generations. Though there are many highly profit making companies but not everyone has earned sufficient goodwiill and some has no goodwill at all. Goodwill unlike profits is not that easy to earn. In order to earn reputation and goodwill a company has to make place in people's heart by adhereing to laws and regulations and contributing towards society for the betterment of humankind. An amazing example of this is the TATA family from India. The TATA group of companies founded by JRD Tata followed by his sons has earned people's respect and love. Well this reputation that they have earned is not easy at all and no other company in the world is viewed with the same respect. Tata company through its foundation, has been running free cancer hospitals and many other social services since hundreds of years. A person who can be cured from cancer is never left out in India. His/her entire treatment cost is happily beared by the TATA trust. Because of this TATA has its own brand value and reputation which no other company has earned in India. Eventually, it benefits the company as people use their products which in turn raises profits, revenues and market share. Hence, I believe that goodwill is an extremely important intangible asset which every company must acquire to enjoy a stable business life in the long term.

Good deeds and fame are always incredible asset that is ardous to achieve which require an extended time to develop, nevertheless once achieved it can never be foreseen and could last for many years and generations. In my opinion, i strongly agree to this statement as there are ample of ways to sustantiate it, such as great individuals who no longer exist but their names remained because of working for prosperity of the nation. First and Foremost, there are many personalities whose names are displayed in the text books of young children due to their great works and deeds. For instance, Mother Theresa could be the best possible example who taught the world to be an empathic personality and develop a peaceful environment for others as well. Moreover, there are numerous legends who remain in many populace heart and also paved a way by encouraging human beings to be extraordinary by displaying manifold talends they have. To add up further, organizations create awareness for masses in the name of of famous people on their birth days as well as, conduct programs like tableau to present whatever they have faced inorder to acheive their Goodwill. To continue, the thing which could not be overlooked is the ways and struggles that are faced by eminent persons, however knowing about there struggles can lead any human an insipration and devotion towards the people who were great and created an irreplaceable position amongst world wide inhibitants. Besides, human can also learn numerous things from them and involve in good deeds in to improve prosperity and diversity amonst every others. For example, the famous scientist Albert Einstein was a role model for a group educates who made electricity out of plastic and scraps. Although, nowadays some people acquire goodwill by doing nothing like bloggers and youtubers there are population who worked with heart to gain a good name. Ergo, I strongly believe it takes years to accomplish and replenish a better fame but once acquired its forever.