Meeting society's needs while being profitable at the same time

In a recent article "Innovating for Shared Value", Pfizer, Bockstette and Stamp recently argued there are 5 reinforcing elements to create what Michael Porter calls "Shared Value", achieving the goal of meeting society's needs while being profitable at the same time.

In short they are:
1. Embed a Social Mission
2. Define the Social Need
3. Calculate Shared Value
4. Structure Inititiaves.
5. Co-Creation

These 5 steps reinforce each other and are critical in the creation of shared value. According to the authors, even if organizations differ in their strategies, technologies and in their particular paths, using the above five key elements is advisable. Besides the obvious advantage of creating shared value, other advantages include: stronger, more profitable and more social organizations.

For further detail, I recommend the excellent summary of Anneke Zwart of these Five Components to Create Shared Value in the shared value forum on 12manage.