Advertisements
Advertisements
Question
What are the major areas of social responsibility of business?
Advertisements
Solution
The following are the major areas of social responsibility of businesses.
(a) Economic responsibility: Business enterprises are economic units that exist to make profits. Therefore, it is the responsibility of every business enterprise to undertake economic activities such as producing goods and services according to the needs and wants of consumers and selling them at reasonable prices.
(b) Legal responsibility: It is the responsibility of every business to respect the laws and regulations of the country in which it operates, as laws are formed for the betterment of society.
(c) Ethical responsibility: This responsibility implies that a business enterprise should follow only those business practices that are in line with the social values that are desirable from the viewpoint of society. This includes respecting religious sentiments and producing quality products.
(d) Discretionary responsibility: This responsibility is completely voluntary in nature. It means that a business enterprise may choose to open a charitable school or hospital for the poor, grant aid to people affected by natural calamities, provide employment opportunities to the physically challenged and so on.
APPEARS IN
RELATED QUESTIONS
State with reasons whether the following statements are True or False
Business organisations do not have various types of social responsibilities.
Business organisations have no social responsibilities.
Write a word or phrase or a term which can substitute the following.
Duties, obligations of business directed towards welfare to society.
Write a word or phrase or a term which can substitute the following.
The newest management strategy about social obligations of business.
Write short note on the following.
Corporate social responsibility.
What do you understand by social responsibility of business? How is it different from legal responsibility?
Discuss the forces which are responsible for increasing concern of business enterprises towards social responsibility.
The media does not play important role in public life.
Social responsibility is broader than ______ responsibility.
Correct the underlined word and rewrite the sentence.
Social values are based on perceptions of right or wrong.
Explain the following term/concept.
Social responsibility
Explain the following term/concept.
Concept of Trusteeship
Study the following case/situation and express your opinion.
| Yashwant Co. Ltd. is providing facilities for their female staff like a day care centre for kids and work from home facility. Even management takes their suggestions while taking the decisions, though they are members of the trade union. |
- By doing this they are following social responsibilities towards which interest groups?
- What values are they presenting?
- What kind of responsibilities employer follows in the above case?
Study the following case/situation and express your opinion.
|
A vehicle manufacturing company has adopted the following practices.
|
- by doing this, the business organisation follows social responsibility towards which interest group?
- What kind of pollution do they want to avoid?
- What kind of message do they want to convey?
What is the social responsibility of commercial organizations? towards consumers?
Choose the Correct Answer.
The Stakeholders of Socially Responsible business units are except ______
Choose the Correct Answer.
Socially Responsible business provides goods at ______
Choose the Correct Answer.
Social Responsibility towards employees represents the following except ______
Explain the following term/concept in detail:
Globalisation
