What do you mean by social responsibilities in business?
Social responsibility in business, also known as corporate social responsibility (CSR), pertains to people and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues.
What do you mean by social responsibility in business?
Social responsibility means that businesses, in addition to maximizing shareholder value, should act in a manner that benefits society. Socially responsible companies should adopt policies that promote the well-being of society and the environment while lessening negative impacts on them.
What is social responsibility and examples?
Working for the community, such as volunteering, giving blood donations, and working at a food bank or animal shelter. Supporting issues that affect society, such as advocating political or social issues that can help others—for example, advocating for child labor laws, purchasing fair trade products, recycling.
Why is social responsibility important to a business?
Social responsibility programs can boost employee morale in the workplace and lead to greater productivity, which has an impact on how profitable the company can be. Businesses that implement social responsibility initiatives can increase customer retention and loyalty.
What is Social responsibility of business class 11?
Answer: Social responsibility of business refers to its obligation to take those decisions and perform those actions which are desirable in terms of the objective and values of our society. It refers to the obligation of business towards various social groups like employees, consumers, investors, government etc.
What does socially responsible mean?
Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty, and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.
What are the 4 types of social responsibility?
Corporate social responsibility is traditionally broken into four categories: environmental, philanthropic, ethical, and economic responsibility.
- Environmental Responsibility. …
- Ethical Responsibility. …
- Philanthropic Responsibility. …
- Economic Responsibility.
What do you think of social responsibility?
Social responsibility is an ethical framework in which an individual is obligated to work and cooperate with other individuals and organizations for the benefit of the community that will inherit the world that individual leaves behind.
What is social responsibility essay?
Social responsibility is a modern philosophy that states that all individuals and organizations are obligated to help the community at large. This is typically an active effort involving acting against a social issue or prevention of committing harmful acts to the environment.
What is social responsibilities of business and business ethics?
Social responsibility is a business’s duty to make ethical decisions that positively impact society. Organizations need to consider how their actions affect communities to create long-lasting trusting relationships. In order to be socially responsible, companies must strictly follow their codes of ethics.
What do you mean by Social responsibility of business explain its obligation to various stakeholders?
Corporate social responsibility refers to the approach that an organization takes in balancing its responsibilities toward different stakeholders when making legal, economic, ethical, and social decisions.
What is the social responsibility of business towards customers?
The responsibility towards consumers that Corporate Social Responsibility includes is as follows: To provide goods of standard quality. To charge fair prices. To provide prompt and courteous after sale services.