(1) Protection of Environment: Pollution is a major problem of present times, which is due to commercial organizations. (xi) CSR is more than legal obligations. It is in the long-term interest of the business to discharge its social obligations by serving... 2. The social responsibilities of an entrepreneur or organization institution may be spelled out, as follows, to facilitate the study. Social responsibility of business enterprises to the various stakeholders and society in general is considered to be the result of a social Fig. A business firm remains responsible to the society throughout its life. Forests, animals and fish are destroyed for the enrichment of businessmen. But business organisations are involved in different actions which may not be part of their primary business objectives. Treat your customers as kings and do not think of them only when you have a pressure to meet your targets within the stipulated time frame . But today, society expects business to be a responsible citizen and contribute towards social welfare. They are as under. Business Ethics and Social Responsibility. Good quality products help in expansion of the business. Introduction According to H.R. Social responsibility 1. Society gives business its charter to exist and the charter can be amended or revoked at any time if it fails to live upto society’s expectations. But, manager’s social responsibility is not free from some criticisms, such as - High Social Overhead Cost - The cost on social responsibility is a social cost which will not instantly benefit the organization. Social responsibility of business towards different sections of society Towards owners or... 3. Thus, an improved society will create a better business environment. One way of creating a huge impact on society is by providing life-saving drugs at cheaper prices to the people who cannot afford them because of higher prices. A lot of people think that business is an unfair activity whereas entrepreneurs care only about themselves and their profit. For example, a small firm has less responsibility towards society than a multinational firm. So, The social responsibility of entrepreneur towards suppliers, creditors, and depositors are different and important for any business organization growth. INTRODUCTION Social responsibility in business basically deals with various duties which company has to fulfil towards society. I’m not sure that makes sense. CSR emphasizes that business has some moral obligations towards the society .In terms of the Howard Bowen “ Social responsibilities refers to the obligation to pursue those policies, Social responsibility of entrepreneur towards different sections. Hence, it becomes obligatory... 3. Social responsibility is an ethical or ideological theory that an entity whether it is a government, corporation, organization or individual has a responsibility to society. Business organization has certain responsibilities towards the society at a large. Long-Term Interest:. Social responsibility towards different interest groups: Social responsibility of business refers to its obligation to make those decisions and perform those actions which are desirable in terms of the objectives and values of our society. We hope the given NCERT MCQ Questions for Class 11 Business Studies Chapter 6 Social Responsibilities of Business and Business Ethics with Answers Pdf free download will help you. Social Responsibility of Business: Need: 1. Types of Social Responsibilities Opinions in Favour of Social Responsibilities:. In the early days, businesses were viewed only as provider of goods and services. Shareholders are the owners of the company. When the... Social Responsibilities for Different Interest Groups. A business cannot ignore the society it refers to what business does over and above the statutory requirement for the benefit of the society. Social responsibility of business. In my opinion, the reponsibility of a business towards society extends to ethical management of their own operations but not to areas largely outside their purview . Indebted to Society:. A business, therefore, has not only to consider profit making objective but also to pursue its social responsibility in relation to various expectations of society. The social responsibility of business means various obligations or responsibilities or duties that a business-organization has towards the society within which it exists and operates from.. Generally, the social responsibility of business comprises of certain duties towards entities, which are depicted and listed below. They are ready to destroy other rival companies and cause harm to people and environment in order to expand their business. 1. Social responsibility of business towards community. If you have any queries regarding Social Responsibilities of Business and Business Ethics CBSE Class 11 Business Studies MCQs Multiple Choice Questions with Answers, drop a comment below and we will … (ix) Social responsibility is a continuing obligation. An important social responsibility of business/industry is to help rural areas by introducing “self help” and “earn-while-you-learn” programmes. Some people strongly believe that a firm’s only social responsibility is towards its owners. Corporate Social Responsibility in Banks S. Kavitha[1] Abstract Corporate social responsibility stands for business contribution to sustainable development and covers company’s active participation in different fields, human rights, human resources, relations with clients, suppliers, and other stake holders, corporate governance, environment and contribution to community and society. The concept of social responsibility of business was first mooted by President Wilson in USA as early as 1913 as a measure of the “New Democracy”. Solved Question. Fitzgerald KBE & Mandy Cormak (2005), Modesto & Oliveira (2006) & Terziev (2012), attempts to investigate the role of the business organizations in the society and their social responsibility towards. Corporate social responsibility. A business uses the resources of the society for its functioning. In the field of Industry. He’ gave a new shape to the manners and morals of business through the Chamber of Commerce under the doctrine of self-rule in industry which listed fair trade practices and enforced self-discipline by the business community. 6. (x) The concept of CSR is based on ethical conduct as it involves the application of moral values in business. The business generally interacts with owners, investors, employees, suppliers, customers, competitors, government and society. The following are five major ways in which responsibility for corporate actions contributes to the triple bottom line. Responsibilities of a Businessman 1. Some others, however, hold an opposite view and argue that the firm has a social responsibility to serve all sections of society who are affected by its decisions and actions. The main reasons and factors which have forced businessmen to consider their responsibilities towards society (i) Threat of public regulation (ii) Pressure of labour movements (iii) Impact of consumer consciousness (iv) Development of social standard for business (v) Relationship between social interest and business interest (vi) Development of professional managerial Class. The Iron Law of Responsibility: The institution of business exists only because it performs invaluable services for society. SOCIAL RESPONSIBILITY OF BUSINESS 1. Social Responsibilities of Organization Towards Customers Let us go through some social responsibilities of an organization towards its customers. Air pollution and water pollution are due to the … SOCIAL RESPONSIBILITY OF BUSINESS GROUP : 3 2. Therefore, if business intends to retain […] 1. After identifying the concept and importance of social responsibility of business the various responsibilities that a business has towards different groups with whom it interacts are discussed below. 5. The society believes that businessmen have a high social responsibility towards the stakeholders and future generations. Introduction2. Social responsibility means that businesses, in addition to maximizing shareholder value, should act in a manner that benefits society. Responsibility of Business Enterprises towards Stakeholders and Society in General contract. While there cannot be compromise on profit motive, the interest and welfare of different groups of society too cannot be ignored. of society may be sum marised as follows : (1) Social Responsibility towards the Customers : It is truely said that “Customers are the life blood of every business.” The major social responsibilities of entrepreneur towards customers in … Like many businesses and thinkers, McKinsey has grappled with such ideas over the years. Social Responsibility of Business By: Amanjot Kaur (MBA 1st semester) 2. Society’s expectations: Society’s expectations from business firms have undergone a sea change over the years. Many socially conscious public figures have called on businesses to show greater responsibility to the societies they depend on. First, there may be some confusion in your question: you ask about SOCIAL responsibilities (which are generally responsibilities to *society*) … to employees. 3.1. 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