What do you mean by social responsibility of business class 11?

What do you mean by 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 is social responsibility of business PDF?

According to concept of Social Responsibility of business the objective of managers for taking decision related to business is not only to maximize profit or shareholder value but also to serve and protect the interest of other members of its society like consumer, worker and community as a whole.

Which is an example of social responsibility in the business world?

The key idea behind CSR is for corporations to pursue other pro-social objectives, in addition to maximizing profits. Examples of common CSR objectives include minimizing environmental externalities, promoting volunteerism among company employees, and donating to charity.

What is Social responsibility of business PDF?

What is social responsibility Wikipedia?

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. Social responsibility is a duty every individual has to maintain.

What are the characteristics of social responsibility of business?

15 Characteristics of Social Responsibilities of Entrepreneurs

  • Related to Business Activities.
  • Continuous Process.
  • Coordination between Individual and Social Interests.
  • Two Way Traffic.
  • Universal Concept.
  • Recognition of Doctrine of Trusteeship.
  • Wide Scope of Responsibilities.
  • Means of Gaining Social Power.

What are the main benefits of social responsibility?

What are the benefits of CSR?

  • CSR increases employee engagement.
  • CSR improves bottom-line financials.
  • CSR supports local and global communities.
  • Contributes to the United Nations’ 17 Sustainable Development Goals.
  • Increases investment opportunities.
  • Presents press opportunities.
  • Increases customer retention and loyalty.

Why is social responsibility important for 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 the importance of social responsibility?

Socially responsible companies cultivate positive brand recognition, increase customer loyalty, and attract top-tier employees. These elements are among the keys to achieving increased profitability and long-term financial success. Harvard Business School.

What are the objectives of social responsibility?

In simple words social responsibility means an intelligent and objective concern for the welfare of society that limits or prevents individual and corporate behaviour from ultimately destructive activities, no matter how immediately profitable and leads in the direction of positive contributions, wherever feasible, to …

What is biggest benefit of business social responsibility?

The potential benefits of CSR to companies include: better brand recognition. positive business reputation. increased sales and customer loyalty.

What is the role of social responsibility in business?

– Contributes to sustainable development, including health and the welfare of society – Takes into account the expectations of stakeholders – Is in compliance with applicable laws and consistent with international norms of behavior – Is integrated throughout the organization and practiced in its relationships

What are the major areas of social responsibility of business?

– Run the business efficiently. – Proper utilisation of capital and other resources. – Growth and appreciation of capital. – Regular and fair return on capital invested.

Why is social responsibility important to a business?

Importance of Social Responsibility. There are many reasons for the importance of CSR in business.

  • Attract and Retain Top Employees. One of the biggest corporate social responsibility benefits is the ability to attract and retain high-caliber employees.
  • Keep Customers Engaged.
  • Maintain Positive Brand Image.
  • What do you think about the social responsibility of business?

    Social responsibility refers to the voluntary efforts on the part of the business to contribute to the social well being. The moral idea behind this is that the businesses use resources of the society so they must give something back to the society.