Discuss the social responsibility of business. Corporate Social Responsibilty: Friedman's View 2019-01-10

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Four Levels of Social Responsibility

discuss the social responsibility of business

Advertisers must meet the guidelines set by the Federal Trade Commission and they are sometimes told to stop making certain health or other claims that aren't proven. Remember, consumers feel good shopping at institutions that help the community. Time and again, consumers, employees, and investors have shown a distinct preference for companies that take their social responsibilities seriously. In fact, the early years found the company struggling to just survive. Businesses have long been criticized for their carbon footprint, their part in pollution, using natural resources and more. While these donations do indeed go to people in need, the money doesn't come from the business.


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Corporate Social Responsibilty: Friedman's View

discuss the social responsibility of business

More importantly, a whopping 76 percent will refuse to buy from a company if they learn it supports an issue contrary to their own beliefs. The of social responsibility of mainly covers its obligations or duties towards four social groups. In the present context the social contract is concerned with the relationship of a business enterprise with various stakeholders such as shareholders, employees, consumers, government and society in general. They combine the reach of big consulting firms with their own expertise. These groups are the four areas of social responsibility of business.

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Arguments For & Against Corporate Social Responsibility

discuss the social responsibility of business

Globally, the concept of social responsibility has evolved and now embrace all related concepts such as corporate citizenship, philanthropy, strategic philanthropy, shared value, corporate sustainability and business responsibility. Also, if a company is active in the local community — for example, a bank that offers loans to low-income families — the company will be viewed positively by the community and perhaps boost the company's sales as a result. Yet another positive impact corporate social responsibility has on nonprofit organizations is the possibility of corporate partnerships. He is to decide whom to tax by how much and for what purpose, and he is to spend the proceeds-all this guided only by general exhortations from on high to restrain inflation, improve the environment, fight poverty, and so on and on. For example, that he is to refrain from increasing the price of the product in order to contribute to the social objective of preventing inflation, even though a price increase would be in the best interests of the corporation.

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Corporate Social Responsibility: 12 Undeniable Benefits

discuss the social responsibility of business

At first, this sounds simple enough. Therefore, the corporate enterprises should adopt high standards of environmental protection and ensure that they are implemented regardless of enforcement of any environment laws passed by the government. Corporations can improve their public image by supporting nonprofits through monetary donations, volunteerism, in-kind donations of products and services, and strong partnerships. For example, what of nuclear waste? Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades. It is far better to establish a framework of law that will clearly and transparently induce the firm to internalize costs.

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The importance of corporate social responsibility — Financier Worldwide

discuss the social responsibility of business

However, in the modern times this may not be strictly true but the companies must acknowledge their responsibilities to protect their interests in undertaking their productive activities. This may gain them kudos in the short run. They have worked with local, national, and even global businesses, strengthening reputations and building brands along the way. After discussing the issue with your board of directors and finance officers, you make the decision to go ahead with the demolition and the cleanup within six months. Company should provide a fair return on the investment made by shareholders. Shareholders should be kept fully informed about the working of the company for healthy growth of the business.


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Explain the Social Responsibility of Business

discuss the social responsibility of business

. Customers are at ease buying products or services from a company they know to source their materials and labour in an ethical and responsible way. Resources in an economic system are allocated on the principle that every resource finds its most optimum utilization. Insofar as his actions raise the price to customers, he is spending the customers' money. Here are our top five reasons why: Benefit 1: The ability to have positive impact in the community Keeping social responsibility front of mind encourages businesses to act ethically and to consider the social and environmental impacts of their business. Where individuals, such as fishermen, cannot afford to be ethical about some of their work — for example overfishing or taking due care for coral or other species — and are unable to take into account the bigger picture during their day to day operation, it falls to the government or other officials to introduce laws and regulations and enforce them.

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Discuss the Scope of Social Responsibility of Business

discuss the social responsibility of business

They can do good-but only at their own expense. Forty tons of a lethal chemical used to manufacture pesticides leaked from a storage tank in India. From our perspective, embedding corporate social responsibility is a no brainer. Undertaking business involves assuming risk. Even if he could answer these questions, how much cost is he justified in imposing on his stockholders, customers, and employees for this social purpose? Management sent medical supplies and help to India to assess the damage. How much good a company can do in its local communities, or even beyond that, is corporate social responsibility. Traditional views about competitiveness, survival and profitability are being swept away.

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Three Theories of Corporate Social Responsibility

discuss the social responsibility of business

The toxic cloud that formed immediately killed more than 3,000 people and injured hundreds of thousands more, many of whom later died due to the exposure. The Debate over Corporate Social Responsibility. Keeping abreast of global trends and remaining committed to financial obligations to deliver both private and public benefits have forced organizations to reshape their frameworks, rules, and business models. Businessmen should comply with all legal requirements, execute government contracts, pay taxes honestly and in time, make services of executives available for government, suggest measures and send proposals to enact new laws for the business. Expressing the same sentiments, Dr. Corporate Accountability Corporate responsibility and accountability spreads into areas of ethics, legalities, and regulations. If permission is not granted or revoked abruptly, it can result in huge losses to an organization.


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