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Question
Explain in detail the concept and need for Social Responsibility?
Solution
The term social responsibility is defined in various ways. Every businessman earns prosperity from business and should give back the benefit of this prosperity to society. This is voluntary. This benefit is the moral responsibility of business. As this benefit is supposed to be passed on to society, it can be said to be the social responsibility of business.
Need:
- Self–Interest: A business unit can sustain itself in the market for a longer period only by assuming some social obligations. Normally businessmen recognize that they can succeed better by fulfilling the demands and aspirations of society.
- Creation of Society: Business is a creation of society. Therefore, it should fulfill its obligations to society.
- Social Power: Businessmen have considerable social power. Their decisions and actions affect the lives and fortunes of society.
- Image in the Society: A business can improve its image in public by assuming social obligations, good relations with workers, consumers, and suppliers help in the success of the business.
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