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Page 2 What is social responsibility of business Social responsibility of business refers to its obligation to take those decision and perform those actions which are desirable in terms of the objectives and values of our society. Page 3 What is social responsibility of business Social responsibility of business refers to its obligation to take those decision and perform those actions which are desirable in terms of the objectives and values of our society. Need for social responsibility ? Need for social responsibility of business arises both because of firm’s interest of society. There are arguments both for and against social responsibility. Page 4 What is social responsibility of business Social responsibility of business refers to its obligation to take those decision and perform those actions which are desirable in terms of the objectives and values of our society. Need for social responsibility ? Need for social responsibility of business arises both because of firm’s interest of society. There are arguments both for and against social responsibility. Arguments of social responsibility ? Justification for existence and growth ? Long-term interest ? Avoidance of government regulation ? Maintenance of orderly society ? Availability if resources ? Converting problems into opportunity ? Better environment for doing business ? Holding the business responsible for social problems. Page 5 What is social responsibility of business Social responsibility of business refers to its obligation to take those decision and perform those actions which are desirable in terms of the objectives and values of our society. Need for social responsibility ? Need for social responsibility of business arises both because of firm’s interest of society. There are arguments both for and against social responsibility. Arguments of social responsibility ? Justification for existence and growth ? Long-term interest ? Avoidance of government regulation ? Maintenance of orderly society ? Availability if resources ? Converting problems into opportunity ? Better environment for doing business ? Holding the business responsible for social problems. Arguments against social responsibility ? Violation of profit maximization objective ? Burdon on consumers ? Lack of social skills ? Lack of broad public support.Read More
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FAQs on PPT - Social Responsibilities of Business and Business Ethics - Business Studies (BST) Class 11 - Commerce
| 1. What are the social responsibilities of businesses? |  |
Ans. The social responsibilities of businesses refer to the ethical obligations and duties that a company has towards society. This includes actions and initiatives taken by businesses to contribute positively to the well-being of society, such as promoting environmental sustainability, supporting social causes, ensuring fair labor practices, and being transparent in their business operations.
| 2. How do businesses practice social responsibility? | |
Ans. Businesses practice social responsibility by incorporating ethical principles into their operations and decision-making processes. This can involve implementing sustainable practices, providing fair wages and working conditions for employees, supporting local communities through charitable initiatives, and adopting environmentally friendly policies. By doing so, businesses aim to create a positive impact on society while also benefiting their own long-term success.
| 3. What is the importance of business ethics? | |
Ans. Business ethics refers to the moral principles and values that guide the behavior of individuals and organizations in the business world. It is important for businesses to uphold ethical standards as it fosters trust and credibility among stakeholders, including customers, employees, investors, and the community. Ethical behavior also helps businesses avoid legal and reputational risks while promoting a positive organizational culture and long-term sustainability.
| 4. How can businesses ensure ethical behavior? | |
Ans. Businesses can ensure ethical behavior by establishing a strong ethical framework and code of conduct that is communicated to all employees. This can include providing regular ethics training, encouraging open communication and whistleblowing, and implementing mechanisms for monitoring and reporting unethical practices. It is also crucial for businesses to lead by example, with top management setting the tone for ethical behavior throughout the organization.
| 5. What are the benefits of practicing business ethics? | |
Ans. Practicing business ethics brings several benefits to companies. It enhances their reputation and brand image, leading to increased customer loyalty and trust. Ethical behavior can attract and retain talented employees who value a company's commitment to social responsibility. It also helps businesses build strong relationships with stakeholders and foster long-term partnerships. Additionally, ethical practices can lead to improved financial performance and reduce legal and regulatory risks.
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