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Social Responsibility of Business towards stakeholders - Social Environment, Business Environment Video Lecture | Business Environment - B Com

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FAQs on Social Responsibility of Business towards stakeholders - Social Environment, Business Environment Video Lecture - Business Environment - B Com

1. What is the social responsibility of business towards stakeholders?
Ans. The social responsibility of business towards stakeholders refers to the ethical obligations that businesses have towards all individuals or groups affected by their actions. This includes customers, employees, shareholders, suppliers, and the communities in which they operate. It involves considering the impact of business decisions on stakeholders' well-being and acting in a way that promotes their interests.
2. How does the social environment influence business social responsibility?
Ans. The social environment plays a crucial role in shaping a business's social responsibility. Factors such as cultural norms, societal expectations, and public opinion influence the way businesses perceive their responsibilities towards stakeholders. For example, in a society that values environmental conservation, businesses may feel a greater obligation to adopt sustainable practices. The social environment can create pressure for businesses to act responsibly and be accountable for their actions.
3. What is the significance of the business environment in relation to stakeholder social responsibility?
Ans. The business environment encompasses various factors such as legal, economic, political, and technological conditions that affect how businesses operate. It has a significant impact on stakeholder social responsibility as it sets the context within which businesses make decisions. For instance, legal regulations may mandate certain social responsibilities, such as providing safe working conditions for employees. Understanding the business environment is crucial for businesses to identify and fulfill their obligations towards stakeholders.
4. How does social responsibility towards stakeholders benefit businesses?
Ans. Social responsibility towards stakeholders can benefit businesses in several ways. Firstly, it enhances the reputation and brand image of the company, making it more attractive to customers and investors. Secondly, it can lead to increased customer loyalty and trust, as consumers prefer to support businesses that align with their values. Thirdly, it helps in attracting and retaining talented employees who are more likely to work for socially responsible organizations. Lastly, businesses that fulfill their social responsibilities are less likely to face legal and regulatory issues, reducing potential risks and costs.
5. What challenges do businesses face in fulfilling their social responsibility towards stakeholders?
Ans. Businesses face various challenges in fulfilling their social responsibility towards stakeholders. One common challenge is balancing the interests of different stakeholders, as their needs and expectations may conflict. Additionally, businesses may encounter financial constraints in implementing socially responsible practices, especially for small and medium-sized enterprises. Lack of awareness or understanding of social issues and their impact on stakeholders can also hinder businesses from taking appropriate actions. Finally, the dynamic nature of the business environment and changing societal expectations pose ongoing challenges for businesses to adapt and meet evolving social responsibilities.
51 videos|54 docs|19 tests
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