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Social Responsibility of Business Video Lecture - Grade 11
FAQs on Social Responsibility of Business Video Lecture - Grade 11
| 1. What is social responsibility of business commerce? |  |
Ans. Social responsibility of business commerce refers to the ethical obligation of businesses to contribute positively to society. It involves making decisions and taking actions that not only benefit the company's bottom line but also consider the impact on employees, customers, communities, and the environment.
| 2. Why is social responsibility important in business commerce? | |
Ans. Social responsibility is important in business commerce because it helps build trust and credibility among stakeholders, including customers, employees, and investors. By being socially responsible, businesses can enhance their reputation, attract and retain customers, improve employee morale and productivity, and contribute to the overall well-being of society.
| 3. How can businesses practice social responsibility in commerce? | |
Ans. Businesses can practice social responsibility in commerce by adopting sustainable business practices, such as reducing their carbon footprint, using renewable energy sources, and minimizing waste. They can also engage in philanthropic activities, such as donating to charitable causes and supporting community development projects. Additionally, businesses can prioritize ethical sourcing, fair trade, and transparent business practices to ensure they are socially responsible.
| 4. What are the benefits of social responsibility for businesses in commerce? | |
Ans. Social responsibility offers several benefits for businesses in commerce. Firstly, it can enhance the company's reputation and brand image, leading to increased customer loyalty and trust. Secondly, it can help attract and retain top talent, as employees are often drawn to companies that have a positive impact on society. Thirdly, practicing social responsibility can lead to cost savings through energy efficiency and waste reduction measures. Lastly, businesses that are socially responsible may enjoy a more supportive regulatory environment and better relationships with stakeholders.
| 5. How does social responsibility impact the bottom line of businesses in commerce? | |
Ans. Social responsibility can have a positive impact on the bottom line of businesses in commerce. While there may be initial costs associated with implementing social responsibility initiatives, such as investing in sustainable practices or supporting charitable causes, the long-term benefits can outweigh these costs. By enhancing reputation, attracting customers, improving employee morale and productivity, and reducing operational costs, businesses can ultimately achieve financial success and sustainability.
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