Corporate social responsibility (CSR) focuses on the wealth Corporate Social Responsibility: USA Corporations, intended to operate in the United States, have to keep up with an extensive variety of legislation obligations defining responsibilities towards shareholders and stakeholders. SOCIAL RESPONSIBILITY OF BUSINESS GROUP : 3 2. Answer in Brief . An important social responsibility of business/industry is to help rural areas by introducing “self help” and “earn-while-you-learn” programmes. The business must create healthy relations with the supplier. (ii) Ensuring safety of investment of funds provided by owners. SOCIAL RESPONSIBILITIES TOWARDS DIFFERENT GROUPS It needs to be noted that the responsibilities of those who manage the business cannot be limited to the owners. Solution Show Solution. SOCIAL RESPONSIBILITY TOWARDS DIFFERENT INTEREST GROUPS. 12 September. Posted by Decode Careers; A business should … Tag: Chapter Social responsibilities of business and business ethics - Kinds of Social Responsibility & Social Responsibility towards Different Interest Groups. Some specific social responsibilities of business towards owners are: ADVERTISEMENTS: (i) Paying a reasonable rate of dividend as a reward for risking capital in business. Corporate Social Responsibility ... document titled “Try Reality” where the company defined it’s responsibility towards different groups of society, an initiative that was followed by a publication of a company-wide “Credo” in 1994 that outlined the corporation’s ethical and social goals which made it a precursor of many modern Codes of Ethics. Job security: The security of the job provides mental peace and employees can work with full dedication and concentration. Ask your question . Ethics. (ii) To ensure the safety of their … Answer the following. State different types of responsibilities towards society. Explain the responsibilities of a business unit towards society at a large. The corporations Corporate social responsibility Approach that an organization takes in balancing its responsibilities toward different stakeholders when making legal, economic, ethical, and social decisions. Organisation Social Responsibilities Towards Different Groups Business depends on society for inputs like money, men, skills and also for market where Business depends on society for inputs like money, men, skills and also for market where Categories of CSR. State different types of responsibilities towards society. 2. Join now. (iii) Giving owners a true and fair account of the functioning, profitability and financial position of the company. Fair Remuneration: Learn the concepts of Class 11 Business Studies Social Responsibilities of Business and Business Ethics with Videos and Stories. Responsibility towards Suppliers. Its success is directly dependents on their level of satisfaction. Corporate Social Responsibility became a matter of utmost importance for diverse groups demanding change in the business. Ethics refers to the moral rights and wrongs of any decision a business makes.It is a value judgement that may differ in importance and meaning between different individuals. Social responsibility is an ethical or ideological theory that an entity whether it is a government, corporation, organization or individual has a responsibility to society. Social responsibility for one group can conflict with other groups, especially between shareholders and stakeholders. Home. Social activities undertaken by some companies Being a business owner brings more responsibilities than you might imagine. Commitment to the work will raise their morale and loyalty towards the organization. Once the social objective of business is recognised, it is important to know to whom and for what the business and its management are responsible. Social Responsibility is the obligation of a businessman towards the society.It means businessmen or business enterprise must take up decisions in favor of the … 1. Social responsibility in business is also known as corporate social responsibility, corporate responsibility, corporate citizenship, responsible business, sustainable responsible business, or corporate social performance. 1. Management should deal with them judiciously. Legal obligation is observed because of the provisions or fear of law, but social obligations will help to take voluntary efforts on the part of business to fulfil the need of the society. Social responsibility of business towards its consumers or customers matters a lot from sales and profit point of view. Social Responsibility towards Different Interest Groups (i) Responsibilities towards Consumers (a) Production of safe items by maintaining quality standards (b) Being truthful in advertising (c) To follow fair trade practices. Responsibilities a Business Owner Has to Its Stakeholder Groups. This term refers to a form of self-regulation that is integrated into different disciplines, including business, politics, economy, media, and communications studies. Corporate social responsibility (CSR) refers to strategies that companies put into action as part of corporate governance that are designed to ensure the company’s operations are ethical and beneficial for society. Responsibility towards shareholders: (i) To ensure a fair and regular return on the investment of shareholders. refers to the approach that an organization takes in balancing its responsibilities toward different stakeholders when making legal, economic, ethical, and social decisions. Question 9. 1. Join now. Here’s what we argue: The social responsibility of business is to create value for stakeholders. In other words, by regularly making money off their respective communities, companies have an obligation to pay it back by somehow helping the people who make up those communities. Responsibility towards Different Interest Groups The business generally interacts with owners, investors, employees, suppliers' customers, competitors, government and society. SOCIAL RESPONSIBILITY TOWARDS DIFFERENT INTEREST GROUPS. They have to take into account the expectations of other stakeholders like the workers, the consumers, the government and the community and public at large. Their business activities should not harm other groups … Business is responsible to all these groups. Social responsibility of business towards community. the prices of Dollar was witnessed. Attempt the following. Log in. Responsibility towards the consumers. They are called as interest groups because by each, and Livery activity of business, the interest of these groups is affected directly or indirectly. Reasons for the development of social responsibility concept4. Social responsibility can be defined as the concept that states that businesses have a duty to use their power for the greater good. Responsibility towards the workers. Obligations towards Government Dear student, The obligations that business owes towards various social groups are: 1) Shareholders: As owner/ shareholder invests money in business, its responsibility of business to safeguard their interest and pay regular return on their investment, 2) Workers: Business should pay regular and fair wages to worker and provide them safe and healthy working conditions. Hence, economic responsibility can improve business operations while engaging in sustainable practices. During the 1980‘s to 2000, corporations recognized and started accepting a responsibility towards society. While primarily associated with business and governmental practices, activist groups and local communities can also be associated … That means its customers, suppliers, employees, and communities, as well as its shareholders. 1. Business has Interaction with several interest groups such a shareholders, workers, consumers, government and community. business practitioners were using notions such as social responsibilities and business ethics, the concept of corporate citizenship was gaining ground amon g academia. Social responsibility of business means obligation to act in a manner which will serve the best interests of the society. Responsibility towards the owners or shareholders. Posted by Decode Careers; Business enterprises have a responsibility towards working in providing: Read More. They should be provided with fair terms and conditions regarding price, quality, delivery of goods and payment. Responsibility towards the community and government. Arguments against social responsibility5. Obviously, a business unit has to decide in which areas it should carry out social goals. Social responsibility towards different interest groups; Business and environment pollution; Role of business in environmental protection; Business ethics; Elements of business ethics; Conclusion. Mr. N.R. Their business activities should not harm other groups such as consumers, workers, and public at large. Social responsibilities towards different interest groups are: 1. Question 10. 12 September. The business has the following responsibility towards employees. Log in. Higher their rate of satisfaction greater are the chances to succeed. Social obligation of a business is different from legal obligation. - Organisation of Commerce and Management. Get a quick overview of Social Responsibilities Towards Different Interest Groups from More about Social Responsibility and Social Responsibility in just 3 minutes. Advertisement Remove all ads. 4. In the field of Industry. Conclusion – Different Types of Corporate Social Responsibility (CSR) The CEO’s running the business organizations must understand that Corporate Social responsibility has become a mandatory practice and they can’t deny it anymore. SOCIAL RESPONSIBILITY OF BUSINESS 1. The concept of social responsibility as used in management science is that businesses should maximise their profits subject to their working in a socially responsible manner to promote the interests of the society. Businesses that want to be successful in the 21st century need to be saying and doing something else. Social responsibility of business towards different sections of society Towards owners or shareholders Towards employees Towards consumers Towards government and Suppliers Towards community3. Let us now look at the responsibilities of the business towards … 3. 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