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Social Responsibility of a business
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Social Responsibility of a business can simply be defined as activities that a
business conducts over and above the statutory requirements of a business for
the benefit and welfare of the society.
According to Howard R. Bowen “Social Responsibility of business refers to the
obligation of business to pursue those policies, to make those decisions or to
follow those lines of action which are desirable in terms of objectives and values
of the society”
‘The obligation that every business is subjected to can be divided into four
responsibilities —Discretionary Obligation — These refer to voluntary contributions made by a
business for the bene
it of the society without any government intervention,
Ethical Obligation — These obligations make a business responsible to follow
and respect the so
and cultural norms laid down by the si
ty.
Legal Obligation - It is the responsibility of
ery busines:
and regulations laid down by the
abide with the
laws of the county and follow the legal rule
government.
Economic Obligation — Since every business aims to earn profit, tis the
responsibilty of every business to generate surplus cash and use
further development or welfare of the society.
Factors affecting Social Responsibility of Business ~
+ Promoters and Top management
+ Board of directors
+ Shareholders
+ Societal Factors
+ Industry and Trade Associations
+ Government and Legal System
+ Political Influences
compet
Resources
Social Responsibility towards different groups/sections in the
society
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Towards Shareholders — + Eneprencurshi (1)
+ Financial Accounting (2)
+ To ensure safety of their investment + Financial Management (23)
+ Regular payment of dividend and Timely payment of loans + Financial Servioos (18)
+ To provide adequate information before investment + Human Resource Management (18)
+ To ensure a good public image * Income Tax 2)
+ To make good and profitable decisions to give a good retum on investment + rtematiora Business (13)
+ Investment Analysis & Portfolio Management
Towards Employees (0)
+ IT & Tern Sis (6)
+ Payment of Fair wages + Macr-Seonomies()
+ Providing a good working environment + Management Accounting ()
+ Providing proper training and education + Managemen Infomation Sytem ()
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+ Providing opportunity to participate in management decision making + Marketing & Aavertsing 7)
+ Providing adequate grievance handling, recreational and retirement facilities. > Wstkstng Managemen (18)
+ Marketing of Services (6)
Towards Consumers - + Mico-Economic 2)
+ Operations Management 2)
+ To provide goods and services at a reasonable price + Organizational Behaviour (7)
+ To ensure good quality in products + Persona Finance (2)
+ To introduce new and innovative products by proper research and + Principles of Management (9)
development + Project Management 1)
+ To not mislead the customer + Projects ana Presentations (92)
+ To provide adequate information about the product + Pubic Finance (1)
+ To provide good after sale services + Research Methodology (8)
+ Rural Marketing (1)
Towards Society — + Strategic Management (14)
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