........refers to obligations of business towards society
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Social responsibility of business refers to all such duties and obligations of business directed towards the welfare of society. These duties can be a part of the routine functions of carrying on business activity or they may be an additional function of carrying out welfare activity.
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The newest management strategy about social obligations of business- Corporate social responsibility
Explanation:
According to this newest strategy, business houses should not only focus on profits but also aim towards the welfare of the people. Fulfilment of social obligations by a business house helps it to earn goodwill, which, in turn, benefits the business in getting a greater market share.
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