social responsibility towards different interest groups, explain in detail ? Please in detail not short answer....#notes type...
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Answers
Answer:
ANSWER:
Social responsibility is broader than legal responsibility. Social responsibility implies the obligation on a business firm to undertake economic activities that contribute towards the overall welfare and development of society and its members. It is a much broader concept than legal responsibility, as legal responsibility can be fulfilled by merely complying with the law, whereas social responsibility deals with the overall welfare of society.
Explanation:
After identifying the concept and importance of social responsibility of business the various responsibilities that a business has towards different groups with whom it interacts are discussed below. The business generally interacts with owners, investors, employees, suppliers, customers, competitors, government and society. They are called as interest groups because by each and every activity of business, the interest of these groups is affected directly or indirectly.
Owners are the persons who own the business. They contribute capital andbearthe business risks. The primary responsibilities of business towards its owners are to
· Run the business efficiently.
· Proper utilisation of capital and other resources.
· Growth and appreciation of capital.
· Regular and fair return on capital invested.
After identifying the concept and importance of social responsibility of business the various responsibilities that a business has towards different groups with whom it interacts are discussed below. The business generally interacts with owners, investors, employees, suppliers, customers, competitors, government and society. They are called as interest groups because by each and every activity of business, the interest of these groups is affected directly or indirectly.
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