Question

"There is a strong case for the business to fulfill its social obligation". Give four reasons in support answer.

Answer 1

The four reasons that can support the statement "There is a strong case to fulfill its social obligation" are :-

i) Building the Brand : In order to build it's brand a company has to focus on it's social responsibility. A socially responsible brand has a positive public perception towards them.

ii) Increased sales : When a customer sees that a portion of the money they spent on a product or service goes to a social cause, they buy it more often which ultimately boosts the sales.

iii) Tackling the competition : In the current scenario when there is a very less room for product improvement and low pricing for a given product among the competitors, a socially responsible company has a better chance to stand out of the crowd and have a positive acceptance in the market.

iv) Job satisfaction : Top talents would never want to leave a socially responsible company being a part of a socially responsible company boosts their morale and job satisfaction therefore helps in retaining the employees.