Question

which needs are address by social responsibility​

Answer 1

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1. Better Public Image:

Each firm must enhance its public image to secure more customers, better employees and higher profit. Acceptance of social responsibility goals lead to improve public image.

2. Conversion of Resistances Into Resources:

If the innovative ability of business is turned to social problems, many resistances can be transformed into resources and the functional capacity of resources can be increased many times.

3. Long Term Business Interest:

A better society would produce a better environment in which the business may gain long term maximization of profit. A firm which is sensitive to community needs would in its own self interest like to have a better community to conduct its business. To achieve this it would implement social programmes for social welfare.

4. Avoiding Government Intervention:

Regulation and control are costly to business both in terms of money and energy and restrict its flexibility of decision making. Failure of businessmen to assume social responsibilities invites government to intervene and regulate or control their activities. The prudent course for business is to understand the limit of its power and how to use that power carefully and responsibly thereby avoiding government intervention.

Importance of Social Corporate Responsibility

· It aims at consumer protection.

· It aims at protection of local and global environment .

· It ensures respect for human rights.

· It results in avoiding bribery and corruption.

· It promotes adherence to labour standards by companies and their business partners.

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