Subject: Business Studies
Business is a social institution. It is operated within the society, for the people and by the people living in the society. It exists, survives, operates and grows. Social Responsibilities of Business Responsibility towards Investor Responsibility towards Customers Responsibility towards Employees Responsibility towards Community Responsibility towards Government
Business is a social institution. It is operated within the society, for the people and by the people living in the society. It exists, survives, operates and grows in the society. Therefore, it has certain obligations towards society, which are known as social responsibilities. A business must always recognize and understand the aspirations of society and try to meet them.
According to Keith Davis and Blamestorm, “Social responsibility refers to the obligation of decision makers of the business to take actions which protect and improve the welfare of the society as a whole along with their own interests.”
According to J.L Paluszek, “Corporate social responsibility is seriously considering the impact of the company's activities in society.”
Shareholders are the owners of the business. They invest capital for the establishment of the business and bear a risk of loss. Shareholders have a direct interest in the welfare and the development of the business. The main responsibilities of business towards shareholders are:
Consumers are the king of the market. They are the main source of revenue of the business organization. They are the key figures in the market for the growth and development of a business. The main responsibilities of business towards consumers are:
Employees are the greatest assets for all business. Business cannot be run alone by inventors and owners only. It needs the help of employees and workers. They are the assets of the business organization and their welfare is moral responsibility of business. The following are the responsibility of business towards its employees:
Community represents the group of people in the immediate surroundings of a business. Business is a social institution, it must be responsible towards its society where it exists, survives and grows. It must consider the social aspirations and try to fulfill them. The main responsibilities of business towards community are as follows:
Government plays an important role in creating favorable conditions for the establishment, operation and the growth of the business by formulating appropriate policies and developing necessary infrastructures. The following responsibilities towards the government are as follows:
References:
Khanal, Soma Raj, Surendra Thapa Aslami and Sitaram Dhakal. Business Studies. Kathmandu: Taleju Prakashan, 2067.
Pant, Prem R., et al. Business Studies. Kathmandu: Buddha Academic Publishers and Distributors Pvt. Ltd., 2010.
Social Responsibilities of Business
What do you mean by social responsibility of business?
Business is a social institution that exists survives, operates, and grows in the society. Therefore, it has certain obligations towards society, which are known as social responsibilities. A business must always recognize and understand the aspirations of the society and try to meet them. A business also considers the board social system, its needs expectations while performing its activities.
According to Keith Davis and Blamestorm, “social responsibility refers to the obligation of decision makers of the business to take actions which protect and improve the welfare of the society as a whole along with their own interests "
According to J.L Paluszek,"Corporate social responsibility is seriously considering the impact of company's activities in society."
From the above definitions, that social responsibility is the obligation that a business has to fulfill towards the society in general and stakeholders. It takes decisions and actions that promote social order, values, stability, strength, and harmony.
The main areas of the business responsibilities are:
Describe any three area of responsibilities of business.
Responsibility towards Investors
Shareholders are the owners of the business. They invest capital for the establishment of the business and bear a risk of loss. Shareholders have a direct interest in the welfare and the development of the business. The main responsibilities of business towards shareholders are:
Responsibility towards Consumers
Consumers are the king of the market. It is the main source of revenue of the business organization. Customers satisfaction must be the main motto of business. They are the key figures in the market for the growth and development of a business. The main responsibilities of business towards consumers are:
Employees are the greatest assets for all business. Business cannot be run alone by inventors and owners only. It needs the help of employees and workers. They are the assets of the business organization and their welfare is moral responsibility of business. The following are the responsibility of business towards its employees:
Describe the area of responsibility of business,
Responsibility towards Investors
Shareholders are the owners of the business. They invest capital for the establishment of the business and bear a risk of loss. Shareholders have a direct interest in the welfare and the development of the business. The main responsibilities of business towards shareholders are:
Responsibility towards Consumers
Consumers are the king of the market. It is the main source of revenue of the business organization. Customers satisfaction must be the main motto of business. They are the key figures in the market for the growth and development of a business. The main responsibilities of business towards consumers are:
Employees are the greatest assets for all business. Business cannot be run alone by inventors and owners only. It needs the help of employees and workers. They are the assets of the business organization and their welfare is moral responsibility of business. The following are the responsibility of business towards its employees:
Community represents the group of people in the immediate surroundings of a business. Business is a social institution, it must be responsible towards its society where it exists, survives and grows. It must consider the social aspirations and try to fulfill them. The main responsibilities of business towards community are as follows:
Government plays an important role in creating favorable conditions for the establishment, operation and the growth of the business by formulating appropriate policies and developing necessary infrastructures. The following responsibilities towards the government are as follows:
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