What Role Should Management Have Within A Business Regarding Social Responsibility

The primary objective of the manager is to please the stockholder by maximizing stockholder wealth.

Many believe that business entities should have an ethical duty to be socially responsible, to work towards increasing its positive effects on society while decreasing its negative effects. Many organizations look for opportunities to be socially responsible while also creating shareholder wealth.

The expectation that businesses behave responsibly and positively contribute to society all while pursuing their economic goals is one that holds firm through all generations. Stakeholders, both market and nonmarket, expect businesses to be socially responsible. Many companies have responded to this by including this growing expectation as part of their overall business operations. There are companies in existence today whose sole purpose is to socially benefit society alongside businesses who simply combine social benefits with their economic goals as their company mission. These changes in societal expectations and thus company purpose we’ve seen in the business community over time often blurs the line of what it means to be socially

The concept of sustainability is about the capacity of the environment to continue to support our lives and the lives of other living creatures into the future. There are a number of programs to restore the river to maintain communities, fisheries and navigation, to ensure long-term sustainability.

Every business has a social responsibility toward society. That means to maximize positive affects and minimize negative affects on the society. Social responsibilities includes economic-to produce goods and services, that society needs at the price, that satisfy both-business and consumers, legal

To begin with, I want to clarify what is the role of business in society and social responsibility of the corporation. Destination of business has always been the same, to innovate and delivered products and services, to build and maintain the condition of well-being, to use resources effectively. What is different today is the social context in which companies are managing.

Social responsibility is the obligation a business has to its stakeholders. Stakeholders include: customers, employees,

Sustainability is the stable lifestyle between humans and creatures with the earth and its natural resources. Having a healthy balance between giving and taking from the worlds natural resources is the key to sustainability. Sustainability is can be categorized into many types: Environmental, economical, population, etc.

The United Nations definition of sustainability is the reconciliation of environmental, social and economic demands - the “three pillars” of sustainability – for the immediate and future well being of individuals and communities.

A business exists because of relationships between employees, customers, shareholders or investors, suppliers, and managers who develop strategies to attain success. Social Responsibility is an organization’s obligation to maximize its positive impact on a community and stakeholders and to minimize its negative impact (Ferrell, 2009). Company Q’s

Do you agree or disagree with the following quotation: “There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say engages in free and open competition, without deception and fraud.” Milton Friedman, a Nobel Prize winning economist. In other words, the social responsibility of business is to make a profit.

Social responsibility suggests that a business is obligated to perform in such a way that benefits society, as a whole, in order to accomplish their civic duty. Social responsibility is crucial to a business’ success as it affects the way consumers view a company. It is important because it proves that the company cares for social issues that are not directly related to their ability to make profit. By associating your business with issues that affect the public, and not sales, your company will appear to be more admirable. Businesses strive to obtain a positive image and by practicing activities that benefit society they’ll reach success. However, where do businesses stand today with respect to the criteria for evaluating social responsibility? The fashion industry is a massive industry containing numerous businesses. Some businesses believe in social responsibility and value the idea of aiding their consumers. Nevertheless, there are still businesses who overlook social responsibility and don’t believe in the practice of giving back to society. These businesses are required to repay their consumers through respecting the environment, their workers and customers.

When trust is damaged employee performance declines, employee loyalty declines, employee theft rises and the relationship a company had with its clients ultimately fails.

Every organisation has an obligation to act to benefit the society at large in an ethical framework. This helps in maintaining and developing the organisations image and consequently influences the customers’ overall evaluation

‘Corporate social responsibility’ (CSR) means that the firm has wider responsibilities in relation to objectives and people apart from the owners or shareholders (Beal and Goyen 2005). These responsibilities are achieved when the firm adapts all of its practices to ensure that it operates in ways that meet, or exceed, the ethical, legal, commercial and public expectations that society has of business. Objectives often associated with CSR include a responsibility to manage natural assets sustainably and not to pollute by chemical discharge, smell, noise, dust or other irritants; fair treatment of employees and ethical attitude towards clients. The other people include employees, customers, suppliers,