logo

Social responsibility of a business

   

Added on  2021-02-20

8 Pages1902 Words376 Views
CRITICALY DISCUSS THE STATEMANT ,,THE SOCIALRESPONSIBILITY OF BUSINESS IS TO INCREASE ITSPROFIT (Friedman, 1970)

Table of ContentsINTRODUCTION...........................................................................................................................3EXECUTIVE SUMMARY.............................................................................................................3A. Social responsibility of a business..........................................................................................3C. Practical models of Social responsibility to specific situations..............................................5D. Skills that need improvement................................................................................................8RECOMMENDATION...................................................................................................................8CONCLUSION................................................................................................................................9REFRENCES.................................................................................................................................10

INTRODUCTIONSustainability is defined as the approach to utilise the resources in a way such that resourcesare not exploited and existing resource consumption does not affect the future needs andavailability. For the successful business strategies business must incorporates all aspects ofsustainability such as economic, environment and social (Daunorienė and et.al., 2015). Most ofthe organisations often neglect social responsibility and thus it affects their growth andexpansion in international market. The report will provide a critical discussion of differentmodels of corporate social responsibility so that their impact and implementation can beunderstood in relation to the success of business. EXECUTIVE SUMMARY In this report it has been describe about social responsibility of business and its importancewithin business. Also, it is described on several theories such as triple bottom line. Stakeholdertheory, etc. Moreover, there are different models explained as well like CSR pyramid, EFQMexcellence models, etc. and how it benefits business in implementing practices of CSR. At last ithas been discussed about ethics of business and its audit. A) Social responsibility of a businessSTAKEHOLDER THEORY This theory states that each stakeholder has different interest in business and they havedifferent power to influence the performance of the company. Employees, managers, customer,government, investors are different stakeholder in business unit. Employees are the person thosewho execute the business activities, they like to get high salaries and healthy workplace culture.They want to bright future in the firm hence be associated with Toyota. Firm manufactures aproduct then theirs is residual of waste. It manages its wastage and uses it for further use. It alsodonates some resources for societal welfare (Routledge, Falkner, 2017).Triple bottom line:Triple bottom line model is a practical model which helps to determine not only tabulateeconomic bottom lines but also organisation effects in the social realm with the respect ofprotecting the environment. There are various sustainability which results to obtain thesustainable results.Environmental sustainability- It begins from the protecting of natural resources such asfuel, the air we breathe, the water for drinking purpose. Sustainability also means that cleaning or

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Critical Discussion of the Social Responsibility of Business
|8
|1966
|94

Assignment on Social Responsibility Concerns of Business
|9
|2214
|22

Dynamic Perspectives on Sustainable Business
|14
|4597
|298

Essay on Corporate Social Responsibility
|6
|2012
|47

Corporate Social Responsibility Theories and Sustainability : Essay
|6
|1933
|184

BSS0172 Sustainable Business Management: Waste Hierarchy, Threats and Opportunities, Triple Bottom Line Theory
|7
|1771
|219