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Social Responsibility of Business: PDF

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Added on  2021-02-20

Social Responsibility of Business: PDF

   Added on 2021-02-20

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Social Responsibilityof Business
Social Responsibility of Business: PDF_1
Table of ContentsINTRODUCTION...........................................................................................................................3Topic : The social responsibility of business is to increase its profits........................................3a) Concepts of range of businesses social responsibilities .........................................................3c) Various models that helps the organisation in complying with their social responsibility....3d) Ethics in business with examples ...........................................................................................4CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................1
Social Responsibility of Business: PDF_2
INTRODUCTIONSocial responsibility is an ethical framework that helps an organisation to perform in sucha way that they can contribute to the society whose resources they utilise (Leipziger, 2017). Thishelps the business to operate effectively as it improves the image of the organisation. Ethics arethe moral principles on the basis of which the individual behaves. Various ethical theories havebeen followed by the organisation to make their employees access and identify what is good orbad. For the report the organisation that is taken into consideration is Broadsword Events whichis a event company in London and the company is an small and medium enterprise. This report isprepared to understand the various corporate social responsibility theories which helps theorganisations to implement the concept of business ethics. Topic : The social responsibility of business is to increase its profitsIt is standard theory of business ethics that they have to create wealth for the shareholdersof the company whereas the company uses their resources in the social causes. This reduces thereturns of the shareholders. As Friedman said that, the business has only one responsibility that isof utilising the resources only in those activities which generates revenue for the company so thatshareholders returns can be increased. But to contribute to the society in which they are operatingis also crucial for the organisation. The concept of social responsibility is not applicable only tothe large organisation but also to the small enterprises as the business efficiency and ethicalbehaviours is requirement of all the businesses irrespective of the size and nature of theorganisation (Eriksson and Svensson, 2015). a) Concepts of range of businesses social responsibilities Every business that operates have various social responsibilities against the shareholdersand the society. Broadsword Event also has range of such responsibilities and to identify thatvarious concepts are used. Social responsibilities are the framework which are ethical ways thathelps the organisation to meet their obligations in regards to society, stakeholders and others. Shareholders theory suggest that the sole responsibility of the business is to maximisethe profits for the organisation which will increase the returns to their shareholders. Under thistheory, the companies operates on behalf of the shareholders to maximize their wealth which canbe either by increased share price or better dividends (Unit, 2015). As per this theory theBroadsword Event can not undertake any Philanthropy as their main aim is only to provide the
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