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Social Responsibility of Business

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Added on  2021-02-19

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Social Responsibility of Business INTRODUCTION 1 MAIN BODY1 The social responsibility of business is to increase its profits.1 CONCLUSION 5 REFERENCES 6 INTRODUCTION Social responsibility is an act or obligation of an individual or business enterprise to perform operations in certain manner which benefit the society as a whole (Belal, 2016). Social responsibility is a duty of an individual or company to fulfil social obligations as well as maximising value of shareholders in such manner which benefits the society as well as helps in attainment of

Social Responsibility of Business

   Added on 2021-02-19

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Social Responsibility ofBusiness
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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1The social responsibility of business is to increase its profits.....................................................1CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
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INTRODUCTIONSocial responsibility is an act or obligation of an individual or business enterprise toperform operations in certain manner which benefit the society as a whole (Belal, 2016). It is aduty of all organisations along with members to maintain balance between ecosystems andeconomy. A business enterprise performs activities with the responsibility to increase theirprofits. It implies formulation of objectives, vision, mission, plans, strategies, policies,programmes by emphasising towards the concept of maximising profits as well as meeting socialobligations. This essay is based on statement which is “social responsibility of a business is toincrease its profits”. It includes contrasting theories along with extended examples for theillustration of socially responsible behaviour. MAIN BODY The social responsibility of business is to increase its profits.All businesses perform operations, activities and tasks with the aim of achieving profits.By fulfilling social responsibility in effective manner such objective can be attained. Socialresponsibility is a duty of an individual or company to fulfil social obligations as well asmaximising value of shareholders in such manner which benefits the society as well as helps inattainment of objectives (Capaldi, 2016). A business should eliminate practices which haschances to harm the society as well as implement policies that benefits environment along withsociety. The statement is evaluated with the help of theories and examples. For example, BritishArmy purchases raw materials which are Fair Trade certified ingredients for the manufacturingof food items and at the same time supports sustainable farming in various regions from wherethey source different ingredients. Such act helps in building strong image in the competitivemarket place and increasing its profits by delivering food products which are healthy forcustomers. Managers of British Army adopts theories of social responsibility which is as follows:Corporate social responsibility theory:It is an ethical theory which is adopted bymanagers of businesses in order to emphasise towards the responsibility to make more moneyalong with interacting in ethical manner with surrounding community (Corporate SocialResponsibility Theory. 2012). It is a particular concept whose focus is towards profit and at thesame time paying significant role for the betterment of community welfare. It ensures thatcompanies perform operations in ethical manner by considering rights of humans along with1
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