What is the concept of social responsibility?

What is the concept of social responsibility?

Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty, and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.

What are the three concept of social responsibility?

There are three concepts of social responsibility: (1) profit responsibility; (2) stakeholder responsibility; and (3) societal responsibility.

What is social responsibility in PDF?

1. Corporate Social Responsibility is a process that is concerned with treating the stakeholders. of a company or institution ethically or in a responsible manner. ‘ Ethically or responsible’ means. treating key stakeholders in a manner deemed acceptable according to international norms.

What is the importance of the concept of social responsibility of business?

Socially responsible companies cultivate positive brand recognition, increase customer loyalty, and attract top-tier employees. These elements are among the keys to achieving increased profitability and long-term financial success.

What is the importance of social responsibility?

CSR can help you attract and retain employees. And a business that is committed to improving the world is likely to attract more talent. This shows how important employees take social responsibility. CSR efforts also help foster a more productive and positive work environment for employees.

What is objective of social responsibility?

Answer: According to the concept of social responsibility the objective of managers for taking business decisions is not merely to maximize profits or shareholders’ value but also to serve and protect the interests of other members of a society such as workers, consumers and the community as a whole.

What is social responsibility Wikipedia?

Social responsibility is an ethical framework in which an individual is obligated to work and cooperate with other individuals and organizations for the benefit of the community that will inherit the world that individual leaves behind.

What are the characteristics of social responsibility?

The concept of social responsibility of the entrepreneur lays stress on establishing coordination between his Individual interest (profit) and social interests (service). The entrepreneur earns profits by providing good quality commodities to the persons in the society and pays good honorariums staff.

What are the features of social responsibility?

In addition to the core subjects, ISO 26000 also defines seven key principles of socially responsible behavior:

  • Accountability.
  • Transparency.
  • Ethical behavior.
  • Respect for stakeholder interests.
  • Respect for the rule of law.
  • Respect for international norms of behavior.
  • Respect for human rights.

What are examples of social responsibility?

Working for the community, such as volunteering, giving blood donations, and working at a food bank or animal shelter. Supporting issues that affect society, such as advocating political or social issues that can help others—for example, advocating for child labor laws, purchasing fair trade products, recycling.

What are the advantages and disadvantages of social responsibility?

The corporation undertakes to monitor its compliance with its stated CSR policy and report this with the same frequency that it reports its financial results.

  • Advantage: Profitability and Value.
  • Advantage: Better Customer Relations.
  • Disadvantage: CSR Costs Money to Implement.
  • Disadvantage: Conflicts with the Profit Motive.

What are the main objectives of social responsibility?

OBJECTIVES OF SOCIAL RESPONSIBILITY Economic objectives 1.The owners 2.The employees 3.The customers 4. HUMAN OBJECTIVES  1.Employees  2.Customers 5. Social Objectives  1. Micro Level (i.e., immediate environmental objectives )  2.Macro level (i.e., national objectives ) 6.

What is the meaning of social responsibility in business?

Social Responsibility PPT. DISCTRETIONARY (Philanthropic) The voluntary obligation that an enterprise assumes, it is the responsibility of a company to safeguard the capital investment by avoiding speculative activity and undertaking only healthy business ventures which give good returns on investment.

What is the Pyramid of Corporate Social Responsibility (CSR)?

The Pyramid of Corporate Social Responsibility is a graphic depicting the four-elements definition of CSR. It is a basic structure that assists associations with arguing how and why they could and should meet their social duties.

What is social responsibility in the FMCG market?

Social Responsibility has been a growing trend in the FMCG market in recent years as manufacturers, suppliers, brands, and consumers strive to limit the negative economic, social, and political effects caused by their actions.