Discuss the responsibility of business towards different stake holders.
Discuss the responsibility of business towards different stake holders.
The responsibility of business towards different stakeholders are:
(1) Towards consumers: Responsibilities towards consumers include:
(a) Production of safe items by maintaining quality standards.
(b) To ensure a regular supply of goods and supply.
(c) To educate consumers regarding the use and content of the product.
(d) To refrain from profiteering. Adulteration, misleading advertisements and unfair and unscrupulous trade activities.
(2) Responsibilities towards employees:
(a) Providing fair and reasonable compensation and benefits.
(b) Providing safe and good working conditions.
(c) To provide them opportunities for personal growth and development.
(d) Not to do favourtism and discrimination while appointing, promoting the employees.
(e) To give them the opportunity to participate in management and must respect their right to form unions.
(3) Responsibility towards the share holders/ investors:
(a) To ensure the safety of investment and to maximise the wealth of the owners,
(b) To ensure fair and regular return on investment
(c) To give complete information regarding the financial position of the business.
(d) To make optimum utilisation of firms resources in the interest and for the benefit of investors.
(4) Responsibility towards the government and community:
(a) To abide by rules, regulations and laws.
(b) To pay tax and duties on time.
(c) To give their required contribution in solving social problems.
(d) To co-operate in implementing government policies and plans.
(e) To have a good citizen and act according to the accepted values of the society.
(f) To protect the environment and maintain natural beauty.
(g) To preserve social and cultural values.
(h) To provide employment opportunities and help in the promotion of national integration.
(i) Not to misuse or wastage national resources and conserve natural resources.
The responsibility of business towards different stakeholders are:
(1) Towards consumers: Responsibilities towards consumers include:
(a) Production of safe items by maintaining quality standards.
(b) To ensure a regular supply of goods and supply.
(c) To educate consumers regarding the use and content of the product.
(d) To refrain from profiteering. Adulteration, misleading advertisements and unfair and unscrupulous trade activities.
(2) Responsibilities towards employees:
(a) Providing fair and reasonable compensation and benefits.
(b) Providing safe and good working conditions.
(c) To provide them opportunities for personal growth and development.
(d) Not to do favourtism and discrimination while appointing, promoting the employees.
(e) To give them the opportunity to participate in management and must respect their right to form unions.
(3) Responsibility towards the share holders/ investors:
(a) To ensure the safety of investment and to maximise the wealth of the owners,
(b) To ensure fair and regular return on investment
(c) To give complete information regarding the financial position of the business.
(d) To make optimum utilisation of firms resources in the interest and for the benefit of investors.
(4) Responsibility towards the government and community:
(a) To abide by rules, regulations and laws.
(b) To pay tax and duties on time.
(c) To give their required contribution in solving social problems.
(d) To co-operate in implementing government policies and plans.
(e) To have a good citizen and act according to the accepted values of the society.
(f) To protect the environment and maintain natural beauty.
(g) To preserve social and cultural values.
(h) To provide employment opportunities and help in the promotion of national integration.
(i) Not to misuse or wastage national resources and conserve natural resources.
