Question

Inspite of the dominant role of profit in the runing of business today,bisiness is more concerned about its social responsibility.illustrate with reasons

Answer 1

Dear student,

Profit is an essential element of business, it is prerequisite for growth and survival of a business. Inspite of the dominant role of the profit in the running of business today, business is more concerned about its social responsibilities due to following reasons:

1. Business can succeed better if they fulfil the demands of society.
2. The consumers are aware about their rights, so they expect better quality products. If business do not fulfil its social responsibility there will be conflict between business enterprise and society.
3. A business can improve its image by fulfilling social responsibilities.
4. Business uses the resources of the society, so to be successful in long run, business should fulfil its social responsibility.
5. A business which preserve and promote the rich cultural heritage enjoy goodwill in the society.
6. To avoid Government's interference, a business must assume social responsibility.

Regards