A-AS Level (CIE) Business Studies Paper-1: Specimen Questions with Answers 23 - 23 of 50

Question 23

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Essay▾

State the responsibilities of manager towards the society

Explanation

Social responsibility is a framework which suggests that a business has an obligation to work with other members of the society with cooperation and for their benefit at large.

Reasons for social responsibility are as follows:

  • Business: A business cannot run itself only with the profit motive. Business is a part of the social system and thus for the long-term survival of the business it should keep in mind the benefits of the society.
  • Long-term Self-interest of Business: Business should provide satisfaction to all the parties associated with it like financiers, customers, employees, society etc. By carrying social responsibility, the business gives satisfaction to these parties. Social responsibility is a long-term concept.
  • Moral Justification: Social responsibility carries a moral justification. Moral justification states that if it takes something from others then it must return to it. Based on moral ground, equation of social responsibility should be equitable. A business takes inputs in different forms money, people, information, materials, etc. from the society and generates outputs in the form of goods and services.
  • Creating Better Public Image: Social responsibility fulfills the aspirations of the society which helps in creating a better image of the company in the public which helps in increasing the volume of business in terms of input and output.

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