Hello and welcome to your own site Knowledgeonet - A place to learn new and knowledgable things. So today we are going to discuss on a very important topic of Class 11 business studies i.e
Social Responsibilities of business
This is one of a very simple and scoring chapter of our book. . if you r here first time then go and follow or subscribe us to be notified about further posts. So let us start with our new chapter
#What do you mean by Social Responsibility?
Social responsibility refers to all the obligations of an enterprise to take decisions and perform actions which are beneficial for the society.
#Types of Social Responsibility?
their are mainly 4 types of social responsibility of a business i.e
1.Discritionary responsibility - this are the responsibilities of a business to involve in social welfares like charity , donation etc.
2.Economic Responsibility - As business is an economic activity. inspite of only doing social welfare biz should also earn profit but this profit must not be earned by unfair practices like black marketing or frauds.
3.Ethical Responsibilities - this are the basic moral responsibilities of an enterprise to follow its basic rules and ethical values.
4.Legal Responsibility - this are the responsibility of a business towards the country or gov to respect and follow the rules and regulations.
(tip ; the best way to learn this by remembering a word DEEL
D - DISCRITIONARY , E- ECONONMIC, E - ETHICAL and L - LEGAL )
#What is the need to have social responsibility for business ?
So let me clear to do social responsibilities is one of a major objective of any of a business enterprise because of the following reasons -
1.Society - Any of the business can't run without the help of society . for business both profit max. and social welfare should go hand in hand.
2.Consumer Awareness - Now the consumer has become soo much aware about the products through technology . as a result no biz can force or wander off the customer to buy only a single pro. So to promote its sales they have to do social welfare.
3.Government interruption - If a biz only prefer profit maximization while avoiding its responsibilities. Gov can interfere in it and this can also lead to close off the business hence every biz prefer to go for social welfare.
# Advantages of doing social responsibility ..
the major Advantages of doing social responsibility for a biz are as follows -
1. Build Goodwill of a firm.
2. Create better environment for business.
3. Avoid Gov interference.
4. helps in solving social problems.
5. Helps in achieving trust of consumer and society.
# Social Responsibilities of a business towards different groups ..
the main groups towards whom business has to follow social responsibilities are as follows -
1. Consumer
the different responsibility of a business towards Consumer are -
a. To provide better quality products at fair price.
b. To ensure regular supply of goods.
c. To give him fair consultancy when required and provide good services.
d. To be truthful in advertisement. and should not mislead the consumer.
e. to follow fair trade practices.
2.Employees
the different responsibility of a business towards Employee are -
1.To provide better working condition.
2.To provide better working condition.
3.To provide fair wages.
4.To provide fix hour of work.
5.To provide good incentives like promotion , trip etc,
3.Shareholders
the different responsibility of a business towards shareholders are -
1. to provide them debentures at time.
2. to give full info about the company.
3. to tell them future plans of the company.
4. to allow their participation in important decisions of company.
5. to ensure them the safety of their investment.
4. Government
the different responsibility of a business towards Employee are -
1. to respect the law.
2. to pay the taxes on time.
3. to follow the rules and regulations and also to accept the new laws.
4. to help them in solving social issues.
5. to also promote social welfare .
then comes the simplest topic pollution so let me define -
pollution - Injection of harmful substances into the earth is known as Pollution.
# Types of pollution
so their are mainly 4 types of pollution
1. Noise pollution
2. Air pollution
3. water pollution
4. Soil pollution
so here our chapter ends the rest of the potion of the chapter is ommited for session 2020 - 21 Don't forget to follow and share our blog . visit our other posts for class 11 th all subject. to visit other chapter notes click here
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