Define the term Social Responsibility

Question

Define the term Social Responsibility.

Answer 1

1. The spirit of socially responsible business behavior is that a company should struggle to balance the advantages of strategic actions to advantage shareholders against any possible adverse impacts on other stakeholders and to proactively alleviate any damaging effects on the environment that its actions and business can have.

2. Social responsibility contains business philanthropy and actions to earn the respect and trust of stakeholders for the firm’s efforts to progress the general well being of consumers, local communities, employees, society at big, and the environment.

3. Categories of Socially Responsible Business Behavior, shows a company’s menu for crafting its social responsibility strategy.