Social Responsibility of Business
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social_responsibility_of_business.pptxSocial Responsibility of Business
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Social Responsibility of Business
Contribute or give Back to Society
Developing Positive Relationship
Not Solely Focused on Profits
Social Conscience
Every business has a social duty to give back to their communities. when a business opens in a community it will have both a positive and negative impact. It is the duty of the business to reduce any potential negative impact while contributing something positive that will assist in improving the community. Some businesses contribute financially to charities while others start their own charity. The goal of the socially responsible business is not too be profit driven but socially conscience.
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Positive Contribution to Society
Business takes into account the financial, environmental and social impacts of decision (Kubota, 2012).
Social and Environmental Well-Being
Increasing Value
Going Green
The socially responsible business takes into account the financial, environmental and social impacts of decision (Kubota, 2012). What this means is they will assess the negative impact of their business and takes steps to reduce this impact. For example manufacturing plants have a great deal of waste. This waster must be disposed of properly. The business must be socially responsible but they steps they take to be socially responsible cannot financially effect the business and their bottom line. Social and environmental well being means taking the steps to ensure society is improved by the presence of the business. One step often taken by businesses is to follow the Green movement in order to reduce their carbon imprint on the environment.
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Negative Impact
Profit Driven
Negative Environmental Impact
Negative Impact to Economy
Negative Impact on Quality of life
The negative impact of businesses that are not socially responsible is they will be profit driven. This means the sole focus is on making money no matter the impact to society. While the business may make money eventually they will lose trust in the business that refuses to be socially responsible. These businesses can have a negative impact on the environment, on the economy, and on the quality of life of people in the community. Every business must be conscious on how they affect their community or society as a while. For example if waste is not properly disposed off it could make drinking water or the air toxic.
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Best Interest of Stakeholders
Concern for consumers, shareholders, associates, employees and business owners (Fallon, 2013).
Competitive Edge
Part of Business Model
The socially responsible business is concerned with more than profit. They also show concern for consumers, shareholders, associates, employees and business owners (Fallon, 2013). By putting the consumer first or society first the business earns trust and establishes a solid brand in society. They will have the competitive edge over other businesses that have refused to take social responsibility and will be more in tuned to the needs of all of their stakeholders. Businesses that establish a business model that involves social responsibility will have greater success over the businesses that do not.
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Types of Social Responsibility
Environmental, Social, and Economic
Green Initiative
Philanthropy
Giving Back to Community
Social responsibility can come in many different forms. Social responsibility can mean addressing environmental issues that affect everyone on the planet or a social problem that just affects certain people in a society. The business can start a green initiative to reduce their impact on the environment or they could start a food bank for the local homeless community. Environmental, social and economic responsibilities provide different functions in society but each is a type of social responsibility. Businesses can be philanthropists or they can do something positive to give back to the community.
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Example of Social Responsibility
Prime Five Homes, a sustainable housing company
Bobs by Sketchers, shoes for the needy
Altered Seasons, meals for the homeless
Children Inspire Design, eco-friendly
There are many examples in society of businesses that give back. Prime Five Homes gives back to the community through their actual product. They sell sustainable housing. Bobs by Sketchers gives a pair of shoes to poverty stricken women and girls every time a pair of shoes is purchased. Altered Seasons sells candles but uses a percentage of the money to feed the homeless. Children Inspire Design has established a eco-friendly business that reduces thier impact to the environment while the manufacture their project.
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Social Responsibility
Reduce Carbon Footprint
Establish Solid Reputation in Community
Solidify Brand
Edge over Competitors
Businesses that take social responsibility approach how they are going to contribute differently. Some businesses reduce their carbon foot print while others contribute to society. Businesses that recognize their social responsibility establish a relationship of trust with people in society which assist in solidifying their brand. These businesses will have an edge over the competitors leading to more financial success.
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References
Fallon, N. (2013). 15 Great Examples of Socially Responsible Businesses. Retrieved September 2, 2014 from http://www.businessnewsdaily.com/5499-examples-socially-responsible-businesses.html
Kubota, L. (2012). Corporate Social Responsibility: The Role and Reasons for Business Involvement in Sustainable Development. Retrieved September 2, 2014 from http://www.scaa.org/chronicle/2012/04/10/corporate-social-responsibility-the-role-and-reasons-for-business-involvement-in-sustainable-development/
