?Business cannot achieve its economic objectives without fulfilling its social and
environmental objectives.? Comment.
Dear student,
Economic objectives of business refer to the objective of earning profit and also other objectives that are necessary to be pursued to achieve the profit objective, which include, creation of customers, regular innovations and best possible use of available resources, but it is not just sole object of business. As business operates in society its social responsibility of business to fulfil its social and environmental objectives too.
Some of the reasons for a business to be socially responsible are:
1) Consumer and workers are now aware about their rights. If the business does not fulfil its social responsibility, then there will be conflicts of interest.
2) Business is a creation of society, therefore, it should fulfil its obligations towards society.
3) For the long term interest of business, it is necessary for business to take up social responsibility. As expectations of public for business has changed, business can exist only if they fulfil their expectations.
4) India has rich social and cultural value.A business serving society enjoys a good position.
5) To avoid government interference and rules and regulations, a business should discharge its obligations to society
Regards
Economic objectives of business refer to the objective of earning profit and also other objectives that are necessary to be pursued to achieve the profit objective, which include, creation of customers, regular innovations and best possible use of available resources, but it is not just sole object of business. As business operates in society its social responsibility of business to fulfil its social and environmental objectives too.
Some of the reasons for a business to be socially responsible are:
1) Consumer and workers are now aware about their rights. If the business does not fulfil its social responsibility, then there will be conflicts of interest.
2) Business is a creation of society, therefore, it should fulfil its obligations towards society.
3) For the long term interest of business, it is necessary for business to take up social responsibility. As expectations of public for business has changed, business can exist only if they fulfil their expectations.
4) India has rich social and cultural value.A business serving society enjoys a good position.
5) To avoid government interference and rules and regulations, a business should discharge its obligations to society
Regards