Economics, Economic, Business, Ethics, And Social Responsibility For A Business

969 Words 4 Pages
While maximizing profits is considered an important responsibility for a company to accomplish, it is not more important than fulfilling the responsibility of being socially responsible to the society in which it operates. Social responsibility can be defined as the duty of businesses to behave ethically and with sensitivity towards economic, cultural, and social issues. In other words, businesses are socially responsible when they maximize the economic, cultural, and social benefits of all their close associates such as employees, investors, and customers. When companies put all of their focus on profits, this usually brings companies repercussions such as bad reputation leading to a decrease in profits. Companies need to be both conscious …show more content…
Limiting customers from more health-conscious and organic products is socially irresponsible because customers have the right to a wider choice of products. Besides the disappointment of customers because they had long-awaited for these products, they find themselves sadly limited to products they have been wanting for years. The second action I recommend company Q to take is to provide unlimited number of health-conscious and organic products in all their stores. With more choices to choose from, customers will be satisfied and their loyalty secured. Keeping customers satisfied will ensure long-lasting relationships, which assures a steady number of sales. In addition to the fact that health-conscious and organic products are high-margin items, there is a considerable demand for these products by customers. This demand by customers combined with the high level of profit that these products can create, will unquestionably bring financial gain to the …show more content…
Without the support of society, companies could not survive because people in society are the stakeholders buying the products and services that companies sell. Company Q is being socially irresponsible by not giving back to society for all the economic benefits society has given to them. The third action I recommend company Q to take is to give back to society by donating products to the area’s food banks more often because this promotes trust between the company and society. The donations of products will give society an increased sense of appreciation and trust from company Q. This increased of trust can help elevate the company’s brand, opening the possibility to expand their market share and greater profits. Engaging the community can also help generate ideas and product

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