Importance Of Social Responsibility Of A Business

The topic of “social responsibility of a business” has always been a debatable topic. Many argue that a business has much more responsibility than just focusing on the increase of profits. For example, the environment, the consumers, the employees etc. They think these factors should be some of the primary focuses of a corporation. In this research paper I am analyzing that businesses and corporation’s social responsibility is to be socially responsible while increasing profits because that is what they are developed to do. The other factors that people argue should be the primary focus are important to the success of these companies, but are not the only primary focus. The social responsibility of a company is to increase profits, while at the same time, being socially responsible.

What is social responsibility? Social responsibility is an ethical framework which suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. In simpler terms, taking consideration of the other parties that are affected by the actions of another. In business ethics everyone has this responsibility to be accountable for the best of society. It is considered wrong of one to not do so when acting in society. This role, over several years, has began to migrate towards businesses affecting their consumers and …show more content…
These corporations are successfully integrating traditional business functions with aggressive and far-reaching social goals” (Flammer, 2015) . Those businesses that promote social responsibility have grown tremendously. In a study done by KPM Gone, one of the largest consulting houses, in 2002 prepared a report indicating that 45% of the 250 largest companies worldwide prepare a report on the social responsibility, which represents an increase of 35% compared to 1999 (Andonov,