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Social responsibility of business topic
Why is corporate social responsibility important to the socio-economic world
Rethinking the social responsibility of the business
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Article 1 The Brain and Soul of Capitalism
Nancy Koehn, author of “The Brain and Soul of Capitalism”, advocates that companies cannot hope to sustain themselves while ignoring external responsibilities. According to the Harvard Business Review article, it is imperative that capitalism has a brain and soul in order to tackle the dynamic and complex issues plaguing the business environment and society as a whole today. The International Organization for Standardization endorses these ideals by claiming social responsibility is ‘a critical factor in [a company's] ability to… operate effectively [in addition to a gauge of] overall performance’ (Investopedia, 2015). The company’s aim should target more than simply maximizing profits. Subsequently,
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It is hard to deny that certain organizations have their self-interest cloaked in social impact. Because consumers are ready and willing to shop with companies that give back and stick to ethical business practices, it is important to acknowledge the ulterior motives behind social responsibility. When “the social responsibility of business is to increase its profits” (Jennings, 2009), social responsibility efforts can be used to sway manipulate consumers into a purchase by playing to the consumers’ socially conscious …show more content…
Businesses that are social conscious, benefit from social drivers that strive for social impact based on consumer expectations. Starbucks and Unilever have learned to “blend capitalism and activism in order to influence change” (Koehn, 2015). Although consumer impact plays a large part in social responsibility, employees can also benefit from the endeavors as well. According to Howard Schultz of Starbucks, ‘health benefits and parent engagement building trust among employees [leading to]… loyalty and productivity’ (Koehn, 2013). (Koehn,
According to, Kelly |Williams (2014), BUSN 6th edition, social responsibility is the obligation of a business to contribute to society. Therefore, the Cheesecake factory should can get evolved in more socially responsible activities by simply giving back to less fortunate. They can simply start by donating the leftover food that wouldn’t be used to shelters. Also, the can get evolved in a holiday food drive, and serve the less fortunate in their restaurant and let them experience dining out. A company’s social responsible efforts illustrate actual proof that the company is ethically responsible to its customers. They can also put effort in the youth, and offer simple jobs to troubled teenagers. This really reflects their core value that each and every person is special to
The only legal responsibility of a corporation is to maximize their profits for stockholders and a deviation towards social good is considered to be additional cost of doing business (Robbins, DeCenzo, Coulter, & Anderson, 2014, p. 110). Hence, I am of the opinion that the socio-economic view should be the business direction of
Capitalism is based on the same principles as mercantilism. The accumulation of means, materials, land and other things, this accumulation is called capital and “the property-owners of these means of production are called capitalists” (Hooker 2). Productive labor, human work that is necessary to make goods and distribute them, takes the form of wage labor. “The means of production and labor is manipulated by the capitalist using rational calculation in order to realize a profit” (Hooker 2).
“Socialism.” Wikipedia, The Free Encyclopedia. 30 Jan. 2012. Wikimedia Foundation, Inc. 2 Feb. 2012. .
A corporation is an artificial person and in this sense may have artificial responsibilities, but business as a whole cannot be said to have responsibilities. The first step toward clarity in examining the doctrine of the social responsibility of business is to ask precisely what it implies for whom.” (Friedman 1970, 593) This quote is relevant to this argument because a business is not a person, it has no ethics nor morals. Therefore it is impossible for a business to take action towards the responsibilities others bestowed upon it. Implying that a corporation has responsibilities to society is wrong, implying that the people who run this corporation is a different story.
The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
Companies that engage in greenwashing mislead consumers about firm environmental performance or the environmental benefits of a product. Organizations engage in Greenwashing with the objective to give consumers and policy makers the impression that the company is taking steps to manage its ecological footprint. This is increasingly becoming a problem because it negatively affects consumer’s
Corporate Social Responsibility (CSR) is immensely crucial for big international companies. Corporations such as Under Armour will benefit from CSR campaigns. According to statistics, 55% of consumers are willing to pay more for products from companies that are socially responsible (Double the Donation Research, 2017). Companies that show their commitment to society’s issues and problems are seen as more altruistic than companies whose corporate social responsibility initiatives do not exist. In pursuance to maintain good public image, a corporation’s social responsibility programs and campaigns and how aware consumers are about these programs is important.
The Starbucks Corporation is built around an experience, the Starbucks experience. While the Starbucks experience is most notably associated with the way customers are treated, one could argue however, that the Starbucks experience transcends just the way customers are treated. The Starbucks experience is an all encompassing culture that revolves not just around customers but also to employees, or “partners” and suppliers. Burks (2009) notes that the company cares about the footprint it leaves, no matter where it does business; “the company is dedicated to making positive contributions to the communities where it doe...
Many companies are starting to realize just how much of an impact their decisions and operations make on society. Intel, an American corporation that designs and manufactures chips for computers and other various types of integrated technology, is at the forefront of the social responsibility movement within the technology business. Intel’s co-founder, Andy Grove, built the company based around the management views of Peter Druckers as written in his book, “The Practice of Management”. This book has an entire chapter dedicated to “The Responsibilities of Management”. Drucker’s book states that businesses and those running them have a responsibility to consider how their actions may affect society. The choices of one organization may affect many parts of the world. According to Drucker, when businesses are making management and operation decisions, they must “consider whether the action is likely to promote the public good, to advance the basic beliefs of our society, to contribute to its stability, strength and harmony”. This means that it is up to the upper management of an organization to make sure that any decisions a company makes coincide with the values of society and will have a positive impact on society (Wartzman, 2014).
The first discussion question posed was, “How does Dr. Friedman characterize discussions on the “social responsibilities of business”? Why (Jennings, 2009, p. 79)? Friedman (1970) characterized the discussions on social responsibilities as one hundred percent unadulterated socialism. Friedman (1970) characterized these discussions in that manner because he felt that a corporate executive should focus solely on making profits and not on social aspects. He mentioned how people who conduct and express themselves in this fashion are positively reinforcing and supporting the actions of individuals that have been weakening the foundational blocks of free society. Friedman (1970) posed a question which was the crux of his 1970 article “The Social Responsibility of Business is to Increase its Profits” where he investigated the true contextual meaning of what responsibilities mean to businesses. Friedman describes how businesses cann...
It seems obvious that large corporations have a tendency to ignore the negative effects of their actions in favor of profit. This example, although sensationalized, still says to me that with power comes responsibility. It affirmed my belief that a corporation’s goal cannot be just to provide profit to shareholders, but there must also be an element of social responsibility.
When the problem became serious two main views formed: the “narrow” view and the “broader” view, based on different ideas. The “narrow” view is based on the proposition that corporations have no social responsibility and they have only one main purpose, to make a profit (Friedman, 1970). So corporations should remain socially independent and all conflicts must be solved through the individual responsibility concept. On the contrary the “broader” view states that corporations have social obligations as all existing participants of market, persons and entities are tied together and are mutually dependent. So corporations cannot ignore some serious events or problems, which take place, and must help society, as profit is not their single purpose.
A company has an economic obligation. It must earn a favorable return for its stockholders in the restrictions of the law. But, corporate social responsibility means that organizations have also ethical and societal responsibilities that go past their economic responsibilities. CSR needs organizations to develop their documentations of their responsibilities to include other stakeholders such as workers, customers, suppliers, local societies, state governments, international organizations, etc. Ethics could be seen as a fundamental component of individual and group activities at the heart of organizations’ errands.
We may think that this time of the industrial revolution and the lack of corporate social responsibility has been overcome, but the reality we live is another, many companies want to take advantage of the lack of restrictions and laws that have some particular countries poor countries or in developing, and take advantage of these circumstances to exploit their natural resources, fouling the environment and save money by hiring labor at very low prices all with the aim of increasing their profits at all costs. This is when we ask ourselves if we really have overcome the lack of ethics that lived in ...