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Business & SocietyBusiness & Society
Mr. JohnsonMr. Johnson
ObjectivesObjectives
Define Social ResponsibilityDefine Social Responsibility Evaluate the types of Social ResponsibilityEvaluate the types of Social Responsibility Identify the Receivers of Social Identify the Receivers of Social
ResponsibilityResponsibility Identify the categories of business serving Identify the categories of business serving
society todaysociety today
Objective AObjective A
Define Social ResponsibilityDefine Social Responsibility
BUSINESS & BUSINESS & SOCIETYSOCIETY
In order to SUCCEEDIn order to SUCCEED
Maximizing ProfitsMaximizing Profits
&&
Contributing to Public InterestsContributing to Public Interests
MUST
SOCIAL RESPONSIBILITYSOCIAL RESPONSIBILITY The The DUTYDUTY of business to of business to CONTRIBUTECONTRIBUTE to the to the WELL-WELL-BEINGBEING of of SOCIETYSOCIETY
DUTY – moral obligation – a service designed or demanded of someone – an act or course of action that is required of someone/thing in that position
Contribute – share responsibility – to give or supply in common with others
Well-Being – state of being healthy, happy or prosperous
Society – our town/city/county/state/region/country
Objective BObjective B
Evaluate the types of Social ResponsibilityEvaluate the types of Social Responsibility
Minding the StoreMinding the Store
Quality productsQuality products Competitive pricesCompetitive prices Customer needsCustomer needs Minimum costsMinimum costs Minimum expensesMinimum expenses MAXIMIZE THEIR PROFITSMAXIMIZE THEIR PROFITS
Contributing to Public InterestsContributing to Public Interests
WhyWhy– Creates GoodwillCreates Goodwill– Foster’s positive image Foster’s positive image
for companyfor company ExamplesExamples
– ScholarshipsScholarships– PGA Tour Drive to $ 1 PGA Tour Drive to $ 1
BillionBillion– Corporate Sponsorship Corporate Sponsorship
of Art, Education, of Art, Education, ResearchResearch
Why Be Socially ResponsibleWhy Be Socially Responsible
All businesses have an impact on societyAll businesses have an impact on society All businesses should try to maximize their All businesses should try to maximize their
profitsprofits Some businesses have added responsibility Some businesses have added responsibility
due to the type of business they aredue to the type of business they are– Automobile Companies Automobile Companies
» Emission ControlsEmission Controls
» Gas MileageGas Mileage
Objective CObjective C
Identify the Receivers of Social Identify the Receivers of Social ResponsibilityResponsibility
To Whom are Businesses To Whom are Businesses Socially Responsible to?Socially Responsible to?
Product PurchasersProduct Purchasers– Must offer safe quality productsMust offer safe quality products– Must conduct research, in order to develop Must conduct research, in order to develop
quality, safe, desired productsquality, safe, desired products Stakeholders in BusinessStakeholders in Business
– Stock HoldersStock Holders» Maximize Profits & Return on InvestmentMaximize Profits & Return on Investment
To Whom are Businesses To Whom are Businesses Socially Responsible to?Socially Responsible to?
Stakeholders in BusinessStakeholders in Business– Employee’sEmployee’s
» Safety ConcernsSafety Concerns
» Is work challengingIs work challenging
» Is work satisfyingIs work satisfying
» Does employer contribute to the well being of Does employer contribute to the well being of employeesemployees
To Whom are Businesses To Whom are Businesses Socially Responsible to?Socially Responsible to?
How Businesses Provide for Overall Well – How Businesses Provide for Overall Well – Being of EmployeesBeing of Employees– CounselingCounseling– Day – Care centers for workersDay – Care centers for workers– Career PlanningCareer Planning– Retirement PlanningRetirement Planning– Flex SchedulingFlex Scheduling– TrainingTraining
To Whom are Businesses To Whom are Businesses Socially Responsible to?Socially Responsible to?
The Company itselfThe Company itself– Maximize profits so company can grow & Maximize profits so company can grow &
prosperprosper– Assist Company owners make as much as Assist Company owners make as much as
possible on their investmentpossible on their investment
Objective DObjective D
Identify the categories of business serving Identify the categories of business serving society todaysociety today
Types of Businesses Operating in Types of Businesses Operating in society todaysociety today
ProducersProducers
Trade IndustriesTrade Industries
Service BusinessesService Businesses
ProducersProducers
Def: Someone that Def: Someone that makes or produces makes or produces thingsthings
TypesTypes– Raw GoodsRaw Goods
» FarmersFarmers
» MinersMiners
» Lumber JacksLumber Jacks
Producers, Con’tProducers, Con’t
Manufacturers Manufacturers – Def: Producers who Def: Producers who
change the shapes or change the shapes or forms of materials so forms of materials so that they be useful to that they be useful to consumersconsumers
– Exp: Exp: » CarsCars
» Glass BlowerGlass Blower
» Paper IndustryPaper Industry
Producer’s, con’tProducer’s, con’t
BuildersBuilders– Producers who construct roads, bridges, buildings, or Producers who construct roads, bridges, buildings, or
houseshouses
Trade Industry’sTrade Industry’s
Def: Businesses that buy & sell goods to Def: Businesses that buy & sell goods to
each othereach other Firms do not change / alter form of good in Firms do not change / alter form of good in
the processthe process Two types Two types
– WholesalerWholesaler– RetailerRetailer
Trade Industry’s, con’tTrade Industry’s, con’t
WholesalersWholesalers– Middle man between Middle man between
producing company & producing company & retailerretailer
– Examples:Examples:» Queen City WholesaleQueen City Wholesale
» Pepsi Pepsi
» Coca - ColaCoca - Cola
Trade Industry’s, con’tTrade Industry’s, con’t
Retailer’sRetailer’s Def: Sell to end Users Def: Sell to end Users
of productof product Examples:Examples:
– JC Penney’sJC Penney’s
– TargetTarget
– Wal MartWal Mart
– StarbucksStarbucks
Evolution of Retail BusinessEvolution of Retail Business
SizeSize– 80 % operate with less than 20 employees80 % operate with less than 20 employees
Variety of ProductsVariety of Products– Super Wal – MartsSuper Wal – Marts– Super Target’sSuper Target’s
PricesPrices– Lowest Price (reflected in image of store)Lowest Price (reflected in image of store)– High – End Price (reflected in image of store)High – End Price (reflected in image of store)
Evolution of Retail Business, Evolution of Retail Business, (con’t)(con’t)
OwnershipOwnership– Sole ProprietorSole Proprietor– PartnershipPartnership
» Owned by two or more peopleOwned by two or more people
– FranchisesFranchises– CorporationsCorporations
» Have stock holdersHave stock holders
Evolution of Retail Business, Evolution of Retail Business, (con’t)(con’t)
Delivery of ProductDelivery of Product– Brick & Mortor StoreBrick & Mortor Store– Over PhoneOver Phone– In customer’s homeIn customer’s home– By mailBy mail– Vending MachineVending Machine– On street cornersOn street corners– By computerBy computer
Trade Industry’sTrade Industry’s
Service BusinessService Business– Sell intangible activities Sell intangible activities – Customers buy service not goodsCustomers buy service not goods– No title / ownership / good passes to customerNo title / ownership / good passes to customer– ClassificationsClassifications
» HousingHousing
» Household OperationsHousehold Operations
» RecreationRecreation
» Personal CarePersonal Care
Trade Industry’sTrade Industry’s
Classification’s (con’t)Classification’s (con’t)– Medical & Health CareMedical & Health Care– Private EducationPrivate Education– Business ServicesBusiness Services– Insurance & FinancialInsurance & Financial– TransportationTransportation– CommunicationsCommunications
75 % of non – farm labor employed in 75 % of non – farm labor employed in service industryservice industry