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SOCIAL RESPONSIBILITIES

OF BUSINESS AND BUSINESS

ETHICSConcept, Need & Area of Social Responsibility

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Concept of Social Obligation

H.R.Bowendefines Social responsibility

of business refers to the obligation of

business to pursue those policies, to makethose decisions, or to follow those lines of

action, which are desirable in terms of

objectives and values of our society

The International Seminar on social

responsibilities of business held in

1965 at New Delhi had defined theterm as

Responsibility to itself, to its

consumers, workers, shareholders,

and the community, and its task of

management to reconcile theseseparate and sometimes conflicting

responsibilities.

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Need/Case for Social Obligation

Protection of Environment

Good Public Image

Concept of Trusteeship

Fear of Government control

Long-term Self Interest

Changed Expectation of the society

Trade Union Pressure

Pressure of Consumer Movement

Better Utilization of Resources

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Areas/Scope of Social responsibilities of

business

Business

organizationhas social

responsibilities

towards

different

interest group

such asfollows:

Responsibility towards Employees

Responsibility towards Shareholders

Responsibility towards Customers

Responsibility towards Society

Responsibility towards Government

Responsibility towards Debenture holder

Responsibility towards Suppliers

Responsibility towards Financial Institution

Responsibility towards Competitors

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Social values refers to human or moral values or principles that are essentially

desirable for the well being of an individual, a group or a society.

Social values

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Social Values

Sometimes great life-changingvalues come to us in briefmoments of contact with highpotential personalities- statesWalter Mac Peek.

Truth and Honesty

Justice and kindness

Generosity

Tolerance

Patriotism

Cooperation

Respect for senior or elders

Excellence

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Nature and Characteristics of socialvalues

Values are inculcated

Well accepted principles

Time-tested existence Basis of human values

Values reflect character

Values change gradually

Classification of values:

Moral and social values

Traditional and modern values

Intrinsic and instrumental values

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Importance of Social Values

Values foster Economic Progress

Values foster Social Development

Values improve Social Relation

Values facilitate Regional Cooperation

Values generate Love, Peace, and Happiness

Values improves Standard of Living

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Thomas M. Garet defines Business ethics is primarily concerned with the relationship

of business goals and techniques to specify human needs.

Business ethics

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Need and importance of business ethics Protection of consumer rights

Social responsibility

Concept of socialism

Interest of industry

Consumer movement

Better relation with the society

Buyers market

Beneficial to business and society

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Contents of Business Ethics Business ethics towards Employees

Business ethics towards Customers

Business ethic towards Competitors

Business ethics towards Government

Business ethics towards Suppliers

Business ethics towards Dealers

Business ethics towards Shareholders

Business ethics towards Financial

Institution

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O.C. textbook S.Y.J.C.

BIBLIOGRAPHY

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