Social responsibility of business

Which of the following best defines social responsibility of business?

• Maximizing profits at all costs
• Ignoring environmental impact
• Ethical framework and obligations towards the community and society
• Prioritizing shareholder wealth over societal well-being

Who is considered the father of concept of social responsibility of business?

• Peter Drucker
• Howard R. Bowen
• John Maynard Keynes
• Milton Friedman

what is the primary focus of corporate social responsibility?

• To operate ethically and contribute positively to society while minimizing negative impact on the environment.
• To exploit resources without regard for environmental impact
• To maximize profits at any cost
• To ignore societal needs and focus solely on financial gain

Why is social responsibility important for business?

• It ensures high profit margins

• It helps business avoid legal issues

• It contributes to sustainable development

• It reduces production costs

How does social responsibility benefits business in long term?

• By ignoring societal concerns and focusing solely on profit maximization
• By enhancing reputation, attracting customers who value ethical practices, improving employee morale and productivity, reducing risks related to negative social impacts, and fostering long-term sustainability.
• By neglecting employee well-being and satisfaction
• By engaging in unethical practices and exploiting resources

Which of the following is an example of ethical responsibility?

• Donating a portion of profits to charity
• Price gouging customers
• Ignoring environmental regulations
• Using child labor

An organization launches a community development program to support local education and healthcare. This action falls under which type of social responsibility?

• Individual Social Responsibility (ISR)
• Corporate Social Responsibility (CSR)
• Environmental Social Responsibility (ESR)
• Personal Social Responsibility (PSR)

A company implements a new policy to promote diversity and inclusion in the workplace.

• Implement training programs, establish diversity committees, create mentorship opportunities, review hiring practices, and encourage open communication among employees.
• Avoid reviewing hiring practices
• Discourage open communication among employees
• Eliminate all diversity initiatives

Why might a business engage in philanthropic activities?

• Increase competition, reduce profits
• Avoid tax obligations, decrease employee satisfaction
• To give back to the community, enhance reputation, attract socially conscious customers, and improve employee morale.
• Promote negative image, discourage customer loyalty

How can social responsibility improve customer loyalty?

• By ignoring customer feedback and complaints
• By increasing prices to cover the costs of social responsibility initiatives
• By showing that a company cares about more than just profits, customers are more likely to feel a connection and loyalty to that brand.
• By focusing solely on short-term profits