The Growing Importance of Business's Social Role

The video discusses the growing importance of businesses' social roles, driven by consumer and employee demands, especially from Millennials. It highlights the necessity for businesses to integrate social responsibility into their core operations, as global challenges require their involvement. The video also examines how large banks are attempting to enhance their social citizenship in response to past behaviors.

What is the predicted timeframe for companies to fully integrate social responsibility into their operations?

• 10 to 15 years

• 5 to 8 years

• 20 to 25 years

• 1 to 2 years

Which group is particularly demanding that companies make a positive social impact?

• Baby Boomers

• Generation Z

• Millennials

• Generation X

What is one reason consumers are turning to businesses for social change?

• Decreased environmental awareness

• Lack of business resources

• Disillusionment with government

• Increased government efficiency

What are the two major global challenges mentioned that require business involvement?

• Healthcare and education

• Environmental and financial systems

• Transportation and infrastructure

• Technology and innovation

Why is business involvement crucial for a sustainable future?

• Businesses have limited resources

• Businesses can operate independently

• Businesses are not affected by global challenges

• Businesses have the knowledge and power to address global issues

What is the potential consequence if businesses do not engage in social responsibility?

• Decreased consumer demand

• Inability to solve global challenges

• Sustainable future

• Increased profits

At what levels should businesses be involved to address social issues?

• At the governmental level

• Only at the international level

• At the social, village, and school levels

• Only at the corporate level

What recent behavior has prompted large banks to seek social responsibility initiatives?

• Increased profits

• Decreased customer base

• Technological advancements

• Astounding behavior by banking executives

How do consumers typically react to superficial social responsibility efforts by companies?

• They support the efforts

• They quickly recognize and criticize them

• They are easily convinced

• They ignore the efforts

What is a common strategy used by companies to improve their social image?

• Reducing workforce

• Throwing money at causes

• Investing in technology

• Increasing product prices