How relevant is fulfilling social responsibilities and ethics for a business? How relevant is fulfilling social responsibilities and ethics for a business?

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It is true that there are more people today that are considering a company's ethics when they shop.  However many people will still shop where they can afford, no matter how bad the company is.  Companies get bad PR, but stay in business.  Wal-mart has constantly been bombarded with negative press, yet more people are shopping there.  While people may want to vote with their pocketbooks, the truth is that when people are hurting their ethics become less important than feeding their families.

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I think that it has become more important in recent years. With the awareness of the consumer in regards to going "green" and other social issues involved in the manufacturing process. Large corporations have at least got to show consumers that they are trying to be socially conscious.

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It is not.  Or at least, it is not unless it can help a business make money the way that Wal-Mart's efforts to "go green" have helped to reduce its costs.

Businesses are made to make money.  Their function is to make as much money as they can within the law.  If societies want businesses to have social responsibility, they must impose that on the business.  They must either A) make laws telling businesses how to act or B) use consumer pressure (boycotts, etc) to tell businesses how to act.

But the only purpose of a business is to make as much profit as it legally can.

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Business firms in today's world have to tread a very careful path. The primary objective of a business has always been to make the most profit for its shareholders; but now they are also expected by society to fulfill other responsibilities.

Corporate social responsibility consists of a broad spectrum of activities that businesses must do for their primary and secondary stakeholders in addition to their owners. Some of these include taking care of employees, customers, the environment, etc.

As businesses have grown large they have come to acquire a lot of power and resources which various sections of the society expect them to use for societal benefit even if it is not directly related to earning profits.

Maintaining a high standard of ethics is just one of the aspects of the social responsibilities of businesses. This includes strictly following rules and regulations, creating policies that would be able to serve the task of benefiting the society in a better way and desisting from trying to find loopholes and acting a morally unethical manner.

Corporate firms today have also realized the importance of pursuing activities that fall in the realm of corporate social responsibility and how this ultimately benefits the companies themselves in the long run.

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