Explain the social responsibilities of a business towards various stakeholders.
Businesses have diverse responsibilities toward different stakeholders. For consumers, they must provide quality goods and services at reasonable prices, ensuring safety and satisfaction. Toward employees, businesses should ensure safe working conditions, fair wages, and opportunities for personal growth. Investors expect adequate returns on their investments and transparency in financial dealings. Society benefits from businesses contributing to community development, promoting education, healthcare, and environmental sustainability. Additionally, businesses must comply with government policies, pay taxes promptly, and support national development initiatives. Balancing these responsibilities helps businesses build trust and foster positive relationships with their stakeholders.
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This question is based on core NCERT concepts explained in the chapter and should be revised thoroughly before exams.
Businesses have diverse responsibilities toward different stakeholders. For consumers, they must provide quality goods and services at reasonable prices, ensuring safety and satisfaction. Toward employees, businesses sho...
Step-by-step explanation:
• Businesses have diverse responsibilities toward different stakeholders
• For consumers, they must provide quality goods and services at reasonable prices, ensuring safety and satisfaction
• Toward employees, businesses should ensure safe working conditions, fair wages, and opportunities for personal growth
• Investors expect adequate returns on their investments and transparency in financial dealings
• Society benefits from businesses contributing to community development, promoting education, healthcare, and environmental sustainability
Students often lose marks by skipping steps, writing incomplete explanations, or misunderstanding keywords used in the question.
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