Explain the social responsibilities of a business to the following:
(a) the community
(b) the employee
(c) the shareholders
(d) the government
(e) the consumers.
Explanation
(a) Social responsibilities of a business to the community are:
(i) Employment of community members.
(ii) Provision of schools, roads, hospitals.
(iii) Provision of scholarships to students.
(iv) Provision of safe and quality goods and services.
(v) To minimize environmental pollution.
(b) Responsibilities of a business to its employees are:
(i) Provision of a safe place of work (working environment).
(ii) Payments of remunerations to the employee.
(iii) Provision of training facilities.
(iv) Provision of safety tools to the employees.
(v) Provision of welfare packages for the employees.
(c) Responsibilities of a business to the Government are:
(i) Contributions to education.
(ii) Payment of taxes.
(iii) Apprenticeship schemes for the unemployed.
(iv) Complying with the regulations of the government.
(d) Responsibilities of a business to the consumers are:
(i) Truth in advertising.
(ii) Prevention of product defects (product safety)
(iii) Prevention of unfair pricing; provision of pre-sale and after-sale services.
(iv) Provision of quality goods at reasonable prices.
(v) Attending to the customers’ complaints.
(vi) Proper education in the use of goods.