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Asked by Tanya Last Modified
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A business is a part of the society. It cannot survive and grow without the support of the society. Business must, therefore, discharge social responsibilities in addition to earning deposits. According to Henry Fayol "The primary aim of business should be service and the subsidiary aim should be earning profits". Social objectives of the business are:
1. Supply quality goods at reasonable prices Business is expected to supply quality goods at reasonable prices. It is the social obligation of the business to avoid all malpractices like smuggling, black marketing, hoarding and misleading advertisements which are against business ethics.
2. Fair remuneration to workers: Workers are the major assets of the business. So, they must be given fair remuneration. A reasonable part of profits should be distributed as a bonus and it is the obligation of the business to provide safe and healthy working conditions.
3. Social Welfare: Business should support social, cultural and religious activities. They can build schools, colleges, libraries, hospitals etc. and help the victims of natural calamities. In this competitive world, survival of the business depends on the support of the consumers. So, instead of trying to make profits by adapting malpractices, give importance to the tastes and preferences of the consumers. More than that, all illegal activities will provide benefits only in the short run and not in the long run.
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