1. DEFINITION OF SOCIAL RESPONSIBILITY Social  responsibility of business means duties and obligations of business towards different social groups I.g., shareholder, consumers, employees legal. 2. NEED FOR SOCIAL RESPONSIBILITIES OF BUSINESS The social responsibilities concept implies that business must behave like an ordinary citizen. It must discharge its legal, moral and social functions sincerely. The following factors explain in need for social responsibilities of business.    ➤  1. To protect Environment The  purpose of business is to create wealth and satisfy human wants. It usees the natural and human resources to produce goods and service. There is every possibility of the business misusing the resources for personal gains. Therefore the business must be made accountable and punished for its wrong deeds. This is possible by fixing social responsibilities on business.     ➤ 2. Good public image  A business which responds favorably to so...

➤  1. DEFINITION OF CORPORATE SOCIAL RESPONSIBILITY Corporate Social Responsibility  is a commitment to improve community well being through discretionary business practices and contributions of corporate resources.  ➤  2. ALSO KNOWN AS         CSR is also referred to as:                      1. Corporate or business responsibility           2. Corporate or business citizenship           3. Community relations           4. Social responsibility ➤  3. MEANING OF CORPORATE SOCIAL RESPONSIBILITY (CSR) Corporate  Social Responsibility is the sense of obligation on the part of companies to build certain social criteria and manage the business activities by taking strategic decision. Socially responsible companies should consider various issues, from the organization of the firm to building rel...