Briefly explain the reasons that showed, social responsibilities is critical to business

socialresponsibility
cbse

#1

Certain cases that oppose social responsibility are
(i) Violation of Profit Maximization Objective Business exists only for profit maximization. Involvement of business in social activities may dilute focus on economic productivity.
Thus, social responsibility is against this objective. In fact, it is assumed that business can best fulfill its social responsibility if it maximizes profits through increased efficiency and reduced costs.
(ii) Burden on Consumers Solution of the social problems are very costly and often require huge
financial investments. In such circumstances, businessmen are likely to simply shift their burden of social responsibility by charging higher prices from the consumers instead of bearing it themselves.
(iii) Lack of Social Skills Solution of social issues require broad thinking, social feeling and a businessman does not have the necessary understanding to solve such social problems Therefore, according to this argument, social problems should be solved by other specialized agencies.
(iv) Lack of Broad Public Support In general, the public do not like business involvement or
interference in social programmes. Therefore, business cannot operate successfully because of lack of public confidence and cooperation in solving social problems.