“Business exists to serve customers for long time”. In context to this, discuss the need of social responsibility.
Business is a creation of society and it exists to serve customers for a long time. Thus, a healthy relationship should always be there between the customers and businessman to avail the fruitful results of business.
Need of Social Responsibility
(i) It is required to serve the interest of other sections of society such as customers, employees, suppliers, community, etc.
(ii) It gives the moral understanding to an entrepreneur like what is right and what is wrong.
(iii) It also helps in addressing legal, ethical and commercial issues well.