Social Responsibility and Business Ethics

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Being the owner of a manufacturing company which is involved in the business of producing goods and selling it in the market, the primary goal or objective of the company is to earn profits out of the products sold. However, social responsibility and business ethics are two vital tasks which have to be undergone by the company to create a perfect balance between the profit making motive and being a good corporate citizen. Critical analysis of these two aspects has been discussed in this study.CSR can be defined as the means operating a business by an organization which meets or even exceeds the legal, ethical, public and commercial expectations which the society has from the organization. According to the requirements of CSR, every company is needed to have some obligations towards its society and environment at large (Kotler, Lee, 2008, p.3).CSR serves several purposes. It helps to ensure that the business processes are conducted by the organizations in an ethical way in accordance with the interests of the community. It helps in responding in a positive way towards the emerging priorities in the society. It serves for the purpose of developing willingness amongst the organizations to act beyond the regulatory confrontation. It also helps in maintaining a balance between interests of the shareholders of the company and the wider community. CSR helps in the development of the corporate organizations into good corporate citizens in the society.Social responsibility of the corporate organizations can be considered to have four dimensions. One is the economic perspective which is the responsibility of the organizations to earn profits and generate wealth for the owners of the company. Legal is another aspect of CSR which implies that all the business organizations have the responsibility to act in accordance with the existing laws and are to comply with those laws.