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The Social Function of The Business

The document discusses the social responsibilities of businesses. There are four main social responsibilities: responsibilities to the general public, which include avoiding risks, promoting health, and protecting the environment; responsibilities to customers, which involve protecting consumer rights; responsibilities to employees, such as providing a safe work environment and proper compensation; and responsibilities to investors and the financial community, namely being honest in financial reporting to avoid misleading them. Meeting these social responsibilities is important as failing to do so can negatively impact public health, the environment, consumers, employees, and investors.

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RICHARD HIRAGA
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114 views3 pages

The Social Function of The Business

The document discusses the social responsibilities of businesses. There are four main social responsibilities: responsibilities to the general public, which include avoiding risks, promoting health, and protecting the environment; responsibilities to customers, which involve protecting consumer rights; responsibilities to employees, such as providing a safe work environment and proper compensation; and responsibilities to investors and the financial community, namely being honest in financial reporting to avoid misleading them. Meeting these social responsibilities is important as failing to do so can negatively impact public health, the environment, consumers, employees, and investors.

Uploaded by

RICHARD HIRAGA
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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NARRATIVE REPORT MARCH 28, 2023

THE SOCIAL FUNCTION OF THE BUSINESS

1. SOCIAL RESPONSIBILITIES
-Individuals and companies’ obligation in the best interest of their environment and to the society.
Explanation:

 Social responsibilities of the business are the obligation or the responsibilities of the business
owner to maintain a safe and friendly external and internal environment of the business.

 There are 4 social responsibilities of the business namely; responsibilities to the general
public, responsibilities to the customer, responsibilities to the investors and financial
community and the responsibilities to the employees

1.1 RESPONSIBIITIES TO THE GENERAL PUBLIC


- Include avoiding risks and promoting public health, protecting the environment, and developing the
quality of service to the employees.
-Business organization should support charities, aid to humanity programs or any community services
through their corporate social responsibilities.
Explanation:

 As a business owner you should always consider the external environment of the business. As
an owner it is the company’s responsibilities to research and to make sure that your existing
business is not harmful to the environment, specially to the health of the people outside your
company.
 As an owner it is also your responsibilities to research about your business. If it is safe to the
people and the environment.

1.2 RESPONSIBILITIES TO THE CUSTOMERS


-Protect the consumers right to be safe, to be informed, to choose, and to be heard.
Explanation:


 There’s this one saying says that “customers are always right” this means that the customers have
rights to acquire, to ask questions and to complain about the business services and product
 As a business owner, it is your responsibilities to train your employees how to treat the customers
properly. Give all the information about the product you’re selling to make the consumer’s safe.
 For example, the customer is complaining about the products quality, so as an owner you are
responsible to the customers complain. It is your task to answer the consumer with a proper
manner.

1.3 RESPONSIBILITIES TO THE EMPLOYEES


-Employees today expect safe working environment, greater benefits such as bonuses, incentives,
allowances, and as much as possible could compensate all the workloads.

Explanation:

 One of the owner’s responsibilities is the employees’ rights. As an owner you should provide your
employees a healthy and safe working environment.
 For example, if you give your employees a lot of workloads you should pay her/his or
compensate according to his/her workloads.
 13th month pay is also essential as an incentive to all the employees’ job during the whole year

1.4 RESPONSIBILITIES TO INVESTORS AND THE FINANCIAL COMMUNITY


-Business must be honest in reporting their profits and financial performance to avoid misleading
investors.
- If the firms will fail to meet this responsibilities thousands of investors, employees, and customers
will suffer.

Explanation:

 As an owner, one of your responsibility is to report honestly specially when it comes to


money.
 If you fail this responsibility a lot of investors will suffer because their money didn’t gain
any profit and their money lose. You should inform them and report honestly so that they
can make an action to save the company and the money they invest.
 If your company got bankrupt a lot of employees will lose their jobs.

Submitted by: Apple Grace Benitez


Submitted: Anthony C. Mato

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