Q.Justify the following statement.
Expectations of society towards business are changing.

Business operates within society and depends on it. As society becomes more educated, aware and conscious of quality, fairness and the environment, its expectations from business rise and change. Businesses must respond by acting responsibly towards all their interest groups.

Justification: Expectations of society towards business are changing

1. Increased consumer awareness — Consumers today are educated and well-informed. They expect good quality goods and services at reasonable prices, correct information, fair dealing and after-sales service — a big change from merely expecting availability of goods.

2. Concern for the environment — Society now expects business to control pollution, avoid wasteful use of resources and adopt eco-friendly, sustainable practices, because people are more conscious of environmental damage.

3. Fair treatment of employees — Workers expect fair wages, safe working conditions, job security, welfare facilities and respect. Business is expected to look after employee welfare, not just profits.

4. Expectation of ethical conduct — Society expects honesty and ethics — no adulteration, black-marketing, hoarding or misleading advertising. Unethical firms lose public support.

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