Q.Explain the responsibility of business towards different interest groups in society.

A business's social responsibility becomes concrete once broken down by the specific group of people it owes that responsibility to.

A business's social responsibility is best understood concretely through its obligations to each of the distinct groups its activities affect.

Shareholders/owners: to ensure a fair and reasonable return on investment, to safeguard their capital through prudent, honest management, and to provide timely, accurate and transparent information about the business's affairs.

Employees: to pay fair and timely wages, provide safe and healthy working conditions, offer training and career-growth opportunities, respect the right to organise, and treat all employees without discrimination.

Consumers: to supply goods and services of the quality, quantity and price advertised; to avoid unfair trade practices such as adulteration, hoarding, black-marketing or misleading advertising; and to provide an accessible mechanism for handling consumer grievances.

Government: to comply honestly with all applicable laws — taxation, labour, environmental and company law — and to refrain from seeking to influence government policy through improper means.

Community/society: to act as a good corporate citizen by supporting community welfare (education, healthcare, sanitation, disaster relief), by generating employment, and by avoiding activities that harm the wider public interest. …

Naming only two or three interest groups (usually shareholders and consumers) and omitting employees, government, community and c …