Define social responsibility and examine corporate responsibility to various stakeholders. Many people get a one-sided view of the impact that companies have on society. Few people see the positive impacts, such as the commitments of many companies to volunteerism. In a recent survey, two-thirds of the MBA students surveyed said that they would take a lower salary to work for a socially responsible company. Social responsibility is seen differently through the eyes of various stakeholders to whom businesses are responsible.
Business is responsible to satisfy customers with goods and services of real value.
Pleasing the customer is not as easy as it seems. Three out of five new businesses fail-perhaps because their owners failed to please their customers. Milton Friedman has said that corporate social responsibility means making money for stockholders. Many people believe that it makes financial as well as moral sense to invest in companies that are planning ahead to create a better environment. Most nonprofits own shares of publicly- held companies b.