MANAGEMENT

Detailed explanation-1: -Answer. Answer: The concept of social responsibility holds that businesses should be good citizens, balancing their money-making operations with activities that benefit society, be it on a local, national, or global scale.

Detailed explanation-2: -Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty, and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.

Detailed explanation-3: -Social responsibility works as a platform for companies and consumers alike to make a positive impact on local and global communities. Businesses that implement a social responsibility initiative that’s in line with their values have the opportunity to increase customer retention and loyalty.

Detailed explanation-4: -The three pillars are economic, social and environmental. A company’s sustainable development strategy focuses on these three key topics and action plans are created based on them. At first glance, these three pillars may appear different, but they actually contain many interlinked concepts.

Detailed explanation-5: -Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.