Concept of Social Responsibility
Social responsibility of business deals with taking those decisions and performing those actions that benefit the society. By assuming social responsibility, the business enterprise not only respects the aspirations of the society but also helps in implementing these aspirations along with their profit interest. This is in contrast to the common notion in the society that business exists only for profit maximization and not for the welfare of the public. It follows that a responsible business must act with due concern for the effects on the lives of other people. Accordingly we can say that social responsibility is broader than legal responsibility of business. Legal responsibility is fulfilled by mere compliance with the law. But social responsibility follows obligations laid down by law along with part of business which benefits the society.