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What Is the Role of Business in Society?

The role of a business is to produce and distribute goods and services to satisfy a public need or demand. According to Business News Daily corporate social responsibility (CSR) is "a business practice that involves participating in initiatives that benefit a society." However, corporate social responsibility is more than just a simple business practice. When you pursue a Master of Business Administration (MBA), you will learn how to differentiate the blurred lines of working for profit and working to help maintain the social order. Society does not exist without some form of an economy, and businesses are what make up the economic system of the world.

Corporate social responsibility

Corporations can enact CSR as a business practice in multiple ways. Corporate social responsibility as a business practice involves putting certain funds toward organizations or people who are in need of aid. Some corporations put part of their proceeds towards programs that feed the hungry, others towards organizations that clean up the environment.

Businesses are also expected to maintain a certain level of responsibility in the way they run their operations. A company can be viewed as ethically irresponsible if it knowingly brings harm to the environment or if its business tactics cause employees to be treated unfairly.

Corporate social responsibility has multiple forms. As the world has become increasingly connected, the consumer has developed more concern for the ethics behind the goods and services that they purchase. Consumers are not the only ones looking for socially responsible corporations; employees are doing the same. Many individuals looking to go into the field of business want to work for an ethically responsible company.

MBA teaches ethics

As you work your way through your online MBA program, you may experience courses that cover ethics and the role of business in society. While businesses are designed to make money and bring in a profit, it is important to know how to resolve ethical and governance issues in a socially responsible manner. Businesses have to be aware of new technologies, the trending demands of their clientele and changes in market conditions so that they can continue to operate in ways that are both responsible and profitable. As a graduate student, you will learn how to navigate complex ethical decisions.

Corporate social responsibility is understood in multiple ways. For some, it is a business tactic by which a company donates money, goods and/or volunteer hours towards a worthwhile cause such as the homeless, or the local education system. There are multiple outlets and means by which a company can demonstrate that it is socially responsible. However, corporate social responsibility is also the way in which a company chooses to run itself. The effects a company has on the environment or the way in which it treats its employees also play a part in what makes any given company socially responsible. You can learn how to make morally sound decisions for your company or business when you earn your MBA online.

Learn more about the Texas A&M-Corpus Christi online MBA program.


Sources:

http://www.entrepreneurshipsecret.com/the-role-of-business-entrepreneurship-in-society/

http://smallbusiness.chron.com/meaning-ethical-responsibility-56224.html

http://www.businessnewsdaily.com/4679-corporate-social-responsibility.html

http://www.forbes.com/sites/walterpavlo/2014/01/13/an-mbas-thoughts-on-being-taught-ethics/

http://www.cbsnews.com/news/can-you-teach-ethics-to-mbas/

http://www.slate.com/articles/business/the_dismal_science/2012/09/business_school_and_ethics_can_we_train_mbas_to_do_the_right_thing_.html


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