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Profit maximization can be seen as a component of social responsibility when businesses engage in ethical practices and contribute positively to society while pursuing financial goals. However, if profit maximization comes at the expense of ethical standards, environmental sustainability, or social equity, it may undermine a company's social responsibility. Ultimately, balancing profit with ethical considerations and community impact is essential for a truly responsible business approach.
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Milton friedman social responsibility?
"The only social responsibility of a company is to deliver profit to its shareholders".
Social responsibility of business is to increase its profit elucidate this statement in the context of the economists?
The social responsibility of business is to increase its profit elucidate this statement in the context of the economist. Social responsibility should not be meant for profits but to the thank the loyal customers for buying certain goods.
What are the three views of social responsibility?
trustee management profit maximization social invovement
Evaluate the following statements profit should be higher perority than social responsibility for business?
I think you mean priority...
When might a company be criticized for its lack of corporate social responsibility?
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Milton friedman social responsibility?
"The only social responsibility of a company is to deliver profit to its shareholders".
In what ways is wealth maximization objective superior to the profit maxim?
Wealth maximation aims in maximising Shareholders wealth, employees wealth, profiting the external and internal parties of the firm, vendors, vendees, customers, investors, employers and all the parties interested in the benefit of the company. Wealth maximation results in increased goodwill, branding and reputation of the company. Where as profit maximation only deals with increased profits. Wealth maximation is a wider concept
Social responsibility of business is to increase its profit elucidate this statement in the context of the economists?
The social responsibility of business is to increase its profit elucidate this statement in the context of the economist. Social responsibility should not be meant for profits but to the thank the loyal customers for buying certain goods.
What are the three views of social responsibility?
trustee management profit maximization social invovement
What is business social responsibility and corporate profit maximization?
"corporate social responsibility" is how businesses monitor themselves ethically. Businesses incorporate things such as sustainability into their CSR plan
What are the difference between value maximation and profit maximation?
Value maximization and profit maximization are very much related, the main difference being- value maximization means increases in owners' wealth achieved by maximizing of the value of a firm's common stock. profit maximization is the process by which a firm determines the price and output level that returns the greatest profit. the other difference among the two could be sited as- value maximization is seen as long term objective of a firm, whereas profit maximization is generally a short term objective.
What are the classical and socioeconomic views on social responsibility?
The classical view of social responsibility is to minimize profit and maximize the best interest of the owners. The socio economic view of social responsibility the primary responsibility is to enhance and protect societies welfare and maximizing profit is secondary
Is social responsibility of business to increase its profit?
It is not so. The company which feels the responsibility do all such activities which in turn gives them profit. Few companies uses this to make profit like (Advertising,Marketing etc). Who cares all these you are being profited at both the ends.
What is Harvard University's definition of corporate social responsibility?
Harvard's definition of corporate social responsibility is a strategic plan. Harvard's vision is not only focused on how much profit the company makes, but how they make it as well.
How can a business fulfill its social responsibility to its customers and still earn a profit?
while it earns its profits, it IS fulfilling its social res. IT is hiring, training, buying locally.
When might a company be criticized for its lack of corporate social responsibility Answer apex after cutting wages and benefits in order to increase profit?
After cutting wages and benefits in order to increase profit
Evaluate the following statements profit should be higher perority than social responsibility for business?
I think you mean priority...
