Enumerate 3 important factors forcing business to undertake social responsibilities.
The important factors forcing business to undertake social responsibilities are
- Labour movement pressure: Labourers are educated, organised and well aware of laws related to labour. Waves of labour movements, labour laws and trade unions forced business enterprises to assume their responsibility towards labourers.
- Consumer conscious waves: Customers’ awareness and exposure enabled them to become more conscious of their rights and power to determine the market forces. Also, increased competition forced the business enterprises to follow customer oriented policies in order to meet their demands.
- Public regulations threat: Business enterprises are forced to follow their social responsibilities with the threat of public regulations. If any business activity is against the interest of the public, the government will take necessary action upon their activity.
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