Social responsibility of business implies the obligations of the management of a business enterprise to protect the interests of the society.
According to the concept of social responsibility the objective of managers for taking business decisions is not merely to maximize profits or shareholders’ value but also to serve and protect the interests of other members of a society such as workers, consumers and the community as a whole.
The concept of social responsibility as used in management science is that businesses should maximise their profits subject to their working in a socially responsible manner to promote the interests of the society.
Their business activities should not harm other groups such as consumers, workers, and public at large.