Social responsibility of business towards shareholders:
- A fair rate of dividend should be regularly paid by the business enterprises to their owners.
- Management techniques should be effective and efficient so that the net present value of the business is maximized.
- Owners should be given the right to participate in the affairs of the enterprise.
- The tendency towards the growth of ‘Oligarchic management’ should he arrested.
- The owners should be given the full information regarding the working of the company. In other words, accurate and comprehensive reports have to be supplied. Financial information has to be disclosed and doubts have to be clarified.
- Chairman and directors of the company should be easily accessible to the owner.
Social responsibility of business towards consumer:
- Ensuring availability of products in the right quantity, at the right place and at the right time.
- Maintaining the quality of the goods, increasing the quality to maximum extent so as to complete with any international product.
- Charging reasonable prices to its products.
- Correct weights and measures have to be used.
- The company must provide after sale service for maintenance of goods.
- The business firms should avoid restrictive trade practices and see that full justice is done to the amount that is spent by a consumer.
- Constant investigation and discovery of growing wants of consumers, giving importance for research and development of new products that satisfy their wants.
- Taking all such measures which promote consumer satisfaction, interest and welfare.
