Due to rising market competition, social responsibility has grown in today’s cooperative sectors. My opinion is that businesses ought to support local social causes. As well as making money businesses also have social responsibilities
However, there are several reasons why making a profit is the main industry goal. Before the businesses may share money with the community, they must first pay a small number of costs. These expenditures include things like employee salary, overhead, and travel costs. Additionally, businesses need marketing to promote their products since, without them, they would not be able to sell their goods. However, marketing costs are rather significant. Therefore, if their operations were successful, the businesses would be able to donate money from their earnings to the country’s social welfare. As well as making money businesses also have social responsibilities
On the other hand, businesses must seriously consider their social duty. Companies can support society by paying taxes since the government uses them to build infrastructure, hospitals, schools, and other social services. In addition, businesses can aid nonprofits in raising funds from the general public. For instance, in Canada, large corporations like Walmart and CIBC both collect money from charities that support cancer patients. Customers trust these businesses since they have developed a large following of devoted customers, which aids in their expansion across the nation and even enhances their standing in society. As well as making money businesses also have social responsibilities
In conclusion, despite the tremendous rivalry that industries face surviving in the economy, they must assume their social duties because doing so can be profitable for them.
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