Short answers

Short answers

Question 4

The Iron Law of Responsibility does indicate that the society grants legitimacy and power to business (Crane, 2008). Therefore, those that do not use the power in the manner that the society consider responsible will lose. The law argues that people who do not regulate themselves will be regulated by others. Based on the law, it states that businesses do have the duty of acting based on the expectations of the society. Hence, the law does apply to the stakeholder’s expectation in the sense that the stakeholders do expect corporations to promote the well-being of the society. As the law requires the responsible use of the power, stakeholders do expect that business does engage in activities that will ensure that support the society and businesses should consider the impact of the activities they conduct on the society. The corporations need to make sure that they consider their relations with the society; hence, engage in activities that will satisfy the needs of the customer.

Question 5

I do not support the statement that profit is the sole objective of business. For the business to achieve profit, it has to ensure that all its other activities are conducted accordingly. A business that is only motivated in making money will never command respect in the society. It is important that the business should focus on making the profit; however, it should not ignore other factors that contribute to the success of the business. These objectives include providing quality goods at the reasonable price, contributing to the welfare of the society, providing hygienic working conditions, and payment of taxes to the government treasury (Crane, 2008). When the business is only concerned with making profits, it tends to fail to consider other important factors that contribute to the business profit. Although profits are essential for the business, the organization has to ensure that it performs all its other activities in the right way which will later contribute to the business profit. It is necessary that the business should observe the needs of the customers and, where one objective of the business is to fulfill the customer’s expectation and doing this will contribute to profits in the long run.

Question 6

Corporate social responsibility refers to the business concern of the society’s welfare. The most persuasive argument for corporate social responsibility is that it does relate with profitability. Mir et al. (2011) state that those companies that are socially responsible do have a good reputation since they show that they care about the society’s well-being. In doing this, consumers tend to want to be associated and also support those organization that shows interest in the well-being of the society. Another argument is that it helps create a good public image in that the socially responsible organizations tend to gain more clients and employees also feel proud when they are working in such an organization.

An argument against CSR is that firms should create products instead of involving in welfare activities. In this claim, opponents argue that organizations do not have the knowledge necessary for handling the social problems. Hence, when managers engaged in social responsibility, they are not performing their duty in the company. Another argument against CSR is that the business should focus on its key objective of making a profit and leave the social responsibility to the government as it is not the business duty to care about the society well-being.

Reference

Crane, A (2008). The Oxford handbook of corporate social responsibility. Oxford University Press 

Kashyap, R. Mir, R. & Mir, A. (2011). Corporate Social Responsibility: Calls for a Multidisciplinary Inquisition Business & Economic Research 2 (7), 51- 58

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