information on the Beech-Nut case, feel free to read the following article: [htt
ID: 429118 • Letter: I
Question
information on the Beech-Nut case, feel free to read the following article: [http://www.nytimes.com/1988/07/24/magazine/into-the-mouths-of-babes.html?pagewanted=all&src=pm] Once you have familiarized yourself with the details of the case, please answer the following:
(5) For the last question, I want you to wrestle with the Million Dollar Question of this chapter: after all that you have read, is the social responsibility of business only to increase its profits? Why or why not? To earn the point for this question, I'm looking for you to take a stance (no fence riding!) and draw on and develop the arguments and points advanced by the four authors you've read. Demonstrate your knowledge and understanding of the reasons underlying the various positions to this question.
Explanation / Answer
Corporate Social Responsibility (CSR) includes the measures taken by the corporate houses towards the benefit of its stakeholders, society, and the environment. Companies performing socially responsible activities become liable to earn the confidence of customers. Investors are also attracted towards such firms. Greater confidence of consumers and investors help the company in generation of higher financial returns. Better financial performance improves profits of the company, hence promoting the social responsibility activities. It ultimately results in formation of a virtuous circle.
It is the responsibility of the company to work for the social cause. Responsibility of the firm doesn’t end up with making profits only. There are other responsibilities like responsibility towards the customers, shareholders, suppliers, employees etc. The firm failed to produce the products as per the stated composition. They produced products to gain profit and used the resources to execute the same. The firm forced the employees to manufacture such products. They didn’t have an open door policy for the employees to express their concerns about the work. This all contributed for the failure of the brand among the customers.
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