The interrelation of business and society
Business is an essential part of the society. It exist to serve the needs of the society and as part of the society it is expected that it performs a social responsibility that satisfies not only the clients or the customers, or the stakeholders and the employees but also the community and the whole society in general. (Baumgartner, 2000).
Business is dependent with the society and the society relies with the activities and the objectives of the business. While business needs to satisfy the needs of the society to gain more profit, the socio-economic status of the society is also an outcome of the businesses in the society. It is in the success of the business that the society provides employment and better income for its constituents.
This is what India.org (2008) meant when it pointed out that business and society have an organic relationship. They have a mutual give and take relationship. Accordingly they are like brothers and sisters that are inseparable since trading was conceived.
Business is good when the people are in good condition. When business provides better opportunities for the people and the society, this provides greater chances for the business to be successful. The lifestyle, the ethics and
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Business then is usually adjusted to the sentiments and needs of the society to allure the society to support it. It is also important to note that ethical standards in business are dependent on what is acceptable and what is good for the society. In fact, business is gauged by how well it is doing good and doing well in the society. The society supports business well when it performs its social responsibility which is to achieve positive and sustainable outcomes towards business, environment and the community at large.
Baumgartner, M. (2000). Corporate social responsibility and corporate citizenship – Business concepts for the future. Johannes Kepler Universität Linz Österreich. Retrieved, October 26, 2008 from http://www.diplom.de/db_hobsons/diplomarbeiten5164.html
BcfIndia.com. (2008) Business and society. Retrieved, October 26, 2008 from http://www.bestindiansites.com/business-and-society/
Karake, Z. (1999). Organization downsizing, discrimination and corporate social responsibility. USA: Greenwood Publishing Group.
Swanson, D. (1999). Toward an integrative theory of business and society: A research strategy for corporate performance. Academy of Management Reviews. 24(3) 508-521. Retrieved, October 26, 2008 from http://www.jstor.org/pss/259139