1. Economic Responsibilities Maximize profit Improve economic performance Plan for future ventures 2. Legal Responsibilities Follow the regulatory practices of the government Ensure legal processes of the company Refraining from bending existing laws 3. Ethical Responsibilities Ensuring respect in the workplace Prioritize ethical principles over economic performance 4. Philanthropic Responsibilities Helping the community and environment Help in funding beneficial programs
I chose a concentric circle model of social responsibility to highlight the
importance of the economic stability of a business venture. It is the economic responsibility that businesses can generate enough resources to keep going amidst its ever-changing environment. In my comprehension, the economic state of a business is the most important aspect that must be maintained as it is like the powerhouse of it. Without proper management of the business resources, it may not be able to adjust accordingly to market changes (needs of consumers), abide by the legal processes (filing of legal requirements), and support other activities of the business (employment, charities, beneficial programs). I consider the legal responsibility as the second most important responsibility of the business such that it operates without causing serious harm to other entities, the community, and the environment. Aside from being able to generate income to continue operations, the life of the business also lies with the laws that need to be observed. For that reason, legal responsibility is considered for the continuity of the business. The last two are the ethical and philanthropic responsibilities which I thought are dependent on the previously mentioned responsibilities. There is no ethical thing to do when the business no longer exists nor can be philanthropic actions done when the business does not have their funds. Although they are the least important, these two have their benefits in terms of company image and reputation that are valuable in the long run. Overall, these responsibilities go hand in hand with business operations but vary according to importance. The first two allow for better business status such as performance and sustainability, thinking of the present. The other two allow for a reputable business legacy, thinking ahead.
Effect of Corporate Social Responsibility Performance On Stakeholder's Perception of Telecommunication Companies in Nigeria (A Study of MTN, Globalcom & Etisalat)
