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Business Purchasing And How It Effects The Environment - Assignment Example

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This paper "Business Purchasing And How It Effects The Environment" discusses the decisions made by all organizations that have an effect on its stakeholders which includes the employees, consumers, government as well as the environment as a whole…
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Business Purchasing And How It Effects The Environment
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Download file to see previous pages The main objective that most of the companies work towards is to make huge profits. However, the companies become so engrossed in it that they become indifferent to the effects of their activities on the environment. In other words, companies fail to fulfill their social responsibilities. Social responsibilities are the responsibilities that businesses have towards one of their stakeholders which is the society as a whole. In order to be socially responsible, businesses need to critically study and analyze all the effects of their decisions on the environment as a whole. All external benefits should be maximized with all the external costs being minimized. Globalization has resulted in a number of advancements and now, social responsibility is considered as a way to measure the efficiency of the overall performance of the corporations. The social responsibility that corporations have towards their society is often termed as corporate social responsibility and the 21st century has witnessed a remarkable increase in the fulfillment of these responsibilities on part of the corporations. Corporations should make sure that there is a balance between its fulfillment of objectives and avoidance of any kind of external costs on the environment. There are a number of laws and regulations regarding the conduct of corporations and the impacts that their decisions can have on the environment.

Corporate social responsibility is related to the concept of sustainable development which links the social, environmental and financial aspects of a corporation. This is known as the triple bottom approach and involves efficient use of resources today to save more for future generations. Many companies are really involved in the objective of profit maximization that they tend to waste the resources in order to make as much profit as possible. Through CSR, corporations take an active part in the development of their communities and countries. Through investing in CSR activities, corporations can remain competitive by coming up with innovative products and this attracts investors as well as talented employees and consumers.  ...Download file to see next pagesRead More
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