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Relationship Between Business and Society

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In your opinion, how would you describe the relationship between business and society?

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The response provides you a structured explanation of the relationship between business and society. It also gives you the relevant references.

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In my opinion there is a close relationship between business and society. Business exists in society. Its employees are drawn from the society and its workers bring in cultural inputs from the society. Business produces goods and services that it markets in the society. For example, businesses make smart phones because the society approves of them, uses them for communication, and demands them. It is the society that approves or disapproves of the activities of a business. For instance, the society approves of philanthropic activities of a business but the society disapproves of business activities that harm the environment. Businesses raise their finances in the society. They sell their shares to ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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