Approaches to Social Responsibility (Scenario)
Marco was confused. His management class was focusing on social responsibility, and his assignment was to find examples of businesses that used different approaches toward social responsibility. He had three good examples but was not sure which case was an example of which concept. The first business was a fishing company that had been subject to protests from environmentalists. In their efforts to balance the interests of shareholders and other stakeholders, the company decided to change their harvesting methods so that dolphins would no longer be caught with tuna. The second company was a fast-food restaurant whose primary objective was to maximize profits for its owners. Restaurant employees were paid minimum wages and benefits in accordance with local labour laws. The third business was a bank that spent millions of dollars a year on charitable causes. The bank's managers felt they had an ethical responsibility to do the right things and act in ways that are good for society.
-The approach taken by managers at the fishing company is best described as social ________.
A)obligation
B)reaction
C)responsiveness
D)responsibility

Question

Quizplus · Accepted Answer

The fishing company's decision to change their harvesting methods in response to protests and to prevent harm to dolphins, while still considering the interests of their shareholders, is an example of social responsiveness. This approach involves adapting and changing business practices in response to societal demands or expectations.