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Question: Disccuss about Does business have a social responsibility?. Answer: Business The term business can be explained as exchange of goods and services for money. It can be further explained as the work related with buying, production and selling of goods and services in exchange of some funds[1]. For a business corporate social responsibility is very beneficial which can be defined as follows: Corporate social responsibility Corporate social responsibility can be explained as the initiative taken by the business organization in which they take responsibility of their effects on environment and society.[2] It can be further defined as the ethical principle according to which the organization should be responsible for their behaviour and effects on society and environment. According to my point of view corporate social responsibility is very necessary for the business organization because this is the era of social business organization. The business organization who actually follows corporate social responsibility (CSR) is the most successful as it gives many benefits to the organization which are as follows: Reputation: CSR practices help the business organization to build good reputation among customers and the society which will further lead them towards the goals of the organization[3]. For example if we talk about India, a company called Indian Oil Corporation limited has highly contributed in the women empowerment which has increased the reputation of the company. Loyalty: CSR practices help the organization to gain the loyalty of the customers. The people generally like to deal with the companies which are literally responsible. The customers expect business to follow CSR practices as they believed that the organization which is socially responsible will provide good quality products. Therefore it ultimately makes them loyal for the organization[4]. Brand image: CSR practices help the organization to build great brand image of the product. When the customers find the organization responsible then they will buy more products and even recommend others also. Increase the ability to attract talent: The organization which follows CSR practices have good reputation and good brand image among people[5]. Every person wants to work in a socially responsible organization. The organization which performs CSR activities will definitely provide the safe workplace to their employees. Therefore it ultimately attracts the talented staff toward them. Competitive advantage: CSR practices help the organization to survive in this dynamic business environment. It gives competitive advantage to the organization as a socially responsible organization has a good image so it attracts large number of customers[6]. They also gain the trust of the customers by being responsible for their effects. Afterwards it becomes even difficult for them to shift to another brand. According to many studies it has been proved that the socially responsible organization grow faster than the other organizations[7]. The socially responsible organization involves satisfied employees and satisfied customers and it also give competitive advantage to the organization. CSR practice is important for the business organization as the CSR practices involves producing quality products, minimum use of chemical, paying fair wages, no biasness, producing environment friendly products and many more. There are many reasons that can describe why a business should follow CSR practices which are: The employees want their organization to be socially responsible because they want to work in a good environment which involves safe workplace, where they can easily share their opinions with others, where they dont have to face any discrimination regarding their identities, where they get fair wages. In this new era of socially responsible organization the employees not only want their organization to be just not bad they want more than this[8]. Every employee of the organization wants recognition and respect in the organization. They want good organization which includes good environment. Customers want business organization to be responsible for their practices. They expect business to follow CSR practices as they believed that the organization which is socially responsible will provide good quality products. A study shows that the average consumer will drive 10 minutes extra to buy the quality products. The customers are even ready to pay extra for those products[9]. CSR practices helps to Attract and retain investors. The investors would only like to invest in the organizations which have good reputation and CSR helps to maintain good reputation among investors. In this new era the investors do not only want to know about the financial aspect of the organization but they also wants to make sure that they are following CSR practices[10]. The socially responsible organization captures the attention of the investors by donating the money to some nonprofit organization. They want investors to know that they not only focus on profits but they are also committed towards the environmental issues and causes. They attract the investors by showing their commitment towards the organization which literally has some impact on the lives of the people. CSR practices helps in increasing media coverage. No one will know about your good work till it gets acknowledged by everyone so media coverage is very necessary. Corporate social responsibility is when an organization is doing something good for the environment and society and beyond that. Therefore when the organization is doing good work then it must be covered by media which will create the good image of the organization. CSR helps in reducing cost. According to my point of view CSR helps in reducing cost for the organization as it helps the organization to retain customers, suppliers, investors and employees. They do not need to do advertising to attract the customers and investors[11]. Under CSR practices, the organization by reducing the use of resources can help the environment and save funds also. With some simple efforts an organization can lower the range of cost and increase the range of profits. CSR practices helps in encouraging growth of the organization. The CSR practice gives competitive advantage to the organization as well as strength to the organization to survive in this dynamic environment. Ultimately it leads the organization towards the growth. Under CSR practices employers and employees both get to learn so many new things which can be applied in the workplace[12]. By indulging in CSR practices organization get to learn entirely new things which will encourage the overall growth of the organization. CSR practices helps in engaging customers. No one will know about your good work till it gets acknowledged by everyone[13]. Few years ago a company called Wallmart has established itself as the principal of environmental efforts. Wallmart has become the principal of environmentalism then in 2008, it conducts an ad campaign to create awareness among people regarding environmental issues. Therefore by using CSR one can engage with customers easily. If the message is positive and good then it will be easier to start a conversation with customers. CSR also helps to engage employees. As it helps to engage customers likewise it also helps to engage employees. The organization is losing an opportunity if the employees are not aware of the CSR practices of the organization[14]. A company called Solo Cup Company organized a Sustainability Action Network to make the employees proactive in regards with community service. Conclusion It can be concluded that corporate social responsibility is very beneficial and important for the business organization as it provides competitive advantage to them. It also helps to engage with employees and customers. It also helps to reduce the overall cost of the organization. It enhances the overall skills of the organizations as it helps to increase both the professional growth and personal growth Bibliography Branco, M.C. and Rodrigues, L.L., Corporate social responsibility and resource-based perspectives, Journal of business Ethics, 69(2), pp.111-132 , 2006. BusinessDictionary, business, 2018. Available at: https://www.businessdictionary.com/definition/business.html Chernev, A. and Blair, S., Doing well by doing good: The benevolent halo of corporate social responsibility, Journal of Consumer Research, 41(6), pp.1412-1425, 2018. Friedman, M., The Social Responsibility of Business is to Increase its Profits, New York, 1970. Kotler, P. and Lee, N., Corporate social responsibility: Doing the most good for your company and your cause, John Wiley Sons, 2008. Lydenberg, S. and Wood, D., How to read a corporate social responsibility report: A users guide. Boston College Centre for Corporate Citizenship: Boston, MA, USA, 2010. Muir, S., Top 5 benefits of Corporate Social Responsibility, 2015. Available at: https://cubegroup.com.au/top-5-benefits-of-corporate-social-responsibility/ Tai, F.M. and Chuang, S.H., Corporate social responsibility, Ibusiness, 6(03), p.117, 2014 Wild, M., How Corporate Social Responsibility Benefits Big Businesses, 2014. Available at: https://www.sustainablebusinesstoolkit.com/corporate-social-responsibility-benefits-big-businesses/ Yakovleva, N., Corporate social responsibility in the mining industries, Routledge, 2017. Zadek, S., The path to corporate responsibility, In Corporate ethics and corporate governance (pp. 159-172). Springer, Berlin, Heidelberg, 2007. BusinessDictionary, business, 2018 (online) Branco, M.C. and Rodrigues, L.L., Corporate social responsibility and resource-based perspectives, Journal of business Ethics, 69(2), pp.111-132 , 2006. Muir, S., Top 5 benefits of Corporate Social Responsibility, 2015 (online) Wild, M., How Corporate Social Responsibility Benefits Big Businesses, 2014 (online). Wild, M., How Corporate Social Responsibility Benefits Big Businesses, 2014 (online). Muir, S., Top 5 benefits of Corporate Social Responsibility, 2015 (online). Lydenberg, S. and Wood, D., How to read a corporate social responsibility report: A users guide. Boston College Centre for Corporate Citizenship: Boston, MA, USA, 2010. Yakovleva, N., Corporate social responsibility in the mining industries, Routledge, 2017. Zadek, S., The path to corporate responsibility, In Corporate ethics and corporate governance (pp. 159-172). Springer, Berlin, Heidelberg, 2007. Chernev, A. and Blair, S., Doing well by doing good: The benevolent halo of corporate social responsibility, Journal of Consumer Research, 41(6), pp.1412-1425, 2018 Friedman, M., The Social Responsibility of Business is to Increase its Profits, New York, 1970. Kotler, P. and Lee, N., Corporate social responsibility: Doing the most good for your company and your cause, John Wiley Sons, 2008 Tai, F.M. and Chuang, S.H., Corporate social responsibility, Ibusiness, 6(03), p.117, 2014. Zadek, S., The path to corporate responsibility, In Corporate ethics and corporate governance (pp. 159-172). Springer, Berlin, Heidelberg, 2007.