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Scope of social responsibility of business Earlier, we discussed the introduction of the social responsibility of business. In this starting article, we tried to grasp the basic understanding of its concept. Now as a continuation to this series let's discuss further.The scope of social responsibility of business mainly covers its obligations or duties towards four social groups.These are as

Social responsibility of business The social responsibility of business means various obligations or responsibilities or duties that a business-organization has towards the society within which it exists and operates from.Generally, the social responsibility of business comprises of certain duties towards entities, which are depicted and listed below.Shareholders or investors who contribute funds

Factors Responsible for Changing Concept of Business Image below depicts factors responsible for changing concept of business.Seven main factors responsible for changing concept of business:Growing expectations of consumers. Advent of consumerism. Increase in the market competition. Information revolution. Rise of professionalism in business. Growing concern for safety of environment. Rapid

Changing Concept of Business Concept of business implies the intention of doing a business. In other words, it means the purpose for which a business is being carried on.Since last few decades, there has been an impressive change in the concept of business. It has changed remarkably from its mere producer orientation (i.e. only profit earning attitude) to the customer orientation (i.e. giving

Interdependence of Production and Marketing The most crucial and fundamental function of business is to:First produce/provide some goods and/or services, and then Market and/or target the same to the potential buyers and/or consumers. The basic functions of business namely, production and marketing go hand in hand with one another.Following points briefly explains the interdependence of

Stages in the evolution of business Evolution of business means its origin, growth, and continuous development with expansion in various sectors, that contribute and run economies.The business evolution went through many progressive stages or so called developmental steps. In each stage of progress, it evolved itself and got more mature than its previous state. It is evident that, at every step

Functions of business The following image depicts the core functions of the business.Image credits © Gaurav Akrani.Following three groups classifies the major functions of a typical business:Internal functions are primary activities happening inside or within the premises of an organisation and lay down its main foundation or base. External functions are mainly promotional activities performed

How to Start a Business Starting a business means setting up a new enterprise and initiate its promotion in the market. The setup and initiation of a company is a foundational work done by a Promoter or an Entrepreneur.The entrepreneur has to take some crucial steps to start a business. Doing its promotion is not an easy task. One mistake can create many problems for newly founded business.

Challenges Before Indian Entrepreneurs The challenges which Indian entrepreneurs have to face are depicted below.The Indian entrepreneurs have to face following challenges:To understand, tackle and survive the era of globalization. To take optimum advantage of business opportunities arose due to liberalization of Indian economy since 1991. To replace outdated technology with improved modern