Reference no: EM132853929

SOCIAL RESPONSIBILITY

1. Some strategists agree with Ralph Nader, who proclaims that organizations have tremendous social obligations. Others agree with Milton Friedman, who asserts that organizations have no obligation to do any more for society than is legally required.

2. Strategists should examine social problems in terms of potential costs and benefits to the firm, and focus on social issues that could benefit the firm most.

Social Policy

1. Social policy concerns what responsibilities the firm has to employees, consumers, environmentalists, minorities, communities, shareholders, and other groups.

2. Corporate social policy should be designed and articulated during strategy formulation, set and administered during strategy implementation, and reaffirmed or changed during strategy evaluation.

3. Firms should strive to engage in social activities that have economic benefits.

Source: David, F. R. (2013). Strategic Management. A Competitive Advantage Approach. New Jersey, NJ: Pearson Education Inc.