Question

What is social business? Discuss its advantages using relevant examples.

Answer 1

social business: Social business or social organization is nothing but organization that have primary objective of serving the society, addressing and resolving the social problems. The social business organization enhances the profits by maximizing the benefits to society. The profit earned by the company is generally used for the social programs.

Advantages of social business:

• Better customer relation due to open and transparent business maintained in the society.
• Social business enhances the employee satisfaction while working within the company.
• Social business enhances the company brand image and reputation through their business activities.
• Social business helps to understand the customer, society, and problems which helps them them to resolve.
• Social business can expose to different cultures of society which help them to adopt.
• Social business enhances the business ethical and moral activities such as corporate social responsibility.

Example: let us consider an example of boost drink company. For every selling of boost bottle to children, it offers a sport equipments, educational supplies for free of cost to enhance the social and physical life of children.

Companies that issue free solar panels to use solar energy in order to save the electricity is one of the best example of social business.

Organization who provide sufficient educational equipments to school to enhance the education system as a part of corporate social responsibility is an example of social business.

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