Business and society are two interrelation terms. Business in done within the society whereas society’s people do the business activities, so two terms are interrelated so much that without if anything wrong happened to any party, other will suffer also. The study of business and society is also important, the reasons behind which the study of business is important is discussed below:
(a) Developing a sense of a social system
Our society includes business, family and all sorts of groups and entities. Thus we can say that human beings are social elements and like to be with others like them. This makes the foundation of the strong connection between business and society which is important to the business administration.
(b) Understanding social responsibility
Social responsibility is the obligation of businessmen to take actions which protect and improve the welfare of society as a whole along with their own interest.
(c) Business function
Business is a term applied to economic and commercial activities of institutions having the purpose to provide goods and services for society with the intention of profit.
(d) Social power
The potential difference of influence that always exists between any two or more people and which may enable one person to take certain work is known as social power.
(e) Technological innovation
Technology and social systems are becoming increasingly complex, and it is inevitable that some persons should know more than others about these complex matters.
(f) Environment of business
An environment is surroundings what business will do its activities. To understand the surrounding is important for business students which is teaches by business and society.
(g) Quality of life
Business through its activities develops the living standards of life, proper supply of goods and services at a convenient price will help the society reach its top.
Business administration in simple terms is everything that encompasses a business. The administration of a business includes managing and monitoring absolutely everything to do with a business, from marketing, advertising, to the hiring and the management of staff.