What are the benefits and costs of social responsibility?

What will be an ideal response?

The benefits of social responsibility include the following:
? Socially responsible companies are good corporate citizens to the community and to the environment.
? Socially responsible company policies can enhance the image of a company as well as its product brands from the perspective of the consumers.
? Socially responsible companies have fewer conflicts with stakeholders who disagree with the company over how it uses its resources.
? Socially responsible companies are more likely to influence stakeholders to become loyal customers and become advocates of the company's products.
? Research shows that corporate social responsibility is related to higher financial performance and the ability to recruit better quality job applicants.

The costs of social responsibility include the following:
? Socially responsible companies may lose focus on the business goals while focusing on goals related to good corporate citizenship.
? Socially responsible companies may divert needed resources for improving the business into social responsibility projects, which could put a company at a competitive disadvantage.