Kinds of Social Responsibility:
1. Economic Responsibility
2. Legal Responsibility
3. Ethical Responsibility
4. Discretionary Responsibility

Business is a creation of society and uses the resources of society. Therefore,it should fulfil its obligations to society. Businessmen should respond to the demands of society and should utilise the social resources for the benefit of the people at large. In the long run a successful business can be built on the foundations of a happy community and a satisfied work force.

The benefits derived by employees of a Socially Responsible business enterprise are:
1. Timely and regular payment of wages and salaries.
2. Proper working conditions and welfare amenities.
3. Opportunity for better career prospects.
4. Job security as well as social security like facilities of provident fund, group insurance, pension, retirement benefits, etc.
5. Better living conditions like housing, transport, canteen, creches, etc.
6. Timely training and development

1. A business unit can sustain in the market for a longer period only by assuming some social obligations.
2. Normally businessmen recognise that they can succeed better by fulfilling the demands and aspirations of society.
3. People who have had a higher standard of living and have been exposed to an environment conducive to healthy growth make better employees and customers for business than those who are poor, ignorant and oppressed.
4. Therefore social responsibility of business is needed

The following are some important definitions of social responsibility:
"Social Responsibility refers to the obligation to pursue those policies to make those decisions or to follow those lines of action which are desirable in terms of objectives and values of our society." - Howard R.
"Social Responsibility requires managers to consider whether their action is likely to promote the public good, to advance the basic beliefs of our society, to contribute to its stability, strength and harmony". Peter F. Drucker.