Social in order for them to provide a

Social responsibility is a
practice pursued by businesses that emphasizes on satisfying legal, economic,
ethical, and philanthropic duties as expected by its stakeholders. A company
should pursue their social responsibilities as a business practice because it
establishes stronger relationships with their employees, customers, and even
the community. No matter the size of the company, it is important that every business
pursues this business practice because every business has an effect on the
community. It is believed by many that companies should follow four types of
responsibilities: ethical, legal, financial, and philanthropic. It is crucial
for companies to succeed financially, in order for them to provide a return on
investment for the stakeholders of their company, and provide services along
with goods to the economy. Companies are also expected to abide by laws and
regulations that identify what is proper business conduct. Businesses are looked
to also abide by ethical values that are relevant in the business world. Acts
of philanthropy supports the community by funding for their well-being.

 

            Monsanto
is one of the largest producers of genetically modified products with its most
popular product being the crop seed. The company faced much backlash for their negative
impact on the environment along with their neglect for consumer safety due to
their product. The company also faces an increase in competition from
companies, such as Pioneer Hi-Bred International, Inc., that prices their
products strategically along with also providing consumers with the option to
sample seeds. As we can see from these examples, the company lacked social
responsibilities in a variety of ways.

 

Despite the amount of scrutiny
Monsanto received for their lack of social responsibilities, they have chosen
to make a positive change in the future. Monsanto is in the process of creating
advancements that could provide them the competitive advantage along with also
providing benefits to farmers all over the world. The company has established
an alliance with a Danish biotech firm to create microorganisms that can be
used to prevent pests and promote plant growth. These microorganisms could
serve as a better alternative to the genetically modified seeds. Monsanto needs
to continue to work in the best interest of their stakeholders by providing positive
innovations in their industry.

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