The Importance Of Social Interest In Business

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Businesses are facing an increasingly competitive environment now a day. Impacts of technological development and globalization have led to the need for new sources of competitive advantages. It continues to result in new management and marketing concept. Social responsibilities of companies are amongst recent challenges and it has become the subject of increasing debate. Different opinions are there regarding companies which follow their individual business interest and believe that social responsibility has no real meaning for them. People also trust the progressive improvement of the behaviour of companies who are in favour of social interest. It also focuses on another broader direction as whether the social sensibility of companies to develop themselves under legal and social pressure, influenced by requirements of sustainable development, or companies are increasingly recognizing competitive advantage of respecting social interest in their business activities(Vagasi Maria,2014).
The management literature suggests that sustainability requirements play an important role regarding business operations in the 21st century. It interprets social expectations in determining economic, environmental and social well-being, altogether. An increasing number of publications reveal that the
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Recent marketing paradigms, such as the societal marketing concept, state that the survival and the continuing profitability of a firm depend upon its ability to fulfill economic, environmental and social purpose. In setting their strategy and marketing policy companies should balance company profits, consumer want satisfaction and public interest (Vagasi Maria, 2014). They should achieve their objectives in cooperation with
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