A firm is a social institution that has harmonious relationship with the various segments of society. This relationship can be better understood by understanding the responsibility of manager. These responsibilities are towards customers, employees, shareholders, suppliers, distributors and retailers, Competitors, unions, government and society. Let’s discuss the responsibility of manager one by one:
The starting point for the business firm is the understanding of the needs of the customer and the foremost responsibility of manager is towards the customers.
All those people who contribute capital to a firm are known as its shareholders.
Your employees are your most important resource. Their hard work, ingenuity, loyalty and dedication are critical contributions to the success of your firm.
The Survival of Supplier depends upon the survival and growth of firm. Suppliers provide you the raw materials, components and parts necessary for the production of your products. A firm depends upon the supplier to for regular, timely supplies of the specified quality at the agreed price.
Distributors and retailers are the link between the firm and the actual customers who consume the product.
Other firms are competitors in market but act as lobby to represent an industry by constituting industry associations.
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