Describe the three major concepts of social responsibility.

The three concepts of social responsibility include profit responsibility, stakeholder responsibility, and societal responsibility. Profit responsibility holds that companies have a simple duty to maximize profits for their owners or stockholders. Stakeholder responsibility focuses on the obligations organizations have to those who can affect achievement of their objectives, including customers, employees, suppliers, and distributors. Societal responsibility refers to obligations that organizations have to the preservation of the ecological environment and to the general public.