The fundamental aim of any business venture is to make profit and maintain solvency. Sometimes back, businesses used to enjoy the monopoly of operations, enjoying the abundance of resources, increased demand, and the lack of competition. During this era the role of business was to further the interests of a small portion of the society- the business owners. Business manager concentrated in increasing of stockholders wealth without minding the interests of the larger society. Accusations about businesses during this time included:
Less concern to consumer
- Lack of care for declining social order with the gap between the rich and the poor widening
- Lack of suitable morals
- Less care to problems of minority and the environment
Challenges facing the economic world today have forced businesses to change the way they used to conduct their operations to assume a more responsible role in the society (KBE & Cormack, N.d). These challenges are inform of technological developments, changes in market mechanisms, empowerment of the society as well as the change of political structures.