Socio Economic Aspect

The primary purpose of every business is to obtain profit from their

economic endeavors. With this regards, they cannot go away with the fact that

they operate in a social environment. This aspect determines adequate details,

the responsibilities and relationship of the business towards the society within

which it operates.

The Government

The government is the backbone of every society. Without its regulations,

businesses would not prosper. However, in order to efficiently impose its

regulations it needs funds – which is provided by its constituents.

A business, whether big or small generates income and contributes in the

fulfillment of the obligations and duties of the government to the public through

taxes. As defined in the Benefit-Received Theory of taxation, constituents pay tax

and the government use funds from tax to serve and protect their welfare.

Without taxes, government will not exist.

With this regards, the proposed business will definitely pay the right

amount of taxes at the right time.

Community

The business will create employment for the individuals in the community

especially those who badly need a job. Thus, the opening of the manufacturing

business can be of help in decreasing poverty in the community since it can

address problems in help and malnutrition and it can provide education related

to the business through trainings and seminars that will be their basic salaries as

promised by the partnership and they must be also given several benefits to

enjoy.
Employees

The proposed business has the goal to help the individuals and to create

an increasing income due to the rate of unemployment in our country is still high.

Employment is the driving force of every business. It plays the most

important role in achieving the objectives of the business. In recognition for this

valuable contribution, the business is also responsible in taking good care of its

employee. Atcharap ensures that every employee will be given the salaries that

they deserve in accordance with the law. The employees will also be trained to

grow and develop as productive and efficient workers. They will also be given

the right to form a labor union for the protection of their socio-economic interests

within the business society.i

Customers

The business’ customers will be the sole source of our earnings. Given that

fact, the business will ensure that all customers will receive the quality products.

Any concerns will be dealt with accordingly by the management.

Customers determine the growth and survival of any business. The idea of

treating the customers with respect and attention is important. Also, being

responsible to customer has positive effect on the company’s profit. Through it is

mandatory to create time and effort on how to improve the business and

services, is still the customers that will dictate the success of a certain business.

a) Quality Services

The firm should provide fair service that will satisfy with customer’s

wants and needs. The customers should receive quality products

b) Price
 The firm should introduce a quality products for affordable price.

Consumer buy more with the same purchasing power which will raise

the general standards of living.

Competitors

In business, competition is inevitable. The business have seven competitors

within the city of Baguio. Among them, St. Peters and La Funeraria Paz are the

major competitors. However, the business ensures that it will not resort to

unethical acts in order to have an edge over its competitors. False information or

advertisement will not be effectuated. The business will guarantee fair dealings in

its endeavors, in order to maintain a healthy market competition with its

competitors. Healthier competition will surely result to more reasonable prices

and improved quality of service among competing businesses.

Suppliers/Vendors

The business needs its suppliers and vendors in order to meet their

demands in terms of economic goods. It will safeguard the interest of its suppliers

or vendors by means of fair dealings. Liabilities will be settled on time to ensure

good credit relationships. Long term commitments will also be established given

that they also provide high quality goods.

Future Plans

As a part of the community within which it operates Funeraria de Paraiso

plans on conducting activities which are worthwhile to the community. The

priority projects of the business are the following:

Estimated Project
Priority Project Name Brief Description
Cost

1 Valentine’s Day The said event is the top P150,000

Reminiscence priority of the business. It
will be an annual
 Program gathering during February
14th wherein bereaved
members gets a chance
to celebrate the
remembrance of their
deceased loved ones.
Tickets will be sold to
participants. Food and
refreshments will be
served. Part of the
proceeds from the tickets
will be allocated to
charities within the city of
Baguio.

2 Paradise City Tree Baguio is known to be the P150,000

Planting Drive Summer Capital of the
Philippines because of its
delightfully cool climate
and lush vegetation. As a
member of the
community, the business
will initiate tree planting
drives in different areas in
order to preserve the
city’s beauty.

3 Another Chance Many orphanages are P200,000

of Paradise found within Baguio. The
Community business plans on visiting
Outreach and offering ample
amounts of goods to the
people inside these
orphanages. Small
programs will also be
conducted. Lastly, the
business will be
contributing a portion of
its profit to such
establishments.

Table 5. Future Projects and Activities of Funeraria De Paraiso

Corporate Social Responsibility

Corporate social responsibility (CSR) programs arose from the

understanding that businesses function as a part of society—the success of each

deeply affects the other. The importance of corporate social responsibility has

increased in recent years, in large part due to the growing influence of

millennials.

Economic Responsibilities

Business organization was the basic economic unit in our society. As such,

its principal role was to produce goods and services that consumers needed and

wanted and to make an acceptable profit in the process. At some point the

idea of the profit motive got transformed into a notion of maximum profits, and

this has been an enduring value ever since. All other business responsibilities are

predicated upon the economic responsibility of the firm, because without it the

others become moot considerations.

Community. Every company's first responsibility is its economic responsibility

which means a company must attain its objective of maximizing its profits. The
business will produce services that the community wants and to maximize profit

for the owners consequently contributing to the betterment of the community.

Employees. The business will provide diversity, health and safety, training and

mentoring, employee relations, and wages and benefits that will sustain the

needs of its employees.

Legal Responsibilities

Society has not only sanctioned business to operate according to the

profit motive; at the same time business is expected to comply with the laws and

regulations promulgated by federal, state, and local governments as the ground

rules under which business must operate. As a partial fulfillment of the "social

contract" between business and society firms are expected to pursue their

economic missions within the framework of the law. Legal responsibilities reflect a

view of "codified ethics" in the sense that they embody basic notions of fair

operations as established by our lawmakers. They are depicted as the next layer

on the pyramid to portray their historical development, but they are

appropriately seen as coexisting with economic responsibilities as fundamental

precepts of the free enterprise system.

Government. Next to ensuring that company is profitable, ensuring that it obeys

all laws is the most important responsibility, according to the theory of corporate

social responsibility.Legal requirements as established by the government will be

duly accomplished. The business can be expected to fulfill its economic goals

within the statutory requirements and legal frameworks.

Ethical Responsibilities

Economic and legal responsibilities are the two big obligations of a

company. After a company has met these basic requirements, a company can

concern itself with ethical responsibilities.

Environment. The activities performed by the business will promote environmental

awareness and its impacts on the living and non-living systems will be taken into

consideration ensuring that no harm will be caused to further damage the

environment.In the process of the development of its business, Funeraria de

Paraiso is committed to the implementation of pro-active sustainable activities

such as the environmental preservation with full consciousness of the importance

of its Corporate Social Responsibilities. Environmentally friendly business practices

can reduce business risk, improve reputation, and drive market opportunities.

Philanthropic Responsibilities

Philanthropy encompasses those corporate actions that are in response to

society’s expectation that businesses be good corporate citizens. This includes

actively engaging in acts or programs to promote human welfare or goodwill.

Examples of philanthropy include business contributions to financial resources or

executive time, such as contributions to the arts, education, or the community. A

loaned-executive program that provides leadership for a community’s United

Way campaign is one illustration of philanthropy.

Tribute for Angels. Funeraria de Paraiso provides memorial service free of charge

to the family who lost their little angel.

Let’s move forward. Helps the family of the deceased to cope up with their loss

through counselling.

Commemorative gifts to priest. Grants mementoes to parish priest and church

leaders for their act of kindness.