Since the term "social responsibility " can be interpreted in many ways, it must be carefully defined at the outset. In the present context, "social responsibilities of business" are defined as expectations arising from the transactions between a corporation and the following principal societal claimants : shareholders (including bond holders) ; employees; consumers; government; public; suppliers; and competitors . The social aspects of business responsibility stem from the two-sided relationships between business and the society which created it and which it in turn serves.