Changes in the awareness of the business entity's stakeholders are moving in the direction of giving increasing importance to aspects of business that are part of social responsibility, and in accordance with this, companies are faced with the task of harmonizing their business with the requirements set by the environment. This paper investigates the importance of social responsibility in business as a key function in modern management and analyzes social responsibility through its dimensions and tries to show in more detail the relationship between the concept of social responsibility and management. The aim of the research is to examine the concept of social responsibility in modern business, its development and its importance as an indispensable part of modern management. The hypotheses investigate, first of all, the existence of a possible connection between the application of socially responsible practices and the positive impact on the reputation of a business entity that decides to implement socially responsible policies. The attitudes of consumers who belong to the younger generation groups and which consist of a personal attitude towards the idea of corporate social responsibility are also investigated. By providing an insight into the mentioned elements, this paper tries to show in more detail the role of social responsibility and the role of management as two very closely related concepts that can have certain mutual influences.