PDF Drive is your search engine for PDF files. As of today we have 78,, eBooks for you to download for free. No annoying ads, no download limits, enjoy . Concept; Meaning; Nature of Business Environment; Business Industrial Law by Mallick, P.L., Publisher: Eastern Book Company, Lucknow. Business Environment: It refers to all external forces which have a bearing on the functioning issues related to books and conferences. The leading politicians.

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This book contains the course content for Business Environment. Book at a Glance [Pdf] Available at:

The customer is the foundation of business and keeps it in existence. It has been widely recognized that customer satisfaction shall be the key to satisfying the organizational goals.

Some important responsibilities of business to customers are — 1. To improve the efficiency of the functioning of business so as to increase productivity and reduce prizes, improve quality, smoothen the distribution system to make goods easily available.

To do research and development, to improve quality and introduce better of new products.

To take the steps to remove the imperfection in the distribution system including black marketing or anti-social elements. To supply goods at reasonable prizes 5.

To ensure that the product supplied has no adverse effect on the customer. K Page 13 6.

To provide sufficient information about the product including adverse effects, risks and care to be taken while using the products. To avoid misleading the customers by improper advertisement.

To provide opportunity for being heard and to redress genuine grievances. To understand customer needs and to make necessary measures to satisfy these needs. A business has a lot of responsibility to the community around its location and to society.

Business Environment

The responsibilities include — 1. Taking appropriate steps to prevent environmental pollution and preserve ecological balance. Rehabilitating the population displaced by operate of the business 3. Assisting in the overall development of locality 4. Taking steps to conserve scares resources and developing alternatives 5.

Improving the efficiency of the business operation 6. Contributing to research and development 7. Develop of backward areas 8. Promotion of small scale industries 9. Contribution to the national effort to build up a better society Hossein.

This means that the business should be conducted according to certain self-recognized moral standards. Business, being a social organ, shall not conduct itself in a way detrimental to the interests of society and the business sector itself. A profession is bound by certain ethical principles and rules of conduct which reflect its responsibility, authority and dignity. The professionalization of business management, should therefore, be reflected in the increasing acceptance of business ethics.

Do not deceive or cheat customers by selling substandard or defective products by under measurements or by any other means.

Business Environment Books

Do not resort to hoarding, black marketing or profiteering. Do not destroy or distort competition Hossein. K Page 15 4. Ensure sincerity and accuracy in advertising, labeling and packaging.

Do not tarnish the image of competitors by unfair practices. Make accurate business records available to all authorized persons.

Pay taxes and discharge other obligation promptly 8. These are just a few ways the political and legal environment affect business decisions. States and local governments also exert control over businesses—imposing taxes, issuing corporate charters and business licenses, setting zoning ordinances, and similar regulations.

We discuss the legal environment in greater detail in a separate appendix. Demographic Factors Demographic factors are an uncontrollable factor in the business environment and extremely important to managers.

Demographics help companies define the markets for their products and also determine the size and composition of the workforce. Demographics are at the heart of many business decisions. Businesses today must deal with the unique shopping preferences of different generations, which each require marketing approaches and goods and services targeted to their needs.

For example, the more than 75 million members of the millennial generation were born between and The marketing impact of millennials continues to be immense.

These are technologically savvy and prosperous young people, with hundreds of billions of dollars to spend.

Business Environment Books

Other age groups, such as Generation X—people born between and —and the baby boomers—born between and —have their own spending patterns. Many boomers nearing retirement have money and are willing to spend it on their health, their comforts, leisure pursuits, and cars.

As the population ages, businesses are offering more products that appeal to middle-aged and senior markets. In addition, minorities represent more than 38 percent of the total population, with immigration bringing millions of new residents to the country over the past several decades.

By the U.

Census Bureau projects the minority population to increase to 56 percent of the total U. Companies recognize the value of hiring a diverse workforce that reflects our society. Social Factors Social factors—our attitudes, values, ethics, and lifestyles—influence what, how, where, and when people download products or services.

They are difficult to predict, define, and measure because they can be very subjective. They also change as people move through different life stages. People of all ages have a broader range of interests, defying traditional consumer profiles. Changing roles have brought more women into the workforce. Analyzing more than 10 million company reviews by employees, Indeed researchers identified the top 20 firms with the best work-life balance. Wolfe says companies that demonstrate empathy and work diligently to provide personal time for all employees tend to take the top spots on the work-life balance list.

Surprisingly, none of the tech companies known for their generous work perks made the top 20 list in Technology The application of technology can stimulate growth under capitalism or any other economic system. Technology is the application of science and engineering skills and knowledge to solve production and organizational problems.

Productivity is the amount of goods and services one worker can produce. Our ability as a nation to maintain and build wealth depends in large part on the speed and effectiveness with which we use technology—to invent and adapt more efficient equipment to improve manufacturing productivity, to develop new products, and to process information and make it instantly available across the organization and to suppliers and customers.

Many U. For example, advances in cloud computing provide businesses with the ability to access and store data without running applications or programs housed on a physical computer or server in their offices.

Such applications and programs can now be accessed through the internet. Mobile technology allows businesses to communicate with employees, customers, suppliers, and others at the swipe of a tablet or smartphone screen.

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Robots help businesses automate repetitive tasks that free up workers to focus on more knowledge-based tasks critical to business operations.

Define the components of the internal and the external business environments. What factors within the economic environment affect businesses? Why do demographic shifts and technological developments create both challenges and new opportunities for business?

Summary of Learning Outcomes What are the sectors of the business environment, and how do changes in them influence business decisions?

Business Environment

The external business environment consists of economic, political and legal, demographic, social, competitive, global, and technological sectors. Managers must understand how the environment is changing and the impact of those changes on the business.This is bad for exporters who have to pay more for the foreign-made goods they download to bring back to the United States to sell.

If you ever find yourself in such a situation, the best advice is to go with the flow and be receptive to cultural nuances. Other forces, such as natural disasters, can also have a major impact on businesses. What are the objectives of the International Development Association?

To improve the efficiency of the functioning of business so as to increase productivity and reduce prizes, improve quality, smoothen the distribution system to make goods easily available.

Similar Books. Pay taxes and discharge other obligation promptly 8.

Companies recognize the value of hiring a diverse workforce that reflects our society. This textbook was written to increase student access to high quality learning materials, maintaining highest standards of academic rigor at little to no cost.