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BUSINESS ENVIROMENT — OCM STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceOCMBUSINESS ENVIROMENT5 Marks
Question
Explain social and cultural factors affecting business environment.
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Answer

Social factors affecting business environment :
  • Community means a group of people, social institutions, social traditions etc.
  • Ant business unit emerges, develops and ends in society.
  • Life style of people can remain the same for ever but social change affect business.
  • If effects belief, customs religion, sect, friend circle, relatives and their economic decisions.
  • All these factors should be considered in the country where social institutions dominates.
  • In our country certain special business are related to caste and social groups.
  • These classes of societies which are aloof from social restrictions have been able to achieve much faster development.
  • Such societies are open to new ideas, and encourage business activities.
  • Cultural factors affecting business environment :
  • Cultural factors include traditions, customs, habits etc.
  • Which affect decision making process of a business unit.
  • If cultural factor is ignored, strategies of business unit fail or chances of failing increase.
  • Many products have failed due to ignoring cultural aspect, through the product was manufactured by efficient managers.
  • There are many products which are not acceptable monetarily yet have captured market due to acceptance of cultural aspects.
  • Cultural factors are constantly changing.
  • Changes are periodical and constant.

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