Social environment, Technological environment, political environment and legal environment of the business. need explanation
Answers
Answer:
SOCIAL ENVIRONMENT -
The social environment , social context , sociocultural context or milieu refers to the immediate physical and social setting in which something happens or develops . It includes the culture that the individual was educated or lives in , and the people and institutions with whom they interact
TECHNOLOGICAL ENVIRONMENT -
Environment technology , green technology or clean technology is the application of the one or more of environment science , green chemistry . The term of environmental technologies is also used to describe a class of electronic devices that can promote sustainable management of resources .
POLITICAL ENVIRONMENT -
Environmental politics designate both the politics about the environment and an academic field.
LEGAL ENVIRONMENT -
The laws which passed by the government for business operation is called legal environment . In practice legal and regulatory goes hand in hand.
Answer:
Explanation:
1 social environment;
A sound legal system is essential to the success of any business. So a country must have a sound and functioning legal system with laws that equally protect both consumers and manufacturers. There are various other matters like company law, royalties law, patent law, intellectual property rights.
International laws etc that also have a great influence on the business of firms. For example, the new GST laws are going to have a significant effect on the businesses.
2; Political Environment
Political stability in a country is essential for a stable economy and stock market. Also, various political groups also hold a lot of influence on businesses and unions. So the political environment of a country is a major factor in the success of a firm.
Social Environment
The social environment and the cultural environment in which a firm operates can be a major factor in the success or failure of the firm. The social environment comprises of many dynamic factors such as social traditions, cultural influences, values and beliefs prevailing in the society, social stratification, etc.
Companies, especially international companies always study the cultural and social environment of a country before entering the market. It is important that your goods and services are in tandem with the social environment of the country. Otherwise, the company could face a backlash and run into losses.
Some important factors that affect the cultural and social environment in a country are as follows,
3 ;legal Environment:
This is a non market factor but it can still greatly impact of business. the political legal environment is a combination a lot of factors such as the current political party in power the degree of political ization of trade and industry the efficiency of current government ,government policies current legal framework the public attitude towards the economy etc.