Business Environment Essay

2156 words - 9 pages

1. Introduction 2
2. Objectives 2
3. Business Environment 2
3.1. Demographic environment 2
3.2. Economic environment 2
3.3. Geographical and ecological environment 3
3.4. Legal environment 3
3.5. Technological environment 3
3.6. Social environment 3
3.7. Educational and cultural environment 3
3.8. Political environment 3
4. About Mahindra & Mahindra 4
5. Task 1. 5
6. Task 2. 6
6.1. Market Penetration 6
6.2. Market Development 7
6.3. Product development 7
7. Conclusion 7
8. Recommendation 8
9. References 8

1. Introduction
The term business is understood and explained in different ways by different people. For some, business is an activity, for some ...view middle of the document...

This highlights the need to be ever-cognizant of changes and influences of external factors so as to conduct business on healthy lines. Business environment refers to the influences and pressures exerted by external factors on the business. The following Figure would help to understand the various factors which constitute the business.
3.1. Demographic environment
This refers to the size, density, location, age, gender, race, occupation and other statistics. Analysis of demographic environment raises a number of important issues that organization has monitored the growth of human needs of growing groups.
3.2. Economic environment
Economic environment refers to the overall economic factors like economic philosophy of the country, economic structure, planning, economic policies, controls and regulations, etc.
3.3. Geographical and ecological environment
Geographical environment refers to climatic conditions and natural resources, which determines flu manufacturing scope and the natural of the products that could be marketed.
3.4. Legal environment
It is well known that every country has a number of legal regulations to ensure that the interests of business organizations do not run counter to national interests. Right from the stage of incorporation of organizations, their listing in stock exchange, reprisal of customer complaints, payment of tax to government, manufacturing practices, human resources development to pricing of products and services, a number of legal regulations have to be fulfilled.
3.5. Technological environment
The technological environment includes forces that create new technologies and creating new products and market opportunities. The advancement of technology has released wonders such as antibiotics, organ transplants, computers and the internet. The technological environment changes rapidly. New technologies create new markets and opportunities.
3.6. Social environment
Social environment today has brought today has brought compulsions on business organizations to adhere to certain business ethics and morals. Social responsibility of business is an important force that modern business organizations cannot wriggle out of their duties and responsibilities towards the society.
3.7. Educational and cultural environment
Educational environment in a country determines the quality of population. A country with very high illiterate population would always experience political and economic instability. Similarly, lack of education may also give scope for the existence of superstitious beliefs, fatalistic attitude, etc.
3.8. Political environment
Political stability is one important factor which determines the business growth or downfall. A country with relative political stability would witness inflow of foreign capital and collaboration. By political stability we mean that the policies of government remaining consistent. As the business decisions are based on government policies, frequent changes in...

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