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Title: Business and Society
Description: Notes applicable for first year business students about business and society.
Description: Notes applicable for first year business students about business and society.
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Chapter 1 Notes:
❏ Business may be defined as the collection of private, commercially orientated (profit
oriented) organizations, ranging in size from one family proprietorships to corporate giants
...
Size is often associated with power and the
powerful are given closer scrutiny
...
❏ When discussing business and the total society, society is thought of as being composed of
numerous interest groups, more or less formalized organizations
...
❏ The social environment focuses on demographic, lifestyles, culture and social values of the
society
...
❏ The political environment focuses on the processes by which laws get passed and officials
get elected and other aspects of interaction between firms, political practices and the
government
...
Pluralistic Society:
❏ A pluralistic society refers to diffusion of power among societies many groups and
organizations
...
Advantages:
❏ A pluralistic society prevents power from being concentrated in the hands of a few
❏ It also maximizes freedom of expression and action
❏ Pluralism provides for a built-in set of checks and balances so that no single group dominates
Weakness:
❏ It creates an environment in which diverse institutions proliferate to the extent that their goals
start to overlap thus causing confusion as to which organizations best serve which functions
...
As pluralism expands a society
develops that is characterized by tens of thousands of special interest groups each pursuing its
own specific agenda
...
❏ Though a fair degree of resistance to change has been apparent on business’s awareness and
concern for the social environment in which it operates and a changed social contract
(relationship) between business and society
...
❏ Some of these factors arise independent of one another but some are interrelated
...
Awareness through television, movies, internet and social media:
❏ Closely related to formal education is widespread and growing level of public awareness in
society today
...
A general criticism of business: Abuse of Power:
❏ Business power refers to the capacity or ability to produce an effect, have an impact, or to
bring influence to bear on a situation or people
❏ In the context of business criticism, power is typically perceived as being ‘abused
...
Four levels include:
macro level, intermediate level, micro level, individual level
...
Power here emanates from the sheer
size, resources and dominance of the corporate system over society and our lives
...
Eg
...
❏ Micro Level: Of business power is the level of the individual firm
...
Eg, Google, Walmart
❏ Individual level: This refers to the individual corporate leader exerting power for example
Mark Zuckerberg (Facebook)
...
Title: Business and Society
Description: Notes applicable for first year business students about business and society.
Description: Notes applicable for first year business students about business and society.