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BUSINESS ENVIRONMENT
UNIT-1
CONTENT
- Concept
- Significance
- Components of Business environment
- Factor affecting Business Environment
- Social Responsibilities of Business

WHAT IS BUSINESS
Business is an economic activity which is related with continuous production of good and services for
satisfying human wants
...


Exchange of goods/services

2
...


3
...


4
...


5
...


6
...


7
...


8
...
It is affected by internal and external factors
...
Internal environmental factors
are within the control of business, whereas external factors are beyond the control of business
...
So it is surroundings, external agents, influences or circumstances under which something
exists
...

Some of these constituents may be static, while others may be changing
...
”
Keith Davis

“Business Environment encompasses the climate or set of conditions-economic, social, political or
institutional in which business operations are conducted
...
Weimer
“The term Business Environment of a company is defined as the pattern of all external influences that
affect its life and development
...
”
Wheeler

*CHARACTERISTICS/NATURE OF BUSINESS ENVIRONMENT
Business Environment is very complicated, dynamic and multi-dimensional and affects different business
institutions in different ways
...
Complex
Environment comprises of many factors
...
Therefore, their
individual effect on the business cannot be recognised
...

2
...
Therefore, it is said that business environment is dynamic
...
Uncertain
Nothing can be said with any amount of certainty about the factors of the business environment because
they continue to change quickly
...

4
...

6
...
For example, change in the import-export
policy with the coming of a new government
...
Thus, a change in one factor affects the other factor
...
Environment has its
bearing on business and business has its bearing on environment
...

The surroundings of business enterprise which are constantly changing, carry with them both opportunities
and risks or uncertainties which can make or mar the future of business
...
Early identification of opportunities helps a business organization to be the first to exploit them
...
A business organization should make its policies keeping in view the demands of environment
...
The study of business environment is important to ensure optimum utilization of resources like, financial
resources, human resource and physical resource etc
...
Environment analysis helps the business organizations to identify strengths and weaknesses
...
Environment analysis helps the business organizations to identify threats and explore opportunities
available to business
...
Environment analysis helps in adapting latest technological development which results in improved
efficiency
...
Scanning the business environment helps to understand Political Situation and its effect on business
...
Scanning the business environment helps to understand economic policies of Government and their
impact on business
...
Because of globalization, the impact of international events on business is increasing
...

10
...

11
...
e
...

SCANNING BUSINESS ENVIRONMENT
There is a close and continuous interaction between business and its environment
...
SWOT analysis is an
analysis undertaken by business firms to understand their external and internal environment
...
Through SWOT analysis, the
business firms can match Strengths and Weaknesses existing with an organization with the Opportunities
and Threats existing in the external environment
...
e
...

1
...
These factors can be controlled by business but they are quite important in shaping the
behaviour of people working in it
...

2
...
These factors are those over which the business organization has no
control
...
In includes Economic, Social, Technological and Political conditions
...
These include the suppliers, marketing intermediaries, competitors, customers and the
public
...
These include suppliers, marketing intermediaries, competitors,
customers and the public
...
”
MICRO ENVIRONMENT
1
...
Suppliers are those who supply the inputs like raw material
and components to the company
...


Customers or clients

A business exist only because of its customers
...
Monitoring the customer’s sensitivity is a pre-requisite for business success
...


(ii)

Geographical factors should also be analyzed to know the opportunities and threats
...


(iv)

Single customer of a company is full of risks as it places the company in a poor bargaining position
...
Following can be the basis
of segmentation:

(a)

Income level of customers

(b)

Age of customers

(c)

Personality and life style of customers

(d)

Tastes and preferences of customers

(e)

Quantity to be purchased by customers

(f)

Education level of customers

3
...
Competitors play a vital role in running the business enterprise
...

4
...
It is a link between company and final consumer
...

Examples:
Wholesalers, retailers, advertising agencies, consultancy firms, banks, insurance companies, warehouse,
transport agencies etc
...


Public

Public is any group that has actual or potential interest in the business
...
Public includes users and non-users of the product like Environmentalists, NGOs,
Local Community, Media
...
These factors are generally more uncontrollable than the micro forces
...
It
includes economic, demographic, natural, technological, political and cultural environments
...
”

1
...
It is very
complex and dynamic in nature that keeps on changing with the change in policies or political situations
...


POLITICAL-LEGAL ENVIRONMENT

Political environment affects different business units significantly
...
Whenever there is a change in the Government in a
democratic country, it is a sign of change in economic policies
...
Ideology of the Government
2
...
Political Stability in the country
4
...
Defense and Military Policy
6
...
Approach of Opposition parties towards business
LEGAL ENVIRONMENT
Legal environment constitutes the laws framed by the Government and various legislations passed
in the parliament
...
Every aspect for business is
regulated by law in India
...

Some of the main legislations regulating the business are as follows:
1
...

3
...

5
...


Industrial Dispute Act, 1947
Factories Act, 1948
Consumer Protection Act, 1986
Companies Act, 1956
Foreign Exchange Management Act 1999
Securities and Exchange Board of India Guidelines, 2000

3
...
Influence exercised by social and
cultural factors is known as socio-cultural environment
...


4
...
Everyday there are vast changes
in products, services, lifestyles and living conditions, these changes must be analyzed by every business
unit and should adapt these changes
...


DEMOGRAPHIC ENVIRONMENT

Demographic environment refers to the study of the features of population i
...
size of population, growth
rate, gender ratio, age composition, income level, education level, family size, family structure etc
...

6
...
Every business unit must
look for these factors before choosing the location for their business
...


INTERNATIONAL/ GLOBAL ENVIRONMENT

International environment is important for industries directly depending on import and export
...
Liberalization of import may help some industries but may adversely affect other industries
...
Globalization
2
...
International agreements and declarations
4
...
Cultural exchange
SOCIAL RESPONSIBILITY OF BUSINESS
Social Responsibility of Business can be defined as the obligation an organization’s management team has
towards the interests and welfare of the society or community that provides it with resources and
environment to not only survive but flourish
...

“Conceptually social responsibility may be taken up to mean intelligent and objective concern for the
welfare of the society
...
R
...
”
Koontz and O’Donnel

There are four dimensions of Corporate Responsibilities:
1
...


Legal:

Responsibility to comply with laws

3
...


Voluntary and Philanthropic:
Promoting human welfare and goodwill
...


PHILANTHROPIC
RESPONSIBILITY

ETHICAL RESPONSIBILITY

LEGAL
RESPONSIBILITY

ECONOMIC RESPONSIBILITY

SOCIAL RESPONSIBILITY PYRAMID
RESPONSIBILITY OF BUSINESS TOWARDS VARIOUS STAKEHOLDERS

SHAREHOLDERS

EMPLOYE
ES

COMMUNITY

GOVERN-MENT

SOCIAL
RESPONSIBILI
TY OF
BUSINESS

CREDITO
RS

CUSTOME
RS

SUPPLIER
S

Responsibility towards Shareholders

IMPORTANCE OF SOCIAL RESPONSIBILITY OF BUSINESS
Social Responsibility of Business is important for organization and its stakeholders due to following
reasons:
1
...


Reducing operating cost

3
...


Reduced in corruption

5
...


Improved transparency and reporting

7
...
Shareholders are source of funds for the company
...

2
...

3
...

4
...
The
management is responsible to safeguard these assets
...
Every business should pay reasonable wages and salaries to its employees so that they may satisfy
their needs and lead a good life
...
Good working conditions are necessary to maintain the health of the workers
...

3
...

4
...

5
...

Responsibility towards Customers
1
...

2
...


3
...

4
...

5
...

Responsibility towards Suppliers
1
...

2
...

3
...

4
...

5
...
Informing the suppliers for future development plans
...
Provide accurate information regarding financial health of the organization
...
Fairness in transactions
3
...

Responsibility towards Government
1
...
To pay government taxes honestly
3
...
To encourage fair trade practices
...
The management should not indulge in any practice which is not fair from social point of view
...

2
...
It should take preventive measures against water and air pollution and should contribute to
community development activities
...
It is the responsibility of management to help increase direct and indirect employment in the area
where it is functioning
...
The management should make best possible use of capital, raw material, machine, technical
knowledge and other resources for the well-being of the society
...

The legislation strengthens accounting standards and shareholder rights, and makes it mandatory for
companies with market capitalisation of more than Rs
...

Schedule 7 of the Act lists out activities, which a qualified company can take up in discharging its CSR and
includes promotion of education, promoting of gender equality and empowering women and employment
enhancing vocational skills
...


UNIT-II
ECONOMIC SYSTEM
SYLLABUS
Capitalism
Socialism
Communism
Mixed Economy
Public Sector and Private Sector

ECONOMIC SYSTEM
An economic system is a system designed by a nation to utilize its resources for satisfying the needs and
wants of people
...

W
...
Loucks
An economy is a system by which people get a living
...
J
...
It includes all agricultural firms,
mines, workshops, factories, shops, roads, railways, ships, insurance and banking companies, schools,
hospitals etc, which help directly in producing goods and services for providing satisfaction to human
wants and living to the people
...
Ownership of means of production may assume many forms, i
...
ownership of
private individuals, ownership of government, ownership of both private individuals and government
...

 Household
 Firm
 Industry
 Government
are Basic Units of an Economic System
...


Capitalism

2
...


Mixed Economy

CAPITALISM

ECONOMIC
SYSTEM

SOCIALISM

MIXED
ECONOMY

CAPITALISM
In capitalistic economy, all means of production like firms, factories, mineral resources etc are owned,
managed and controlled by private entrepreneurs
...
They are free to run them in the way they like
...
It is also
known as Free Market Economy or Free Enterprise Economy
...
US, UK, Japan are the examples of this economy
...

Ferguson and Krips
FEATURES OF CAPITALISM
1
...
Everybody is free to choose
any trade or business or industry or occupation as one like and one feels more profitable
...
Individuals can hold, use or sell their property as they like or they can pass it on to their heirs
after death
...
The consumer occupies a key position in capitalism
...
The production decisions are based on consumer desires
...
The government plays a part but it is limited
...

5
...
Producers compete
to produce better, sellers compete to attract maximum consumers and consumers compete
with each other in obtaining goods and services of better quality
...
In a capitalistic economy an individual is free to save as much as he can and invest or spend that
saved money the way he likes
...
In capitalism, price mechanism guides the producers and consumers
...
Price mechanism
helps producers to decide what to produce, how much to produce, when to produce and where
to produce
...
This render rich
the work of their choice
...

Capitalism increases productivity of all the factors Capitalism leads to division of society in two
of production
...
Rich and capitalist class leads a luxurious
life and labour class struggles to get even two
people and leads to rapid economic growth
...

The scare resources are used most economically Capitalism promotes materialistic attitude in the
and with minimum waste so that their cost of people
...

several social evils
...
It increases saving and investments
which lead to a higher rate of capital formation
...


SOCIALISM
In socialistic economic system, economy is controlled by government and it directly intervenes in
economic activities in the interest of social well being
...

China, Vietnam, Cuba, Hungry, Polland are the examples of this economy
...

FORMS OF SOCIALISM
Among different forms of socialism, two are most important:
Democratic Socialism
Means of production and other activities are controlled and regulated by the government but at the
same time there is freedom of occupation and consumption
...
It is popularly called Communism
...
All important means of production are owned, managed and controlled by state
...
But it does not mean that an individual cannot keep his private property
...
Decisions regarding production, costs, prices, wages etc are taken by Planning Commission
...
Planning Commission prepares the plans and
implement them
...
State being the chief entrepreneur there is not cut-throat competition as found under capitalist
economy
...

4
...
A main criterion

M

5
...
Government decides the fair
distribution of income
...
Socialism promotes social equality
...


7
...

MERITS AND DEMERITS OF SOCIALISM
MERITS

DEMERITS

Under socialism, income is distributed on just and People are made to work according to directions
equitable basis; equal opportunities are provided of state
...

incentives to work
...


Consumers lose freedom of choice of goods and
services and workers lose freedom of choice of
occupation since all power is vested on the
government
...
Goods and services are produced and supply which is necessary for effective
as per actual needs of people
...

Cyclical fluctuations which are common in
capitalism do not occur in socialism
...


Bureaucratic controls and procedural bottlenecks
lead to approvals to be taken from the
government which promotes bribery and other
forms of corruption
...

production
entrepreneurs
...


C

C
for success
...


Basic Motive

Capitalism is based on profit motive
...


Distribution

of

taken

by

private Decisions are taken by State
...


wealth
...


Nature

Capitalism implies free economy
...


Socialism
economy
...

occupation and consumption
...

the economy
...

entrepreneurial ability
...

parts-rich and poor
...
stability and sustained growth
...
It is also known as Dual Economy
...
M
...
In this system, private and
public sector co-operate with each other with a view to achieve economic objectives as well as
promotion of social welfare
...

Mixed economy is that economy in which both public and private institutions exercise economic control
...

Consumer goods industries, small scale industries and agriculture etc are generally owned by private
entrepreneurs
...


FEATURES OF MIXED ECONOMIC SYSTEM
1
...
Industries of public utility
are owned by Government and consumer goods industries are owned by private entrepreneurs
...
Mixed economy functions through both the price mechanism and government direction
...
Economic planning is an important feature of mixed economy
...
The two sectors are not rivals to each other; they cooperate with each
other
...
Aim of production under this system is to earn profit and to promote social welfare
...

MERITS AND DEMERITS OF MIXED ECONOMIC SYSTM
MERITS

DEMERITS

Public and private sector industries cooperate The public sector and private sector do not always
with each other to achieve rapid economic work in a complementary manner
...

Government provides essential services such as Mixed economy cannot continue for long period
...

of capitalism or socialism
In mixed economy both private and public sectors The government can take over any industry at any
time
...

private entrepreneurs
...
Profit earned by public
enterprises can be utilized for capital formation
and providing facilities to poor
...
Public sector remains
inefficient due to lack of initiative and
responsibility
...
The government takes several legislative and hence economic progress is adversely
measures to safeguard the interests of people
...


PUBLIC SECTOR AND PRIVATE SECTOR
PUBLIC SECTOR ENTERPRISE
Public enterprise refers to that industrial institution which is owned, managed and controlled by the
government
...

T
engaged in supplying the public with goods and services which alternatively might be supplied by private
Encyclopedia Britanica

OBJECTIVES OF PUBLIC SECTOR ENTERPRISE
Following are the main objectives of Public Enterprises:
1
...

2
...

3
...

4
...

5
...

6
...

7
...

FEATURES OF PUBLIC SECTOR ENTERPRISE
1
...
The
government may be Central or State
...
In public sector industries, major part of the capital is invested by the Government
...

3
...
For
some industries, only public enterprises have the right of production and distribution
...
Public sector enterprises work under the guidance of a Central Planning Authority
...


5
...

The government implement its various polices through these enterprises
...
Public sector enterprises are essentially operative in the interest of the public
...

7
...
All the facilities like water, power, transportation, communication,
banking etc are developed by public enterprises
...
M
organized and managed so that national welfare may be promoted
...
There is unnecessary gap between planning and implementation of projects in public sector
enterprises
...

3
...

4
...

5
...
These
enterprises are dominated by foreign technicians and experts
...

6
...
So often posts remain vacant for a long
time
...
Public sector enterprises suffer from red-tapism
...
Generally IAS, IPS officers are deputed on the key posts of these enterprises, who are not
necessarily so efficient to run an enterprise
...
Direct or indirect interference of politicians creates disturbance
...

These days, private sector is qualitatively different from private sector of the past in the sense that the
corporate industrial units are owned by the shareholders and managed by professional managers
...


Private sector includes the following:
1
...
Unorganized sector (Individual units)
3
...
Bureaucratic delays in getting license, permits and necessary government clearances
...
Corruption while getting necessary clearance form various government departments
...
Increase in foreign competition as a result of liberalization and globalization
...

4
...

5
...

6
...
Tax procedures are still very complicated
...
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Title: Introduction of business environment
Description: Notes of business environment for class 12th students Easy way explanation

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